Forum Home» House Buying, Renting & Selling

Anyone else feel this way? Y Generation Living! - Page 7

New Post Advanced Search

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
145791012

Replies

  • edited 10 September 2013 at 7:40AM
    TopQuarkTopQuark Forumite
    451 posts
    edited 10 September 2013 at 7:40AM
    SDW, your post smacks of looking down upon those who do rent. Many people don't have a choice and don't have the bank of mum and dad to pay for a house deposit like you have done for your son. Does he have a repayment or an interest-only mortgage btw? The latter is merely renting from the bank.

    My parents are the same generation as you and could not help us out in this respect. Thus, I went to university, got several hard degrees and am now reaping the rewards - OH and are I about to by a house in France (where OH is from) outright. We are 31 and 32. It is satisfying to know that this is down to our own hard work and determination, rather than because we received handouts from our parents/others.

    We've always rented (in the UK, Philippines, Malaysia and now Switzerland) as our careers take us around the world. I don't see it as paying someone else's mortgage, I see it as putting a roof over my head whilst I live my life. And I certainly don't consider myself, or anyone else who rents their home as some kind of second class citizen, as seems to be the prevalent attitude in the UK today, sadly.
    Remember Occam's Razor - the simplest explanation is usually the right one. :)

    32 and mortgage-free :D
  • meg00meg00 Forumite
    184 posts
    Eighth Anniversary 100 Posts Combo Breaker
    Would buying a holiday home be an option?. You could rent it out during the season (or all year if you choose the right location), and use it yourself when the fancy takes.
    PS. I love my home, 3 miles from the city, and overlooking beautiful treescapes.
  • katejokatejo Forumite
    3.3K posts
    Eighth Anniversary 1,000 Posts
    ✭✭✭✭
    TopQuark wrote: »
    SDW, your post smacks of looking down upon those who do rent. Many people don't have a choice and don't have the bank of mum and dad to pay for a house deposit like you have done for your son. Does he have a repayment or an interest-only mortgage btw? The latter is merely renting from the bank.

    My parents are the same generation as you and could not help us out in this respect. Thus, I went to university, got several hard degrees and am now reaping the rewards - OH and are I about to by a house in France (where OH is from) outright. We are 31 and 32. It is satisfying to know that this is down to our own hard work and determination, rather than because we received handouts from our parents/others.

    We've always rented (in the UK, Philippines, Malaysia and now Switzerland) as our careers take us around the world. I don't see it as paying someone else's mortgage, I see it as putting a roof over my head whilst I live my life. And I certainly don't consider myself, or anyone else who rents their home as some kind of second class citizen, as seems to be the prevalent attitude in the UK today, sadly.
    Not sure that I agree with your criticism of SDW . It is possible to prefer ownership without looking down on those who prefer to rent or don't have the means to buy. I am also a baby boomer (just about as I was born in 1963). I bought my first place in 1993 with a bit of help from parents . I was only earning 14k then. It was the best thing for me despite being a bit tied down. If I had not bought then , I would still be renting a room in a house , not a whole flat . I live in one of the more affordable boroughs of London but rents have shot up. A flat would cost me about 75% of take home pay . When I reach retirement I will be mortgage free.
  • edited 10 September 2013 at 8:58AM
    seven-day-weekendseven-day-weekend Forumite
    36.6K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 10 September 2013 at 8:58AM
    TopQuark wrote: »
    SDW, your post smacks of looking down upon those who do rent. Many people don't have a choice and don't have the bank of mum and dad to pay for a house deposit like you have done for your son. Does he have a repayment or an interest-only mortgage btw? The latter is merely renting from the bank.

    My parents are the same generation as you and could not help us out in this respect. Thus, I went to university, got several hard degrees and am now reaping the rewards - OH and are I about to by a house in France (where OH is from) outright. We are 31 and 32. It is satisfying to know that this is down to our own hard work and determination, rather than because we received handouts from our parents/others.

    We've always rented (in the UK, Philippines, Malaysia and now Switzerland) as our careers take us around the world. I don't see it as paying someone else's mortgage, I see it as putting a roof over my head whilst I live my life. And I certainly don't consider myself, or anyone else who rents their home as some kind of second class citizen, as seems to be the prevalent attitude in the UK today, sadly.

    I most certainly do not look down on anyone who rents and am sorry if my post came over that way. I thought I was just contributing to the thread.

    My son has a repayment mortgage so is repaying his capital.

