Renting - part of a proven 10 point plan to get the BEST out of your next move

Wednesday, January 20, 2016 by Ed Mead

Renting - part of a proven 10 point plan to get the BEST out of your next moveThe property market seems to be viewed as either rising fast - according to press interpretation, or about to crash. It’s only news if shooting up or down but rarely is the focus on is the plight of any normal person trying to move. As many reading this will know the moment you mention property, let alone the fact that you’re an estate agent, whoever you’re talking to will have some property related hassle going on and will launch into whatever is currently ailing them. Living in, and particularly moving from, property is fraught with potential pitfalls and is a well-known top three stress event.

Given the ever increasing burden of moving costs, and the sheer cost of property itself, it would seem sensible to make sure you do it as rarely as you can. The key to finding the right home is not to panic and the way most go about moving only makes this worse.

Understandably it’s easy to get the cart before the horse. Many will excitedly start looking about with only a vague idea of what they have to spend. Convention dictates that they’ll find what they want and put in an offer and only then think about selling what they have. The upshot is often that they’ll overpay for what they’re buying and undersell what they have in the panic to match completion dates.

This is not the ideal way to maintain you and your family’s fortunes. 

If you are trying to move let’s get things in the right order.

  1. Get some idea of what your property is worth.
  2. Get some idea what your budget will stretch to.
  3. STOP LOOKING.
  4. Get your property on the market.
  5. When you have an offer START LOOKING.
  6. If you’re lucky dovetail the two transactions.
  7. If you don’t find what you’re looking for seriously consider selling and moving into a rental.
  8. If you’ve sold and are in a rental, relax and take your time – you have money in the bank.
  9. You’re now at the front of any agents’ queue, so strike a good deal.
  10. Complete a [relatively] stress free move.

 

Almost all prospective sellers will eschew the renting option as they don’t want two moves and feel renting is simply a waste of money. However, I’ve seen many, against advice, waste tens of thousands of tax free money whilst fretting over spending a few thousand on the relaxed rental option.