House ownership - Selling yourself into a lifetime of servitude

robmatic

Who then will be the better off in retirement, the person who has planned for it with numerous investments and savings plans BECAUSE HE KNOWS HE HAS TO or the person who ploughs all his money into a house in the mistaken belief that being mortgage free equates to being expenses free.

I would suggest that the person who will be better off in retirement will be the person who spends the lesser amount on housing costs over their working life and invests the extra wealth that they have gained from doing so sensibly.

There are plenty of people commenting on this thread whose repayment mortgage is less than the equivalent rent so it looks like they are the winners.

debtistheft

de1amo wrote: »

get a lodger they pay the mortgage quite constantly which negates the problem of investing your own money in the roof over your head(s)-

Good idea.

http://eric.b.olsen.tripod.com/lodger.html

debtistheft

robmatic wrote: »

and invests the extra wealth that they have gained from doing so sensibly.

Yeah, because that's what you are all doing. :rotfl:

robmatic

debtistheft wrote: »

Dop you have other investments? Do you know how to invest in corporate bonds? Do you know which shares to invest in for growth and which shares to invest in for dividend returns. Do you know what a gilt is, do you know what a VCT is?

Don't beat yourself up if you don't. Not too many people do, they just plough money into a house and perhaps into some crappy stakeholder pension and think that they have done everything they can to ensure a comfortable retirement.

Remember me in 20/30/40 years time when you are retired and afraid to put that extra bar on the electric fire, when your walls are black with damp because your guttering has broken and you can't afford to get it fixed or when your 10 year old ga boiler keeps packing up. Remember that I told you about this life and you ignored me because all you need is your own home to be happy.

Oh wow, can I add myself to the list of superior beings? Although I do have to admit that I do all these as well as having a cheap repayment mortage.

robmatic

debtistheft wrote: »

Yeah, because that's what you are all doing. :rotfl:

Actually I am :beer:

debtistheft

Pete111 wrote: »

Hmmmm

Sounds a bit like you (as a uberbear) are advocating MEWing for Homeowners. Is this truly the case?

Also, it appears that you are unaware of the concept of downsizing...or that other people have brains larger than a grape.

Jeeze, can you people not read earlier posts?

I cant be !!!!!d typing it all again. Do a search for my username and 'downsizing'. Basically, for those who haven't the skills to search... Downsizing is the favourite for the idiot home owner who uses the refrain "My home is my pension". One wonders if they live in a mansion house and intend moving to the gatehouse? No, they own a nice, but modest 3 bed family home and intend to downsize to a nice but modest 2 bed home. By the time they have paid out to the estate agents and other assorted parasites there is notheing left.

Remember, to downsize you need to sell a house and then buy one. Not cheap. Certainly not as cheap as I could downsize:

Me: "Hi landlord, here is my notice on this 3 bed house. We don't need the space anymore".
Landlord: "Oh, that's a shame, you were a good tenant".

One month Later:

Me: Ah, our new cottage. Lovely.

Alternative for downsizing home owner:

Idiot: "Eh by gum our Enid, we need 'tut downside whatever that means. Ma pidgeon feed don't come cheap our lass.

One year Later:

Idiot: "Eh by gum our lass, we finally sold our 'ouse and moved from that soot infested louse ridden northern hell hole to a smaller house in a different and even scummier part of the northern hell hole".

Idiots wife: "Eh by gum but we took a hit on the housing sale. 10% reduction 'cos we were desprit, that 2% estate agent cost, the £2000 legal costs, the stamp duty on our new place, etc. etc.

Idiot's wife: "By 'Eck Our Eric. We're worse off after the move than before it!!

Idiot: "By gum Enid, Your right. We should have listened to that good looking, erudite chap on't 'tinternet all those years ago. No doubt he is on a yatch in the Med right now. Cheeky Southern superior bleeder.

And so ends this true story.

LittleMissAspie

debtistheft wrote: »

How did you afford to buy a house on that income?

It's a perfectly ordinary income.

debtistheft wrote: »

The person who knows he is going to be a tenant for life will sit down with his investment plans and strategies and ensure that he will have enough money to keep him in his old age. He has to, it's vital.

No he won't, because most people can't afford to rent a family home, bring up children AND plough money into investments that will pay out large monthly incomes when they retire.

I wonder what that house down the road will be renting for in 2046.

debtistheft

LittleMissAspie wrote: »

It's a perfectly ordinary income.


No he won't, because most people can't afford to rent a family home, bring up children AND plough money into investments that will pay out large monthly incomes when they retire.

I wonder what that house down the road will be renting for in 2046.

I agree that it is a perfectly ordinary icome. That was not my point. My point is that if you had to buy a house on that income today, would you be able to?

All the rest of your post is ignorable because you have just made this up off the top of your head. There are plenty of families who live in rented accomodation and yet are no more destitute than you. Shame on you for saying that familes who rent are inferior to you. You may think they are scum, but you are wrong.

Hate Crime!!!

LittleMissAspie

debtistheft wrote: »

I agree that it is a perfectly ordinary icome. That was not my point. My point is that if you had to buy a house on that income today, would you be able to?

All the rest of your post is ignorable because you have just made this up off the top of your head. There are plenty of families who live in rented accomodation and yet are no more destitute than you. Shame on you for saying that familes who rent are inferior to you. You may think they are scum, but you are wrong.

Hate Crime!!!

Where did I say I bought a house on my income? I bought with my boyfriend nine months ago.

The rest of your post is ignorable because it's ridiculous.

robmatic

LittleMissAspie wrote: »

Where did I say I bought a house on my income? I bought with my boyfriend nine months ago.

The rest of your post is ignorable because it's ridiculous.

To be fair to the poor boy he is having one of those days where nothing sinks in...