    May I say that your post comes over as looking down upon those who have low paid jobs. There are often reasons for this (and anyway, someone has to do them). My son and his girlfriend both have difficulties (in the girlfriend's case it is bad enough to be classed as a disability) which mitigate against them being high-flyers in employment stakes. Nevertheless, in spite of this they both have permanent jobs and claim no means-tested Benefits, when it would be very easy for them to do so.

    As for the 'handout', well that is just helping them out, all parents do so if they can.
    (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
  • 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.

    Have you ever seen the eligibility criteria to get State money then? I'm now in the retirement agegroup and have duly retired and, any time I wonder whether I might be eligible for anything on account of my income level (ie too low to pay tax on) I find that the answer is "no" and might well remain "no" even once I reach my (revised) State Pension Age. The very first thing I notice is the comment about not being eligible if having savings of more than £16,000.

    Or are you busily making plans to find a way of hiding savings over that level so that you can live off the rest of us?:cool:

    I guess I can take it as read that you have no conscience about deliberately trying to put yourself in a position where you hope to be able to live off our backs?
  • seven-day-weekendseven-day-weekend Forumite
    36.6K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Although having savings might disqualify you for means-tested Benefits, I don't think they disqualify you from having Social Housing. My sister and b-i-l (both now deceased) got a Council bungalow on health grounds even though they had their own paid for house, which they later sold. They just paid the rent and Council Tax themselves instead of having Benefits.
    (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
  • edited 10 September 2013 at 8:47AM
    moneyistooshorttomentionmoneyistooshorttomention
    17.9K posts
    ✭✭✭✭✭
    edited 10 September 2013 at 8:47AM
    Clarifying...as not had my second cup of coffee of the day yet...

    ...making it clearer....someone who occupies Social Housing unnecessarily is getting a form of "benefit" (if not in the form of cash benefit), as they will be paying less than the market rent for equivalent private sector property. Hence still "living off our backs" if they have deliberately put themselves in the position of requiring this social housing.

    I know there are some rather nice (and not that small) OAP social housing bungalows within range of my current location...that I wouldn't object to if I couldn't afford to house myself in my own home....but I acknowledge that people who actually need them would come first and there would be none left for someone just WANTING one. (...though, in fairness, I personally wouldn't live there anyway...because its obviously an Old Person Enclave and I wouldn't want that aspect).
  • CornucopiaCornucopia Forumite
    15.3K posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Apologies for not having read the the whole thread.

    But...

    I see the OP as positioning renting as a lifestyle choice (or at least the relatively flexibility that comes with it). There's nothing wrong with that as long as the consequences are understood.

    The basic maths of Renting versus Buying are pretty straightforward:-

    Renting = 60 years+ of a rent payment that increases with inflation.

    Buying = 25 years of a mortgage payment that is static with respect to inflation, then 35 years+ mortgage free, just covering property maintenance.

    Even if the mortgage payment is higher than the rent now, the maths makes it a pretty good deal. (And for some people, their rent is higher than their mortgage would be).
    Ex Board Guide
  • seven-day-weekendseven-day-weekend Forumite
    36.6K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Money, I tend to agree with you. My sister and b-i-l, although they had plenty of money, especially after selling their house, got their Council bungalow on health grounds as he had Parkinsons and she had Alzheimers. Both were in their 70s at the time.

    My b-i-l gave up the tenancy after my sister died and lived with his children (six months in the summer with his daughter and two months each with each of his sons :) ), so he didn't take up a tenancy someone else could have had.
    (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
  • edited 10 September 2013 at 10:11AM
    TopQuarkTopQuark Forumite
    451 posts
    edited 10 September 2013 at 10:11AM
    May I say that your post comes over as looking down upon those who have low paid jobs.

    I absolutely do not. I am a working class girl from Birmingham (Erdington if you know it, since you're west midlands-based) and come from a modest family, in addition to having had a variety of low-paid jobs to put myself through university.

    What I do look down on are people who have been gifted houses/deposits by their relatives and then somehow consider themselves to be a 'cut above' me and others who rent their homes. Like home ownership is the one and only barometer of acheivement in the UK and b0ll0x to anything else.

    I've lost count of the times I've heard people say things like...'yeah, TopQuark might have a PhD but she just rents'. I remember once in the pub, we were talking to a friend of a friend about gardening, as OH is really into it. Said person replied 'but you're only renting, how can you be into gardening?', as if certain hobbies are the rarefied preserve of the mortgaged and home-owners only. So glad I have left the UK and all this kind of nonsense behind me.
    Remember Occam's Razor - the simplest explanation is usually the right one. :)

    32 and mortgage-free :D
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support