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Anyone else feel this way? Y Generation Living! - Page 6

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Anyone else feel this way? Y Generation Living!

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
120 replies 20.9K views
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  • sulphatesulphate Forumite
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    Personally I prefer stability and probably the #1 reason why we bought a house recently was because I want to be able to retire at the normal retirement age without having to worry about paying rent. In 40-50 years who knows what kind of pension we'll get. I certainly don't think that the government will pay our way.

    We should pay the mortgage off by the time I'm 50 (sooner if we overpay) so even if I go into care when I'm 70 that's still 20 years mortgage-free :T

    We used to rent and I felt like a second class citizen. LL coming round with no notice and letting himself in whilst my housemate was asleep, being told we weren't keeping the garden to LL's standards, difficulty in finding somewhere to live that would accept a house rabbit, being asked why we weren't forwarding LL's mail, having to be at home every time agent wanted to come round as they couldn't be bothered to get their own set of keys cut. Maybe if tenants had a little more rights in this country so many people wouldn't be drawn to owning their own home.
  • If, as your post suggests, you have a fair bit of property - then you won't qualify for a housing association property. .

    I disagree, there is nothing to stop me applying for a HA property, I already have. I intend to dispose of my whole portfolio over the next 2/3 years anyway. Nobody asks how much money you have in the bank. I should have a fair bit when everything's sold and I intend to spend it, every penny if I can.
  • jamie11 wrote: »
    I disagree, there is nothing to stop me applying for a HA property, I already have. I intend to dispose of my whole portfolio over the next 2/3 years anyway. Nobody asks how much money you have in the bank. I should have a fair bit when everything's sold and I intend to spend it, every penny if I can.

    I think you are very misinformed, and you are in for a nasty shock ;) Yes anyone can apply for a HA or council property, but whether you get it, is another story. I hope you declare all the monies you acquire from 'all your properties' if you are offered a property. If you do declare everything you have made from your 'portfolio,' (which you should or you are committing fraud,) then you will not be offered social housing.

    And do you realise that deliberately spending all the multiple 10s of 1000s you make is called 'deprivation of capital?' and will almost certainly stop you getting any state benefits or tax credits and most likely, any social housing?

    2 years ago, my friend was sick of being a homeowner, and she wanted to apply for social housing and then sell her house. But when she tried to apply, they said she can go on the list but no way would she be offered anything in her current circumstances... So she asked if she could sell the house and then move into social housing. They said she could not, as she would most likely have sufficient funds to buy a home. And she cannot deliberately spend the money to make sure she had nothing, as they would find out, and refuse her anyway, or if she didn't declare it and they found out, they would evict her.

    Out of curiosity, why do you think you should be allowed social housing (for people in housing NEED) when you own several properties? From what you have said so far, there is no reason on earth why you should get social housing.
  • Eliza_2Eliza_2 Forumite
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    I would hate being tied to a house, fancy not being able to move when you want - the thought of living in a house I didn't like with all the other possible disadvantages previously described fills me with horror. If you rent you can up and off with a months notice.

    And not all landlords forbid pets, pictures on the walls, your own style of garden either. It's your home after all, and I've never yet met a landlord who doesn't appreciate that.

    There are obviously as many views as there are personalities, basically - and it's a good thing - we just all want different things from where we live.
  • calicocatcalicocat Forumite
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    Years ago when I applied and got a HS flat no-one asked me about money or income (I was working) , it was purely based on housing need, for example if a current private rent was damp and LL wasn't fix it, over crowding, rent had become unaffordable, domestic disputes etc...........so money didn't come into it but there were criteria for it obviously. I am sure it's mighty harder now to get one though.


