Cost of Rents: Homeowners: Could you afford to rent your house if it wasn't yours?

PasturesNew

Have any of you checked out the cost of renting these days? Especially you posh lot in the big gaffs

Have a quick look on RM and see how much you'd be asked to pay to rent your current place .... and then think "could I afford that? WOULD I afford it?"

The house I am sitting in right now (bought and paid for) would set my parents back £750/month ... even a 1-bed bungalow is about £750!! If they'd got one of those I'd be out on my ear

Interestingly (or not), as they're OAPs they'd be getting LHA to cover that lot .... but the LHA would be £280/month short on the 1-bed rate for a bungalow. So aged 80-90 they'd be in some rancid flat with noisy anti-social, music-playing, reefer-smoking scum around them.

princeofpounds

I'm often mystified by the cost of rents too. Round ok but not special London (say, Wandsworth) any 4 bed family home might rent for 800/900 a week. There's nothing great about these places (except maybe a nice kitchen). For 3.5k a month, or 42k a year, you would need a vast salary, even for London. But someone can afford it. There might be thousands of big jobs, but there are tens of thousands of these houses.

I'm convinced there's a lot of people out there on the take somehow!

HAMISH_MCTAVISH

We could afford to rent it but it'd be stupid to do so, as the costs of a full repayment mortgage even at todays prices are cheaper than rent, just as they were in 2007.

Our latest house, a terraced 3 bed, would rent for about £1200 a month. You could buy one for about 225K. A 190K mortgage at 5% would be around £1120 per month. That same mortgage on 2.5% for the decent SVR and tracker crowd would be around £850 per month.

Both rents and house prices are higher here than the same month in 2007.

sss555s

My house would be around 4 times my mortgage payments to rent and that's including the mortgage being a bit paid early.


Could i afford to rent it? Yes but i'd rather do other things with the excess.

amcluesent

Yep, quite easily. I never ever extended my commitments on housing so was MF at 40, and live in quite modest house that would only get £500 per calendar month

Really2

Rent would be £1000-£1200 PM so a bit less or a bit more than we pay out each month including over payments.

wymondham

Rent would be £675ish for a similar 3 bed semi here. I could, but would not pay that much personally.

SingleSue

My parents house would rent for approx £800-£900 a month, a figure that would be completely unaffordable now as they are pensioners (dads pension means they are not eligible for pension credits etc).

They have no mortgage payments, they paid off the mortgage in 1974 ish.

new_home_owner_3

our current home would rent for about 1000 pound a month we could afford the rent, but we pay about half of that now on our mortgage.

Gorgeous_George

I could afford to pay the likely rent for my home. At £750-ish per month it'd be £150 more than my mortgage and without the satisfaction of knowing that one day it'll be mine.

For many years the mortgage has been more than the rental value. Add on the considerable maintenance costs that a renter avoids and buying hasn't been a cheap option. It was and still is an investment for my old age. When I retire I hope to be able to stay in my home.

GG

System

I think rent would be about the same as my mortgage for this place.