Preparedness for when

RAS

The interest rate was about 15% at the time, so majorly scary (do the compound interest calculation over 25 years to see the real cost), but dropped to something reasonable within 6 months.

GreyQueen

I spend about a third of my net income on renting a council flat. It's not ideal but net incomes just above £10k don't buy you many choices. What I pay for my snug micro-flat would only get me a room in a shared house in the private sector here.

I was well into my thirties before I didn't have to share houses/ flats with non-family and would rather not ever do so again, if I can avoid it.

But the plus side of renting is that you don't have to pay for repairs or replacements, nor the buildings insurance. If I owned my flat, I'd be sitting here looking at a £2k bill for a CH water tank which was replaced a few months ago.

RAS

I was the same age when I bought and really could afford to do almost nothing apart from essential repairs and stripping walls the first year.

Fortunately I had experience changing ball-C%%ks, wiring electrical circuits, decorating etc previously.

fuddle

GreyQueen wrote: »

I spend about a third of my net income on renting a council flat. It's not ideal but net incomes just above £10k don't buy you many choices. What I pay for my snug micro-flat would only get me a room in a shared house in the private sector here.

I was well into my thirties before I didn't have to share houses/ flats with non-family and would rather not ever do so again, if I can avoid it.

But the plus side of renting is that you don't have to pay for repairs or replacements, nor the buildings insurance. If I owned my flat, I'd be sitting here looking at a £2k bill for a CH water tank which was replaced a few months ago.

It's a staggering amount but having the flexibility of just renting has afforded us the luxury of choosing an experience and has meant that in a SHTF scenario we could get out quick, regroup and start again. I have memories and life experience that I never would have had had I still lived in my mortgaged house. I suppose as someone who tries to find positives, that's a good thing right? :cool:

I have learned that we just don't know what is around the corner, be it good or bad, and for that I think I have put any dreams about owning to bed now, in fact being financially attached to one place makes me feel uneasy now when at one time I would dream of the stability I felt it would bring. GQ I think I would be really rather settled in a flat like yourself when the girls fly the nest.

Frugalsod

fuddle wrote: »

We have paid £47400 in rent over the past 6 years.

Suddenly buying a home looks a bit more attractive huh? :cool:

It all depends on the value of the home to start with. If it were £500 000 then if you had a mortgage by the time you cleared it you could have paid closer to £1.5 million in repayments, so £47400 is not so bad. Add in the risk that property could fall by 60% and you are starting to look like a property genius. Until you have finished paying the mortgage you do not really own it, and could be repossessed at any time.

ivyleaf

elona I really feel for you having to move when you don't particularly want to atm, but I'm glad another bungalow has come up - good luck with it, I hope you are able to get it if you like it. A home with not much work needed sounds ideal

COOLTRIKERCHICK

........and breathe........

mardatha

I've never wanted to buy a house and never regretted it. I've had council houses since I was 17 and loved them, plus we've had many many episodes of unemployment strikes and sickness when we would without doubt have been repossessed if we had bought. Some people see a mortgage as an anchor- others see only a heavy weight pulling them down. SHTF in many many different ways doesn't it - but this forum is such a good base and refuge to have

jk0

Nothing to do with SHTF, but I found this so funny, and thought it might make you chuckle:

https://www.youtube.com/watch?v=tKwdDbdPego

fuddle

Frugalsod wrote: »

It all depends on the value of the home to start with. If it were £500 000 then if you had a mortgage by the time you cleared it you could have paid closer to £1.5 million in repayments, so £47400 is not so bad. Add in the risk that property could fall by 60% and you are starting to look like a property genius. Until you have finished paying the mortgage you do not really own it, and could be repossessed at any time.

That I do know. :cool: