Why is it that people are so desperate to own houses?

Carl31

I understand the general view, Renting is 'Dead money', ownership leads to
an asset of potentially some value at the end of the mortgage term, but it seems that people will give up 'living' in order to obtain the, quite seperate, dream of owning a house? why is this? surely its just somewhere to live at the end of the day

I do understand the reasons people have, i'm looking for views and opinions, out of interest more than anything. After all if there wasn't this desperate view imposed on the people of this country, then there wouldn't be any issue with house prices

is it a lack of financial/understanding awareness causing the problem? For those more financially aware, its not hard to see that as an investment, a house is a pretty poor option, the true value of which after paying off mortgage and maintaining the property for a number of years is probably closer to 0 than many really understand it to be

is it time that the view that house ownership is a must was changed?

Le_Chuck

One day the mortgage will be paid, while those renting will still be paying

Graham_Devon

Carl31 wrote: »

is it a lack of financial/understanding awareness causing the problem?

Don't think so personally.

I couldn't live at the mercy of a landlord, 6 months tenancy agreements, and not being able to treat the house as a home, for example, fearing putting a shelf up incase the landlord decides the shelf needs to come down and requires £200 labour and a complete room overhall because there are now four holes in the wall.

The to and fro to try and get a carpet replaced as it's knackered. The pleading for the boiler to be fixed, and then being at the mercy of who the landlord chooses to fix it, at a time that suits them.

Rental is different in other countries. You treat your rented place as your home. That means redecorating as required, and living in it as required. Sadly in this country, it's still viewed as the landlords prized asset which you are handed the role of housekeeper in as they are somehow doing you the favour of putting a roof over your head, or your deposit will be taken when you leave.

abaxas

Le_Chuck wrote: »

One day the mortgage will be paid, while those renting will still be paying

But the incidental costs remain.

Most people would prefer to buy due to increased security over renting. If the UK had secure long term rentals, it may be the other way round. Infact it was in the past.

aliasojo

We own our home but had to relocate in a hurry due to work commitments and the choice of rental properties in the new area was dire. I echo pretty much everything Graham_Devon said above.

I hate the feeling that I am not in control of my own surroundings. We will be buying again just as soon as we can afford to. Renting is most definitely not for us.

Le_Chuck

abaxas wrote: »

But the incidental costs remain.

Most people would prefer to buy due to increased security over renting. If the UK had secure long term rentals, it may be the other way round. Infact it was in the past.

which are a fraction of the cost of rent

abaxas

Le_Chuck wrote: »

which are a fraction of the cost of rent

Agreed,

But if you look at the costings for housing association properties, if you can get in (hard), renting is a much better option than buying.

Friend rents a 2 bed terrace for £280ish (actually it's 65 pw) for this you rent the house on a long term contract without any costs to yourself other than decoration and keeping the garden tidy. Infact he got a new kitchen 3 years ago and last year the boiler was replaced.

New builds about 200 yards away are 90k for similar.

I know what I would choose, if in his situation.

MessyMare

We bought a 3 bed, semi detached house with large garden in a lovely village close to work and pay £380p/m on the mortgage. We previously lived in a one bed mid-terrace that was overlooked it was depressing, about the same distance from work but in town, for £425 p/m rent. The only benefit was that the rubbish boiler was fixed for free when it stopped heating water. Only after about a week of no hot water. I hated being at the mercy of the landlord, and paying what we felt was a high rent for living in a pretty scummy area. I remember sitting in the living room in my dressing gown, only to look up and see him in our garden.

That's why I like paying the mortgage instead of rent!

Jimmy_31

Carl31 wrote: »

I understand the general view, Renting is 'Dead money', ownership leads to
an asset of potentially some value at the end of the mortgage term, but it seems that people will give up 'living' in order to obtain the, quite seperate, dream of owning a house? why is this? surely its just somewhere to live at the end of the day

I do understand the reasons people have, i'm looking for views and opinions, out of interest more than anything. After all if there wasn't this desperate view imposed on the people of this country, then there wouldn't be any issue with house prices

is it a lack of financial/understanding awareness causing the problem? For those more financially aware, its not hard to see that as an investment, a house is a pretty poor option, the true value of which after paying off mortgage and maintaining the property for a number of years is probably closer to 0 than many really understand it to be

is it time that the view that house ownership is a must was changed?

I want to buy a house because i need somewhere to live.

Running_Horse

I want to buy a house because I want to, and have never felt the need to justify that decision.

That's the great thing about living in a free society. If you prefer to rent, that's your decision.

Jimmy_31

I also think people who are desperate to buy a house know that once retirement arrives they will have a secure roof over their head whilst those who are still renting wont.