Buy versus Rent in Cambridge

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Buy versus Rent in Cambridge


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Old 10th March 2011, 03:11 AM
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Default Buy versus Rent in Cambridge

I'm considering a job in Cambridge and need some advice regarding renting versus buying a home for my husband, young son (age 3) and me.

Our current plan is to sell our Canadian home and relocate for 3-5 years. (Our current 2- 3 year stint lasted 7 so I might be underestimating !)

If we bought a home in Cambridge we would sell it again when we left for our next adventure. What is the property market like in the UK ?

Any advice welcome.

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Old 10th March 2011, 08:32 AM
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Originally Posted by kayakersue View Post
I'm considering a job in Cambridge and need some advice regarding renting versus buying a home for my husband, young son (age 3) and me.

Our current plan is to sell our Canadian home and relocate for 3-5 years. (Our current 2- 3 year stint lasted 7 so I might be underestimating !)

If we bought a home in Cambridge we would sell it again when we left for our next adventure. What is the property market like in the UK ?

Any advice welcome.
Rent rather than buy and keep the capital from your Canadian house sale in cash or liquid investment. The property market is very unclear, with a gentle decline in prices of around 3-4% a year, though there are local variations. Top London properties have held up well with year-on-year increases, while some parts of the country have fared badly, with a decline of up to 10%. Also it's taking a long time - typically several months - to sell a property at anything other than at a giveaway price (say 15% below valuation). So even if your house price holds up well over the next few years, when it comes to sell, you may have to sell at a loss in order to secure a quick sale, as you probably won't have a lot of time to hang around.

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Old 10th March 2011, 10:02 AM
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I would agree with Joppa, rent first, because then you will get a clearer picture of your chosen location, without tying yourself down,

Hepa

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Old 12th March 2011, 06:28 PM
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Thanks for your thoughts on this.
The other thing is needing to get in a good school district for our little guy.

Any advice on how this works ? I assume you've got to figure out the catchment area for the good schools and look for rentals in that area ?

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Old 13th March 2011, 11:06 AM
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Originally Posted by kayakersue View Post
Thanks for your thoughts on this.
The other thing is needing to get in a good school district for our little guy.

Any advice on how this works ? I assume you've got to figure out the catchment area for the good schools and look for rentals in that area ?
Yes that is absolutely right, find the best schools then rent in that area.

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