How bad is renting?

Cleaver

Percy1983 wrote: »

I have to wait longer as the type of propery I want is bigger.

The type of property I want is bigger as I have had to wait longer.

In many respects we are about to leapfrog many people and skip a good few rungs of the ladder as we now have to power to.

I think this confirms what wotsthat said, which was that you've personally chosen to live at home longer because you want a much bigger house than the traditional first time buyer would purchase as their first house. Which is fine. But you've not been forced to live at home until now because you're completely priced out the market.

I presume that if you could afford a 3-bed semi now with a 15% deposit you could have bought a 2-bed terrace a few years ago on a 10% deposit? Not saying that would have been a 'better' thing to do, just pointing out that you could have been a pretty young first time buyer in a pretty typical first time buyer type house.

Percy1983

You not seen my deposit figures, I will say the main thing stopping me buying was being single as many will agree does half your chances.

Realistically buying a 2 bed terrace will just mean I can buy 4 months earlier right now so not really worth entertaining the idea.

As a single male the only time I would have had a chance of buying was around 24-25 where my icome could support buying a 2 bed terrace, but with that I had debts from earlier years low pay and I then met said fiancee which changed the plan.

As it is since we started sorting it all out prices on the types of houses we want to buy have dropped £25k, nothing but blind luck on that front but it sure has given us some wriggle room.

paddyrg

Renting - well if I had got myself a mortgage, I would never have travelled (giving up my flat for 6 months jollies with no worry about the property or mortgage), moved jobs to follow opportunities, moved areas when we got bored, been able to pick areas I could never afford to buy in, move away from dud neighbours.

Renting can be a very positive, flexible experience.

Callie22

I think that renting can be a postive experience but I also think that a lot of people are ignoring the fairly large elephant in the room, in that renting is generally only positive when it's a choice - something that you can do to enjoy the flexibility before you buy. However, I would argue that there are lots of people now for whom renting isn't a lifestyle choice - it's the only option for living. As with everything, something that you have no choice but to do (and no choice but to do long term) becomes a much less positive experience.

I also think that renting is only positive when you're in a position to fight your own corner - again, I'd argue that the only people with the option are the people who have the job security/flexible lifestyle/spare cash to move when a situation becomes intolerable. Add to the mix a temporary or fixed term contract at work, a couple of kids and a tight budget and upping sticks and moving isn't such an easy thing to do. Again, people become trapped in situations and I would argue (and I know from my own experience) that many tenants are often too scared to complain to a letting agent, or try to get repairs done, because they know that with a 'bad' reference (or someone witholding your deposit) it could be very hard to find alternative accommodation. Equally, it can be hard to find the deposit, fees etc that you need to move - if you've only just moved and then you find out that the property you've moved into is a bit of a mess, and the letting agent has changed from all smiles to ignoring your calls, then many, many people just have to put up with it because they just don't have the money to move.

I agree that there are points in your life when you put up with poor accommodation, when you don't care that you can't personalise your space or when dodgy heating, erratic water supplies, a creepy landlord and a hole in the back door are things you can laugh about with your mates who are all in the same situation. But there does come a point when you'd like to feel more settled, when you'd like to have a 'home' rather than a person storage unit, and that's when renting becomes a difficult experience. Through no real fault of their own, many people are likely to have to rent long term, and that's not really compatible with the current state of renting.

Cleaver

Callie22 wrote: »

I think that renting can be a postive experience but I also think that a lot of people are ignoring the fairly large elephant in the room, in that renting is generally only positive when it's a choice - something that you can do to enjoy the flexibility before you buy. However, I would argue that there are lots of people no for whom renting isn't a lifestyle choice - it's the only option for living. As with everything, something that you have no choice but to do (and no choice but to do long term) becomes a much less positive experience.

I also think that renting is only positive when you're in a position to fight your own corner - again, I'd argue that the only people with the option are the people who have the job security/flexible lifestyle/spare cash to move when a situation becomes intolerable. Add to the mix a temporary or fixed term contract at work, a couple of kids and a tight budget and upping sticks and moving isn't such an easy thing to do. Again, people become trapped in situations and I would argue (and I know from my own experience) that many tenants are often too scared to complain to a letting agent, or try to get repairs done, because they know that with a 'bad' reference (or someone witholding your deposit) it could be very hard to find alternative accommodation. Equally, it can be hard to find the deposit, fees etc that you need to move - if you've only just moved and then you find out that the property you've moved into is a bit of a mess, and the letting agent has changed from all smiles to ignoring your calls, then many, many people just have to put up with it because they just don't have the money to move.

I agree that there are points in your life when you put up with poor accommodation, when you don't care that you can't personalise your space or when dodgy heating, erratic water supplies, a creepy landlord and a hole in the back door are things you can laugh about with your mates who are all in the same situation. But there does come a point when you'd like to feel more settled, when you'd like to have a 'home' rather than a person storage unit, and that's when renting becomes a difficult experience. Through no real fault of their own, many people are likely to have to rent long term, and that's not really compatible with the current state of renting.

What a great post. Made me consider whether what I wrote might not be so true.

Graham_Devon

Theres a bit of a hypocritical stance going on with this living with parents thing.

I've seen some of the people having a pop at percy for living with his parents, suggest on other threads that people will revert back to living like the broons and there is nothing wrong with that (due to their VI and wanting house prices to rise and rise even outside of a couple working full time affordability).

So on the one hand, it's have a pop because he's living with his parents. On the other, it's suggested that people live with their families again to cut costs. Which is it?

If percy came along and stated he wanted a 3 bed, and was renting, and had a 24 month iphone contract, he'd be told to cut costs. As he is cutting costs, he's told he's a mummy's boy, and basically, the urine extracted out of him.

It's another of the largely hypocritical, much adoo about nothing arguments on here. Go onto another thread about FTB's being priced out, and it's all back to making sure you save money, do all you can to get on the ladder. So why are some picking percy out to take issue with him and his girlfriend doing just that, living with their parents (he's already stated he pays rent / keep to them), and actually saving, responsibly a deposit for a house which is going to suit their plans?

I don't really get it.

Well I do, from a holier than thou, have a go aspect as he wants prices to fall, but apart from that, all I can see is it's everything that those already owning homes, especially on the babyboomer threads suggest is sensible to do. But just not for percy. For him, he's wrong. Possibly because he'll get a house cheaper than peak?

Cleaver

Graham_Devon wrote: »

Theres a bit of a hypocritical stance going on with this living with parents thing.

I've seen some of the people having a pop at percy for living with his parents, suggest on other threads that people will revert back to living like the broons and there is nothing wrong with that (due to their VI and wanting house prices to rise and rise even outside of a couple working full time affordability).

So on the one hand, it's have a pop because he's living with his parents. On the other, it's suggested that people live with their families again to cut costs. Which is it?

I think it's mainly that he spends quite a bit of time talking about a generation that is much maligned, how no one he knows can afford a house, that he knows no one who can even afford to rent etc. etc. and then in another post says that he can almost afford to buy a 3-bed semi with very little mortgage after living with his parents. Which is fantastic, and I have no probs with that. I do take a bit of an issue saying "my generation is stuffed, look at me having to live with my parents". It's obviously his choice as he is planning to buy a family home, before he's 30, on a small mortgage. And as I said, best of luck to him. But don't sit there moaning about it.

If anyone judges you for living with your parents then they are morons. Nothing wrong with living with your folks if that's what you want to do.