Anyone else feel this way? Y Generation Living!

Callie22

Hermia wrote: »

I was just referring to being asked to leave when renting in my comment. I think it's more of a worry when you live on your own. I know couples who have been asked to leave with two months notice and I feel it's easier splitting up the tasks related to moving out and finding a new place between two people. I wasn't commenting on life generally.

Couldn't agree more - looking for a new rental is hard enough when you're in a couple, I'd hate to have to do it alone. It always makes me laugh that letting agents in particular want 'working' people in their properties, but then they make it nigh-on impossible to get anything done outside of the 9-5, Mon to Fri. I've lost count of the amount of days off I've had to take to view properties etc etc ...

Nan_Dingle

Millions of folks are 'hidden' renting with interest-only mortgages and no obvious means to repay the capital.

Fire_Fox

pinkshoes wrote: »

Nope! Definitely not! But I'm guessing you're perhaps under 30 with no children?!?!

I found renting stressful and expensive, even when I didn't have a child!

A repayment mortgage may be a little more than renting (in most areas), but I would rather have a repayment mortgage, "live" slightly less, and know that when (if) I turn 60, I'll be able to retire owning my own home, without having to rely on benefits which will barely cover rent.

I watched my grandmother struggle to pay private rent on benefits, and her life wasn't great. Not a position I want to end up in.

By all means live and have fun, but also don't expect the state to pick up the tab once you want to retire; I imagine my generation will be expected to work until they drop dead if they haven't saved the means to support themselves.

Do you realise how patronising that comes across?? How is it acceptable to rely on benefits when you children are young (which MANY parents do with tax credits or help with childcare), but not support yourself your whole working life then rely a little more on benefits in your twilight years? Some people choose to focus on a pension or other savings and investments instead of the property snake. I also know retired folks who choose another way entirely http://www.xor.org.uk/silkroute/index.html

The costs of owning are rather more than just the repayment mortgage, you need to consider thousands on buying and selling, insurance, repairs and maintenance ... Buying is a wise investment if you sit it out for the full twenty five year term, but how many people do you know who are likely to do that?

seashore22

Just about to pay off our mortgage! Now that feels like freedom!

spenceeyftb

Fire_Fox wrote: »

Buying is a wise investment if you sit it out for the full twenty five year term, but how many people do you know who are likely to do that?

I think they'll be trend of people buying a house that they can imagine themselves living in for a long time if not life. People can't expect to make big money on property in a short term any longer.

Me and Mrs. Spenceey are both under 25 and we're in the process of buying our first house. It needs a lot of work but we know once It's finished it could be a house for life.


But like the original poster I don't like the idea of being tied to a car - so in our new house I'll be able to cycle the same goes for the wife.

This will mean we're saving £300 a month plus in petrol which we can put straight back in to the house.


I think (and I might wind a few people up saying this) if your prepared to wait it out and don't want everything straight away you could end up with a lovely house that you can grow in as a family. It seems like people in modern times want everything straight away and they're not prepared to wait.

antonic

I am single and been renting for 10 years now (after moving back from London and living with my dad for 10 years).

In the 10 years I have rented, I have had one rent increase ! and my Letting Agents although not the most proactive in dealing with problems with my flat , have got them fixed.

I am not interested in buying a property as I am single with no dependants and have no desire to buy a property.

ReadingTim

Salz wrote: »

Yes, you might own your own house in 25 years, then go into a nursing home and it gets sold to pay your way.

Whereas if you don't have anything to sell, you're not going into half as nice a nursing home. If you go at all....

Hailstorm

I am in my mid 30s and I am in the opposite situation. I bought my first property in my early 20s. Because of the equity I have built up, my mortgage repayments are only about 2/3rds of what it would cost to rent a comparable house. In future the mortgage repayments are only going to fluctuate with interest rates. Rents are predicted to shoot up. The local news this morning was predicting rents increasing by 50% over the next 10 years due to lack of supply.

I do know someone though who lives a similar lifestyle to the OP. They work freelance so it is quite easy for them to relocate from a work perspective. Every 6 months or a year they seem to up sticks and move to a different part of the country. In the 5 years I have known them they have lived in Somerset, Yorkshire, Edinburgh, Manchester, Oxford and London. Rather than saving money though it appears to be a very expensive lifestyle.

plymouthpafc

As one of those countless thousands that have made the mistakes and have severely restricted choices about whether to rent or buy, I come on here for some solace and as many top tips as I can find. I am facing lengthy renting and possibly into retirement unless I take to robbing banks. Good for you I say, but not the place to kick people when they're down.

cwcw wrote: »

I'm not saying they would depend on it, but it would be a legacy to pass on. The house doesn't just vanish when you die. That's the whole point in inheritance.

I would much rather retire having paid off a house and be able to enjoy retirement rent free, and safe in the knowledge that when I die I will have a decent legacy to pass on to my children. Better that than to pay someone else's family inheritance through rent for decades and having to rent in retirement too.

mgarl10024

While I don't like the idea of renting permanently or travelling everywhere (I'm more of a settler who wants security), I do like the idea of simplifying, reducing costs, reducing working hours, avoiding commuting, cycling, and enjoying the benefits of financial independence.

MoverShaker wrote: »

...We've sold a lot of our furniture and 'stuff' and are becoming more and more mobile. And the less stuff we have, the happier we become.

...we didn't want to spend our lives, slaving away and paying off the mortgage,

...move towards a leaner and happier existence.

...These days, weekends aren't spent doing the garden or housework - they're spent doing social things, sports/fitness or even learning.

....Even better - because we live in a city, we can walk everywhere. There's no stressful commuting. We barely use our car (which we're thinking of selling) and cycle everywhere instead. Life is good.

...we're not stressed, don't have to work as hard and have more spare time to relax and enjoy life.

...You could say we're having lots of mini retirements along the way and enjoying our lives now rather than making sacrifices for later.

When reading your initial post, it reminded me strongly of this guy: http://www.mrmoneymustache.com/
Indeed, his most recent article is about how to buy a house - http://www.mrmoneymustache.com/2013/09/04/how-and-how-not-to-buy-a-house/