Try Before I Buy In A New London Location?
An option for people that are searching for their next London house is to rent before they buy.
This is a great idea especially if you’re moving to a new area altogether or if you’re unsure about what kind of house you would like to buy.
Tying your money up in an asset such as a London house and then realising that it is in fact not your dream location can be incredibly costly and stressful…
You can keep your options open and not commit…
You could:
Stay there for the weekend and see if you enjoy it.
If you enjoy the weekend, you could then stay there for a longer period using services such as AirBnB (other services are available!) and then assess how you feel.
If the short term stay route works for you, you could then either rent over the course of 6 - 12 months or decide to buy.
Aspects such as commuting to or from said area may be grossly different to what you were anticipating and the general ‘vibe’ of the area may well be worlds apart from what you were expecting…
“Aspects such as commuting to and from said area may be grossly different to what you were anticipating.”
Something to bear in mind is that by renting in the area, you may well be put onto the preferred buyer list of the estate agent because they know that you are taking your house purchase seriously…
This way, you can also view any house in good time and be able to give quick feedback to each estate agent.
Who knows…
You could fall in love with living in a terraced house…
You could fall in love with a detached house with a large garden…
You could realise that actually you don’t need to be within 5 minutes of the nearest station and could quite happily be within 25 minutes…
The realisations that could come from renting over buying are endless…
Please, never rush into buying your next house in London…
Take… Your… Time!
Have you ever considered renting in a new area instead of buying?