With the housing market stagnant and house prices falling, it might be better to rent a property in the short term.
The housing market has slowed down over the last couple of years making it very difficult for both sellers and buyers. Every time the housing market is mentioned in the media the topic either surrounds first timer buyers’ inability to get on the housing ladder or how house prices are static with little movement in the marketplace.
There’s never been a tougher time to sell your house or buy a new one which means that you’ve got to be prepared to give a little on price or on the type of house or style of house you’d prefer. For those new to the housing market this might mean buying a house in a location which you’d not initially considered. Or if you are selling, you might need to spend some cash on your property to make it stand out from the dozens of other houses loitering in the estate agents’ windows.
Don’t look at buying if you’re selling
If you are selling your house it’s worth being prepared for the long haul as those viewings may be few and far between. So it’s perhaps unadvisable to view new houses until you’ve gauged the interest in your own home. There’s no point finding the home of your dreams if your house won’t move. This is perhaps one of the reasons why sellers are choosing to move into rented accommodation after they’ve sold their home.
With house prices stagnant and even falling in some areas it makes more sense to rent in the short term after you’ve sold your home. It’s obviously not a great idea in the long term but it gives you some time to consider your options. There are also other advantages to renting including not having to use your own furniture. This means that when you move all your own furniture can be kept in storage until you are ready to retrieve it when you eventually buy a new home. It’s evident just how popular this type of storage now is with self-store units popping up in just about every suburb. Some of these firms even wrap your sofas with furniture covers, provide storage boxes and even give you 24 hour access to your goods.
The recession and the stagnation of the housing market have opened up an opportunity for the rental market to exploit. And this can be seen in figures which show that private renting stood at only 8% in 2008 whilst in 2011 this had jumped to 14%.
Renting gives you flexibility and freedom, there are no repairs or maintenance costs, it’s easy to budget while you rent and there’s less risk. So if you’ve sold your house in a decreasing market and the house prices are still decreasing it might be the wise move to bide your time for a few months while you search for a bargain.
Evan James writes articles on a wide range of different topics for companies such as www.jampackedboxes.co.uk.