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Putting your life on hold...
Comments
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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.
Having taken an interest on the issue of accidental landlords getting consent to let from their lender I tend to read the threads on that issue where consent has been refused and they want to let anyway. Often the property owner has gone on to live elsewhere and wants to let the old home out at a loss with little or no savings to cover the inevitable costs of being a landlord and what's worse often reliant on rent to pay their mortgage. The problems this causes them is evident, a long void, bad tenant or expensive repairs could easily push them over the edge.0 -
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Because you own something at the end of it.
Unless you- have shared ownership
- have shared equity
- have an IO mortgage
- have mewed (in which case the end is never in sight)
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I felt on hold while renting because we couldn't get on with making our house as we wanted it to be. I was always waiting for the day when I could choose my own things. I feel much better in my own house knowing that I can have it exactly as I like.0
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LittleMissAspie wrote: »I felt on hold while renting because we couldn't get on with making our house as we wanted it to be. I was always waiting for the day when I could choose my own things. I feel much better in my own house knowing that I can have it exactly as I like.
It's a state of mind.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
LittleMissAspie wrote: »I felt on hold while renting because we couldn't get on with making our house as we wanted it to be. I was always waiting for the day when I could choose my own things. I feel much better in my own house knowing that I can have it exactly as I like.
Why couldn't you choose your own things when renting? Sure, you can't get a loft conversion or do major work but you can decorate generally as suits you.0 -
Unless you
- have shared ownership
- have shared equity
- have an IO mortgage
- have mewed (in which case the end is never in sight)
The two 2011 census showed that
For England and Wales more than two-thirds of homes are owner occupied and 31 per cent rented.
In England 29 per cent are owned outright
39 per cent owned with a mortgage
In Wales 34 per cent are owned outright
37 per cent owned with a mortgage.
It will be interesting to see the census results for 2011 but this does show that an enourmous number of people actually do own their homes outright. So have no morgage or rent to pay.
There is an enourmous satisfaction IMO to own your home outright and I think that is something many people are striving to do, for most that means a mortgage first!
However for those who enjoy living in their rented homes stick with it and enjoy it.0 -
I've never rented anywhere that we could paint the walls or change anything, it doesn't seem common around here. To give an example we weren't even allowed to put pictures on walls, not that I like pictures on walls.
If I had owned the last house we rented I would have done the following:
completely new kitchen including appliances, flooring etc
changed all carpet and flooring througout
changed living room window into one that opens
got rid of back boiler for combi (they did that in the end)
got rid of huge boxed in bit in the living room where the back boiler used to be
ripped out built in wardrobe
changed all curtains
put a blind on bathroom window
changed bathroom suite and flooring and cupboards
ripped up garden and replaced with grass and flowers0
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