Putting your life on hold...

FATBALLZ

Eton_Rifle wrote: »

Another factor I've noticed increasingly of late is that you're likely to have to choose between other people's rejects - the properties that wouldn't sell as nobody wanted to pay a ludicrous asking price for them so they put them up for rental.

Fixed that for you.

Eton_Rifle

The Easter holidays have started I see!

tara747

celyn90 wrote: »

We rent at the moment but are in the process of buying. I've never seen it as having my life on hold - OH and I simply have jobs that are somewhat nomadic in nature, so it never seemed sensible to buy unless we knew that we were going to be somewhere for some time.

Now our contracts are longer we have decided to buy - but the mortgage on 3-bed house in my area is actually cheaper than the rent on a 1-bed flat by over £100 p/m; so it makes financial sense for us to do so as well. There is little to no difference in area with the property we are looking to buy, it's closer to work, it's significantly larger and it has a garden. Our current flat is a tiny little one-bed crash pad, no garden, very little space in a roughish area - but rents are high where we live as demand is high.

As far as I see it, I'm just moving house - buying to me just means I have to phone an engineer when the boiler stuffs up rather than the letting agency and I get to choose what colour the walls are. If I've been waiting around just for the chance to do that, then I would consider my life to be empty and very very dull. I have everything I need already.

But then I'm at my happiest standing on a mountain-top somewhere or running across lava flows, so a house to me is where I sleep, do laundry and collect my post from Doesn't matter to me if I'm paying the bank or the landlord; my life is the same regardless. So I do think that largely if your consider life is on hold for any reason it is because you decide it to make it so, not because of where you live.

cel x

Very well said! :T:T:T

Eton_Rifle wrote: »

I'm also tired of a landord having so much control over my life.

I've spent the last 12 years in rented and it's been great but now I've got to the stage where I no longer want to be subject to the whims of random strangers.

How does your LL control your life? And who are the random strangers??

Eton_Rifle wrote: »

Another factor I've noticed increasingly of late is that you're likely to have to choose between other people's rejects - the properties that wouldn't sell as nobody wanted them so they put them up for rental.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

tara747

Batchy wrote: »

I guess saying its not all about the money on a moneysavingexpert forum is like telling an accountant he doesnt know anything about most things financial.

Still thats my point, even though im an accountant, you dont have to tell me when its a good time to buy, i lead the way with the decision I make, not the story I want to preach. (ie, do as i say not as I do) Not so long ago I too was telling people it was a bad time to buy.

A bad time to buy is 1 year from now, not because prices will be worse, or better, higher or lower, but because you will have spent another year fannying around avoiding having to make a brave decision, and getting settled.

those who dislike it... dont Buy... those who need flexibility, and dont need security or the need ever to own a HOME... then Rent!

PS interesting perspective as a Boss, I would consider whether someone is a house owner before I employed them as I know I will get possibly more years out of a home owner than a renter, who needed flexibility... its all about managing expectations.

I would say most renters feel they need to earn more money than they are, and they are scared about their future... otherwise they would be happy doing what they are doing! When you reach the top of your tree, you BUY.

Who says that we intend to rent forever? We will buy when we see the right house at the right price... prices are getting there, and they are still falling. :cool:

p.s. I'm not at the top of my tree yet, I'm too young. I have plenty of time on my side to get to 'the top'... but my £2,000 pay rise this summer will be a nice addition to the savings pot.

sonastin wrote: »

It all comes down to the sort of person you are. I'm a home-body, a nester. I want to put down roots and settle somewhere long term. If I moved into a rented place, it would always feel like a temporary option and I would feel like my life was on hold until I could own my own place and feel settled again.

Other people I know crave the flexibility and freedom that renting brings. Had they bought property at the point where they were starting to think "now or never" at the height of the boom, they would be well and truly trapped in NE and they would now find their lives on hold until they managed to make the change to bring back that flexibility.

As it is, I own and they rent and we are all very happy with our lot.

Horses for courses as they say...

But would you be happy with your lot if you were one of the poor unfortunates in NE?

suki1001

Ah, the joys of renting. Having bought in November after selling and then renting for several years, I'm in two minds for reasons to become apparent. Firstly, I sincerely believe we got the house for good price. There were no house sales in the street between 2002-2005 and since then our price is the lowest. It was on the market for 3 years because of the smell of dogs, we bought it and have made it good. No more dog smell! I love the house and location etc.
What I don't enjoy about "owning", is that you actually don't own it (or at least not all of it until you've paid up). For 7 years I had no money worries or debt. We weren't splashing the cash, but it was there if needed. The freedom I felt was exhilarating. I didn't have to pay for any building repairs or maintenance of any rented property. I'm not quite sure of this myth about being secure if you're a home owner, because if you can't pay the mortgage, you're in the same boat as the rented guy. You're only secure once you've paid off the mortgage. Although I love "my" new house, having to think about money more is not a nice feeling. I certainly don't think renting is dead money and I think the responsibility of home ownership can become a bit of a noose around many homeowners necks. then it has to pay for your care fees when you're old! Not sure who wins there!

franklee

tara747 wrote: »

Who says that we intend to rent forever? We will buy when we see the right house at the right price... prices are getting there, and they are still falling. :cool:

Exactly so.

tara747 wrote: »

But would you be happy with your lot if you were one of the poor unfortunates in NE?

