Is owning a home important to you?

MoonJelly

Well...I have found that raising a family and paying rent didn't leave much for savings (actually only enough to cover emergencies such as dentist and car repairs). When I have rented in a cheap but not so good area I've been faced with the knowledge that the school my child will go into is not a good one. We once went to see this affordable housing in xxx place (I don't know if I can name places in this forum!) and we found the builders had put barbed wire around the new development and some youths were sitting on a neighbouring roof throwing empty cans at passers-by. Needless to say we ran like h£ll away from the place.

The problem is not so much the payments but the deposit. Very hard to come up with 25%.

I hate renting. Landlord don't allow you to conduct business from home, and if that is what you do (I work from home) renting is a big minus.

twirlypinky

I'm not too bothered, having been on the ladder for a few years and then jumping off it with nothing, then renting for a couple of years in a lush listed flat i could never have afforded to buy = i can see benefits on both sides, although my fingers have now been burned twice on the housing ladder. We're trying to sell my husbands place and not having much luck, we're in negative equity there... IT's all a bit of a pain in the backside.

On the other hand, hubby seems to feel it's super important to own, and i do worry about paying rent when i'm retired - so i think we'll buy again. Our main issue now, as MoonJelly said, is getting that 25%. We've already saved a certain amount by living really frugally and trying not to go out etc - but that's all being swallowed up by the negative equity. It kind of leaves a nasty taste in your mouth when it comes to buying.

want2bmortgage3

well you aren't going to live forever so why do you need to buy and 'own' a property?
but then, why should somebody else own the property you live in (renting)?

jrawle

MonkeySaving? wrote: »

Given that I don't spend much time at home, I prefer to pay peanuts to rent properties worth over 300k, saving the hassle of living in a **** area and ensuring that by the time I retire I have a huge fund to buy a nice house in a good area for cash.

Surely you would save a lot more if your monthly outgoings were being partially used to pay off capital of a mortgage, rather than 100% on rent that's gone forever? Also, where are you investing your savings to ensure they keep pace with inflation (let alone any future increase in property prices)?

Low interest rates mean it's a good time to be a borrower, not a saver. I pay about £2000 a year on mortgage interest, as opposed to the at least £7200 it would take to rent a similar place. Owning a property also cushions you from future house price increases. What if there's a large increase just as you are about to retire? You might find you can only afford a little terrace with crap neighbours.

klolav

My opinion on this:
I first bought at age 20 and have been on property ladder ever since. Thought it was the single most important thing and yes in my eyes, it was a sign of success. I am now 30 and I am starting to view a bit differently.
Put our house on the market earlier this year and waiting for a completion date....oh the wait!!!
But we are moving into rented for 12 months to give ourselves a bit of a break really. Had a really tough 4 years in this house, as we were running a b&b with 2 children, which we've had in those 4 years and my 3 stepchildren and my husband working away a bit, so been a hard slog.
A few months back I wouldn't have dreamed of renting 'dead money' etc, but now I'm actually looking forward to it. We are going to rent a nice new house, as opposed to very old houses that we always buy. The idea is to put the money we have made into savings for a year. Get the credit in a better state, then start looking for something that suits us within the year, rather than rushing into something that isn't quite right!
So my opinion really has changed......although saying that we do still own a small property which we currently rent out. I wonder if my opinion would still be the same if we didn't own that house???
The more I hear about the rest of Europe being 'rent fans', it encourages me that things could change in this country at some stage.
But I do agree with others that whereas buying used to be the absolute must, it's now becoming more of a choice. But I hadn't actually given any thought to what happens when your a pensioner!

LittleMissAspie

flossy_splodge wrote: »

Well one of the biggest problems seems to be the fact that so few are prepared to make the effort to SAVE for the deposit. If half as much money was put aside as was poured down throats perhaps more COULD afford that first step.
I lived a VERY frugal life in my early years, didn't drink, didn't spend a fortune on clothes, makeup, hair and other non essentials which meant that a few years down the line when I met my husband to be and we decided to take the plunge into matrimony, we could afford a house.
It was not big, not in a 'good' area and we certainly did not manage to equip it with all new things.
It was about not thinking we had a God given right to anything so WE needed to provide for ourselves. If that attitude prevailed today there might be more home ownership amongst the young and less whingeing.
Just a point of view.:o

I think this is condescending. I have lived frugally for years (I don't drink or smoke, replace clothes when they wear out, don't wear makeup, cut my own hair, my mobile phone is 9 years old and I've never had a television since I moved out from my parents) but it took until I was 32 and my boyfriend 28 before we could afford to buy. According to figures, our income is above average. We rented a one-bed house to save up - good thing I don't want children because I've never had anywhere to put one. Seriously, what do people with children do?

Chatzby

LittleMissAspie wrote: »

I think this is condescending. I have lived frugally for years (I don't drink or smoke, replace clothes when they wear out, don't wear makeup, cut my own hair, my mobile phone is 9 years old and I've never had a television since I moved out from my parents) but it took until I was 32 and my boyfriend 28 before we could afford to buy. According to figures, our income is above average. We rented a one-bed house to save up - good thing I don't want children because I've never had anywhere to put one. Seriously, what do people with children do?

Do you think many people are now taking steps to live frugally in order to save for a home? Should people have to do this? Do you intend to buy a home at some point?

dawyldthing

Chatzby wrote: »

Do you think many people are now taking steps to live frugally in order to save for a home? Should people have to do this? Do you intend to buy a home at some point?

a lot of people are, but a lot are still in the mindset that they should just get one from the off without putting any work into it.

And Little Miss Aspie sounds just the same as me apart from the tv and the mobile:

Originally Posted by LittleMissAspie
I think this is condescending. I have lived frugally for years (I don't drink or smoke, replace clothes when they wear out, don't wear makeup, cut my own hair, my mobile phone is 9 years old and I've never had a television since I moved out from my parents) but it took until I was 32 and my boyfriend 28 before we could afford to buy. According to figures, our income is above average. We rented a one-bed house to save up - good thing I don't want children because I've never had anywhere to put one. Seriously, what do people with children do?

kk20

The thing is, I remember my first house. It was an end terrace with no central heating or indoor bathroom (In Wigan). Cost me 8k in 1980. My children are will be looking to buy a house in the next 5 years and their friends are the same. None of them would dream about living in such a run down house. Some people want everything immediately and arent prepared to start low, build up, save and sell. Im not saying *everyone* is like that but certainly a vast majority want a good quality first home. If that isnt possible then either rent or do up an old un'.

LandyAndy

kk20 wrote: »

The thing is, I remember my first house. It was an end terrace with no central heating or indoor bathroom (In Wigan). Cost me 8k in 1980. My children are will be looking to buy a house in the next 5 years and their friends are the same. None of them would dream about living in such a run down house. Some people want everything immediately and arent prepared to start low, build up, save and sell. Im not saying *everyone* is like that but certainly a vast majority want a good quality first home. If that isnt possible then either rent or do up an old un'.

I bought my first house in 1980, too. A three bed semi in Chorlton. It mostly hadn't been touched since it was built in the 30's but it did have an indoor bathroom;). I, too, can't see many people accepting those conditions today.