Because I didn’t anticipate such a time delay on the one I’m buying - only became aware of this recently when trying to set a closing date that could happen reasonably close to my sale (a month or so at most). Had previously worked out both to coincide but now the added delay makes the sale more precarious since I’ll be out of the market altogether on a still uncertain timeline.
Risk of sitting on the sidelines in rental with house sale proceeds
- Thread starter MelF
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Brendan Burgess
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This is mad and confused thinking.
You have a contract to buy. Exchanged. Legally binding. You will not be out of the market.
You might be out of a home for three months. That is very different. That is inconvenient but not risky.
Brendan
You have a contract to buy. Exchanged. Legally binding. You will not be out of the market.
You might be out of a home for three months. That is very different. That is inconvenient but not risky.
Brendan
Blackrock1
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If people are getting 20k per month for houses in the 1-1.5m bracket can you let me know where this is and I'll buy one!
A 1.5m house is normally 6-8k per month to rent, it would make more sense to take one on a 6 month lease at those prices rather than 20k per month on a monthly let
All any short term rentals I’ve been trying to get are 5/6k per week and difficult to secure even at those prices. The rental market is bananas.
Blackrock1
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That's why I'm saying take a 6 month let it won't cost you any more and it gives you time.
More than inconvenient at 20k pm tho? 4 months rent alone would be equivalent to a 10 percent price drop. Main risk I’m taking by not selling now is that I might not be able to sell at all in 3/4 months time but that seems highly unlikely too.
That does seem a bit mental to me. Our house is worth about that. It has never been up for rent, nor do we have any real interest in doing so. But if someone knocked on our door and offered us €60k for a 3 month rental, I’d be asking what time they like their breakfast served at.
If what you say is true, could you not just drop standards for a short term or move location? As Brendan says, pulling a sale on some poor unsuspecting people for no real reason is poor form. In addition to the financial risk you are taking on yourself.
You should be able to get a wonderful place in any part of the country for €6-8kpm?
Edit, just out of interest I had a look on daft.. You can get a fully renovated 3,500sqft house on Marlborough road Glenageary for 3 month term at 8.5k a month. The house would be worth well in excess of €2m. A beautifully renovated 4 bed on Wellington Road D4. Available for 3 month term. €4.75k per month.
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Brendan Burgess
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Ah, I had not realised that you needed to rent Leinster House during that period.
Do you think that you would be able to slum it on Wellington Road for €5k a month?
Brendan
Ha! Nothing at all to do with snobbery. I was only looking at short term because the area I need has min 12 month leases for regular rentals and even then there’s next to nothing available. I’m restricted to that area purely because of proximity to school and work and don’t want to uproot my family for any longer than necessary in the middle of a property crisis. What will be will be I suppose!