My Friend is about to sell his flat and start renting....

[roadster198]

Intially I thought he was mad.... bare with me....

He is about to get married later this year and they plan to start a family very soon. His flat is really not big enough for anymore than him and his good lady. He's been there for over 6 years and it's located in a Des Res area in the west end of Glasgow. His plan is to sell it and use the equity to pay the rent for 6 months on somewhere else and as someone pointed out on here this week renting gets you somewhere bigger for less than a mortgage.

After I thought about it for a while and it got me thinking I have decent amount equity in my house, my other half and myself have no desire to have kids (read hate kids) and I'm leaving nothing to anyone. Maybe this renting thing would be a good idea sell the house pay off the debts (not huge, but a pain) and just rent. I've a house coming to me eventually anyway (only child ) so what am I not seeing?

anyone done this????

[SueEllen]

t. I've a house coming to me eventually anyway (only child ) so what am I not seeing?

Your parents may see you doing it and may decide to do the same leaving you with no house.

[DimPrawn]

You also get to live in other areas quickly, and can move on quickly if you don't like it or get bored.

I think it's a great idea if you have no kids, no pets and are flexible and open to new ideas and places.

[roadster198]

Your parents may see you doing it and may decide to do the same leaving you with no house.

I've seen my Dad's will.... TRUST ME!!! it's mine.

More salt Dad with your fried bread?

Kiddin Daddy I luv you

[roadster198]

You also get to live in other areas quickly, and can move on quickly if you don't like it or get bored.

I think it's a great idea if you have no kids, no pets and are flexible and open to new ideas and places.

Oh oh we have two cats......

[Tingles]

Wills can be changed....



T

[Bagpuss]

Not wanting to own property in the UK is tantamount to announcing you are a pedophile at a nativity play

[roadster198]

Not wanting to own property in the UK is tantamount to announcing you are a pedophile at a nativity play

Explain please.

[Bear]

Sorry - only got this far:

...located in a Des Res area in the west end of Glasgow.

[ferret]

Not wanting to own property in the UK is tantamount to announcing you are a pedophile at a nativity play

Well give me a bag of sweets and call me Gary Glitter.

Sold in November. One two year old kid, Mrs Ferret was 3 or 4 months pregnant at the time, 2 cats, work from home. Moved into rented as there is no way we were buying at these over-inflated prices. We had been in our "starter home" for almost 10 years. Bought for £60, sold for £250. Had paid a couple of chunks off mortgage so with all fees paid and deposit on rented place we had £200k in the bank. Interest on this is paying the rent on a house that would have given us a £300k mortgage (about £1500 a month mortgage repayments I reckon) whereas we are paying £950 per month and the interest is just about covering this. In this climate it seemed like the sensible thing to do. 30%-50% price decreases all round would be lovely over the next three or four years.

Moving with a kiddie was no worse than moving without so would not worry about your mate doing that. If he is committed to going into rented then it has to be the plan for the next two years or so to wait for prices to bottom out, could be three or four years. So his little family would be a bit older and easier to move.

This is why we went for it, really needed more space, no way we could have two kids and me work from home in the little terrace we were in, so renting was the most cost-effective way to get a good sized house without being in debt up to the eye balls and throwing all our savings away in the process. Your mate's only problem could be managing to sell at this point when it is hard for people to get a mortgage. Priced right, properties are still selling (well, going STC, whether those making the offer will get a mortgage or not is another matter) so if you want to do this and believe prices will drop low enough to get you a bargain in a few years time then flog it now, don't fanny about!