Good point, the price at which someone enters the market can make a massive difference to their life.

Oh and while I'm at it can people please remember to consider the opportunity cost of their deposit, this is a money saving site after all :cool:

Orpheo

One thing that is apparent from this thread is that there are a lot of people that feel that they have been forced to buy because they have allowed themselves to be metaphorically "touched" by a dirty landlord. Maybe they have been desperate in the past and have had to pay over the odds to rent a slum and the only way they could escape was to buy a shoebox on an IO mortgage. If that gives them peace of mind and stops them from compulsively obeying the "whims of random strangers" then I can't really blame them for trying to escape their wretched circumstances. Quite often with people who have been abused in this way there is a harboured bitterness that leads them to believe that renting is like that for everyone, but we know that this is simply not true. We can only pity them and try to convince them that they can be in control of their destiny whether they rent or buy, they just need the strength of character. Without this fortitude of spirit, whatever they do, their lives really will be on hold.

Me, I choose my landlords, they don't choose me. I'm the one with the money.

tara747

suki1001 wrote: »

Ah, the joys of renting. Having bought in November after selling and then renting for several years, I'm in two minds for reasons to become apparent. Firstly, I sincerely believe we got the house for good price. There were no house sales in the street between 2002-2005 and since then our price is the lowest. It was on the market for 3 years because of the smell of dogs, we bought it and have made it good. No more dog smell! I love the house and location etc.
What I don't enjoy about "owning", is that you actually don't own it (or at least not all of it until you've paid up). For 7 years I had no money worries or debt. We weren't splashing the cash, but it was there if needed. The freedom I felt was exhilarating. I didn't have to pay for any building repairs or maintenance of any rented property. I'm not quite sure of this myth about being secure if you're a home owner, because if you can't pay the mortgage, you're in the same boat as the rented guy. You're only secure once you've paid off the mortgage. Although I love "my" new house, having to think about money more is not a nice feeling. I certainly don't think renting is dead money and I think the responsibility of home ownership can become a bit of a noose around many homeowners necks. then it has to pay for your care fees when you're old! Not sure who wins there!

Good post. :T There are certainly pros and cons either way.

Orpheo wrote: »

One thing that is apparent from this thread is that there are a lot of people that feel that they have been forced to buy because they have allowed themselves to be metaphorically "touched" by a dirty landlord. Maybe they have been desperate in the past and have had to pay over the odds to rent a slum and the only way they could escape was to buy a shoebox on an IO mortgage. If that gives them peace of mind and stops them from compulsively obeying the "whims of random strangers" then I can't really blame them for trying to escape their wretched circumstances. Quite often with people who have been abused in this way there is a harboured bitterness that leads them to believe that renting is like that for everyone, but we know that this is simply not true. We can only pity them and try to convince them that they can be in control of their destiny whether they rent or buy, they just need the strength of character. Without this fortitude of spirit, whatever they do, their lives really will be on hold.

Me, I choose my landlords, they don't choose me. I'm the one with the money.

Same here. OH and I choose a nice place to live, in a good area, we rent directly from a LL and pick a good 'un, we are usually right.

I really do feel sorry for those who have had bad renting experiences, maybe we are just lucky. Although we will buy sometime and I'm sure we will enjoy owning a house, we also appreciate our current situation - plenty of money in the bank, no worries about repairs/bills/council tax/rising IRs, freedom to move anytime we want without having to sell etc.

tara747

franklee wrote: »

Exactly so.

Good point, the price at which someone enters the market can make a massive difference to their life.

Oh and while I'm at it can people please remember to consider the opportunity cost of their deposit, this is a money saving site after all :cool:

Very good points franklee. Timing is everything. I doubt if you'll see anyone who is in negative equity coming on here and telling us how 'in control of their destiny' they feel. They probably feel stuck, trapped and hopeless. Time it right and you've done well - you will feel good about your decision. Time it wrong and it may be the biggest financial mistake you've ever made.

As ever, buy low, sell high. We fully intend to buy low. Not just lowER than the peak, but low.

I also agree re opportunity cost. At present, our combined savings are earning us about £2,800 a year in interest. Not to be sniffed at (but would be even more if the BOE would get on with raising IRs).

WelshNic

Orpheo wrote: »

One thing that is apparent from this thread is that there are a lot of people that feel that they have been forced to buy because they have allowed themselves to be metaphorically "touched" by a dirty landlord. Maybe they have been desperate in the past and have had to pay over the odds to rent a slum and the only way they could escape was to buy a shoebox on an IO mortgage. If that gives them peace of mind and stops them from compulsively obeying the "whims of random strangers" then I can't really blame them for trying to escape their wretched circumstances. Quite often with people who have been abused in this way there is a harboured bitterness that leads them to believe that renting is like that for everyone, but we know that this is simply not true. We can only pity them and try to convince them that they can be in control of their destiny whether they rent or buy, they just need the strength of character. Without this fortitude of spirit, whatever they do, their lives really will be on hold.

Me, I choose my landlords, they don't choose me. I'm the one with the money.

Some serious over compensating and huge assumptions being drawn there and, in my case, you couldn't be further from the truth :rotfl: