Age of home ownership coming to an end...

pingu2209

If home ownership reduces dramatically over the next generation or two, what will happen to those people who rent when they retire?

A lot of people who rent will not be eligable for housing benefit. I have said before, renting a 1 bed flat where I live is at least £800/month. Nobody could afford that on their pension.

HAMISH_MCTAVISH

Damaged wrote: »

Indeed but you are talking about consumables not assets!

A basic distinction that bears never understand.

Cleaver

Graham_Devon wrote: »

I'm talking houses. I class them as somehwere to live, not an asset.

Damaged wrote: »

Well most people call them an asset, including the banks, the government and society as a whole.

No they don't. Otherwise people would stay stuff like:

"Shall we go to the cinema tonight or just stay at asset and watch a DVD?"

or

"I don't work at the moment, I'm a stay-at-asset Mum."

or

"Sorry Mrs Smith, the dog ate my assetwork."

or

"Do you fancy a few drinks at my asset before we head in to town on Friday?"

or

"Shall we pop to Ikea? I feel that the kitchen in our asset needs a bit of a makeover."

Maybe you and Hamish talk like this, but I don't know anyone else who does.

Graham_Devon

HAMISH_MCTAVISH wrote: »

A basic distinction that bears never understand.

Why do you always insist on saying other people do not understand?

Why can you not accept other people have a difference of opinion, instead of trying to make out they are backwards if they don't hold your opinion?

If you opinion is strong enough, you'll be able to accept the fact others hold a different one, and not have to try to make them look inferior.

Graham_Devon

Cleaver wrote: »

No they don't. Otherwise people would stay stuff like:

"Shall we go to the cinema tonight or just stay at asset and watch a DVD?"

or

"I don't work at the moment, I'm a stay-at-asset Mum."

or

"Sorry Mrs Smith, the dog ate my assetwork."

or

"Do you fancy a few drinks at my asset before we head in to town on Friday?"

or

"Shall we pop to Ikea? I feel that the kitchen in our asset needs a bit of a makeover."

Maybe you and Hamish talk like this, but I don't know anyone else who does.

Or Asset Information Packs.

Asset contents insurance.

British Gas Asset Care

And even my mortgage application says "home value" not "asset value".

phil_b_2

How about you guys agree that a house is a home AND an asset? Or we could be here until 2011.

Cleaver

phil_b wrote: »

How about you guys agree that a house is a home AND an asset? Or we could be here until 2011.

Well technically, everything is something and then also an asset. I think we all agree on that. Name something that isn't an asset in some way or another.

What I think Graham and I agree on (I don't want to talk for you here Graham) is that they are not an asset class "like any other", as Hamish as often keen to say. It's plainly obvious that the primary purpose for most people owning a house is to live in it. Making money is generally a secondary consideration, or sometimes not a consideration at all.

Graham_Devon

phil_b wrote: »

How about you guys agree that a house is a home AND an asset? Or we could be here until 2011.

Why?

Here's some definitions of assets...

In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. ...

An 'asset' in economic theory is an output good which can only be partially consumed (like a portable music player) or input as a factor of production (like a cement mixer) which can only be partially used up in production. ...

Something or someone of any value; any portion of one's property or effects so considered; Any component, model, process or framework of value that can be leveraged or reused

Doesn't really describe a place to live, does it. Describes a place you have bought to invest with, sure.

phil_b_2

ok... so how about it being dependant on the reason/s for buying a house? Some people buy purely for financial gain by buying cheap, holding, then selling high, or getting gradual income from rent (even then it is a home and an asset, it's a home for someone though not the owner). Most people don't do that and dont care, but many do see the purchase as a means of future financial security.

so yea, a home and/or asset.

Graham_Devon

phil_b wrote: »

ok... so how about it being dependant on the reason/s for buying a house? Some people buy purely for financial gain by buying cheap, holding, then selling high, or getting gradual income from rent (even then it is a home and an asset, it's a home for someone though not the owner). Most people don't do that and dont care, but many do see the purchase as a means of future financial security.

so yea, a home and/or asset.

Look, "asset" is mainly a business term.

It's not generally used in personal living terms.

When it comes to housing, the only people who talk about housing in terms of assets, is those who have invested in it to make money from it.

I don't know anyone who's ever described their home, as an asset in the terms you guys are talking of.

To be told the whole of society does, is a bit of an eye opener to me.