    As to original topic, I owned my home, then rented, moved about lots within both and have to say I prefer to own. This however may well be as I can see my retirement in the next 20 years, 15 if I plan better, and want to be rent free and any money I have to be for me and being able to do the things I fancy. The only downside I see will be that i will need that extra money for redecoration and a gardener when I may not be able to do it.....but a positive is that if needs be I can take equity out of a property as don't have children and can do as I please and stay in my own home. As I get older I want more control over things I guess.
    Yep...still at it, working out how to retire early.:D....... Going to have to rethink that scenario as have been screwed over by the company. A work in progress.
  • calicocat wrote: »
    Years ago when I applied and got a HS flat no-one asked me about money or income (I was working) , it was purely based on housing need, for example if a current private rent was damp and LL wasn't fix it, over crowding, rent had become unaffordable, domestic disputes etc...........so money didn't come into it but there were criteria for it obviously. I am sure it's mighty harder now to get one though.

    Yes, they definately DO take into account what capital you have now. Certainly in the area I live anyway, and the area my friend lives. I doubt it would be different anywhere else.

    I really don't see why anyone should be given social housing anyway, if they have made multiple 10s of 1000s from several properties. I don't think that affordable housing should be only for people on benefits, but it certainly should not be reserved for people who own/owned several properties, and have sold them to make 10s of 1000s in profits.

    And making all that money and not declaring it is walking on very dodgy ground.
  • calicocatcalicocat Forumite
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    Yes, they definately DO take into account what capital you have now. Certainly in the area I live anyway, and the area my friend lives. I doubt it would be different anywhere else.

    I really don't see why anyone should be given social housing anyway, if they have made multiple 10s of 1000s from several properties. I don't think that affordable housing should be only for people on benefits, but it certainly should not be reserved for people who own/owned several properties, and have sold them to make 10s of 1000s in profits.

    And making all that money and not declaring it is walking on very dodgy ground.


    Things have changed then, and rightly so with the present housing problems to be fair.

    If he's got loads of properties he shouldn't need social housing, and to be honest why would you!??......bit silly really, as unless you live in a tiny village like I did you are likely to find yourself in a real poo area of town. Also as I think you said, surely its just as easy and better to live in one of your own......unless they are in poo areas too of course.
    Yep...still at it, working out how to retire early.:D....... Going to have to rethink that scenario as have been screwed over by the company. A work in progress.
  • Plus, the OP may not be able to have children for some reason.?

    The OP said no children yet; I took this to mean a deliberate choice based on the subject matter of the post.
    All that said, I doubt the OP is going to see the comments, as I don't think they come here anymore.

    I know that but the discussion is now about the concept raised in the Original Post not the personal choices expressed by the specific Original Poster.
    And why do you think they didn't post it to hear replies?

    Because, Sherlock, the OP has not responded to the majority of contributions and indeed hasn't been here once in 2013.
    Mornië utulië
  • Out of curiosity, why do you think you should be allowed social housing (for people in housing NEED) when you own several properties? From what you have said so far, there is no reason on earth why you should get social housing.

    I think it's you misunderstanding me, I am talking about having a smallish property designed for elderly people. I expect to pay the full going rate of rent for it, I don't have a problem with that. It would be nice not to have to worry about maintenance

    As for selling up, why on earth should I keep owning property into my extreme old age, it can be stressful enough when you're young.

    Snide comments about whether I declare tax or not annoy me, all my affairs are in apple pie order, that's what I pay an accountant for.
    The guvmint will get it's share when I do sell up, the rest I will use for my own purposes, after all, that's why we work and save innit?
  • edited 10 September 2013 at 6:58AM
    seven-day-weekendseven-day-weekend Forumite
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    edited 10 September 2013 at 6:58AM
    I'm a different generation (one of the much maligned Baby Boomers) and would NEVER rent unless we also owned a place or it was for health reasons.

    Apart from about three years at the start of our marriage when we had a Council flat, we have never rented. Renting privately would seem to me like paying someone else's mortgage. We were not able to be flexible with working (no computers in those days!) so were fixed as regards location. Our house has been paid for since our mid-40s.

    We have helped our son with the deposit on a flat so that he doesn't have to pay someone else's mortgage. His mortgage is half as much than if he rented the same flat. He and his girlfriend are the Generation Y you refer to, don't run a car; with the small mortgage they have money to enjoy themselves in a modest way (neither of them earn much, they are a retail assistant and a kitchen assistant) and I think that arrangement works very well. No way would they want to be at the mercy of a private landlord.

    Hope this helps.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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