Buying is £124 a month cheaper than renting

ukcarper

CC-Warrior wrote: »

Yes, and you bought your house in the 70's...when things were a lot different to how they are now. You didn't have to somehow find 20-30k for a deposit.

At times in 70s in relation to earnings prices were not that much cheaper than now and you needed a just as big as deposit in relation to earnings.

Candy53

MrRee wrote: »

And, in retirement, imagine having to pay rent until the day you die? What an awful thought .......................

We will have to rent until we die. We have never been able to buy, and it does sicken me when my daughter and partner pay less mortgage than we pay rent.



Candy

MrRee_2

I'm sorry to hear that Candy.

At least your offspring will be in a better position ........

Those who can only rent are unfortunately locked in.

It's those who 'choose' to rent which are the target audience for this thread, if I can sway just one person into the light, I have done my job.

CC-Warrior

MrRee wrote: »

I'm sorry to hear that Candy.

At least your offspring will be in a better position ........

Those who can only rent are unfortunately locked in.

It's those who 'choose' to rent which are the target audience for this thread, if I can sway just one person into the light, I have done my job.

I don't think anyone chooses to rent.

MrRee_2

There are posters above who have suggested that some people choose to rent ..... I know it's madness to do that, and why I'm disputing the wisdom of doing such a rash thing and wasting a huge amount of money.

demontfort

MrRee, I'm not going to pretend my life is full of glamour and glitz. But clearly it is more interesting than yours if you have nothing better to do than to sit at home gloating about owning a house and the illusory gains in your wealth as this house price bubble inflates further. Do you really enjoy lordng it over renters who either can't afford to buy or choose not to?

I also own a place but it brings me no pleasure to see house prices rising as I know the next place I buy will be even more expensive. I only bought a flat recently when I was 37 as up until then renting gave me the flexibility to move about it also allowed me to stick my spare cash in shares from which I did well. By investing my money I built up a nice deposit and have a small mortgage with a very low fixed rate.


From a convenience point of view it only suited me to buy last year and when I did the maths, the finanacial benefits of buying only slightly outweighed those of renting. Remember even if you buy you are still renting money off the bank in the form of a mortgage and there is an opportunity cost to having your cash tied up in property. Plus when interest rates start to rise and the bubble starts to deflate buying may no longer be the best option for many and some will regret mortgaing themselves to the hilt on 95% LTVs.

So my advice to you is switch off the computer, set foot outside your beloved house and go and do something interesting with your life.

MrRee_2

demontfort wrote: »

MrRee, I'm not going to pretend my life is full of glamour and glitz. But clearly it is more interesting than yours if you have nothing better to do than to sit at home gloating about owning a house and the illusory gains in your wealth as this house price bubble inflates further. Do you really enjoy lordng it over renters who either can't afford to buy or choose not to?

I'm not lording it over anyone - you misunderstand completely.

I am simply passing on the wisdom I have gained over many, many, decades of witnessing the economic world working.

I am simply saying that HPI has brought me (and many others) wealth and a retirement that I simply couldn't have hoped for when I was cutting my knees in the back streets of a Northern Town.

And I want to share that wisdom with all I can ..... take it or leave it.

I'm sure most would agree what I am doing is very worthwhile - whilst your contribution is to tell me to turn off my advice ... someone needs to take a long hard look at themselves I think?

System

I pay £206 pcm for my mortgage and service charge. If I privately rented something similar to my property in the area, I would be paying £525-550 pcm. My bills including the mortgage and sc are about £45 more than the cost of renting alone! If I rented and paid the same DDs for the other bills, I would just have £30 to live on for food, entertainment, travel etc per month.

MrRee_2

^^ the evidence is all around us, but some are so blinded they cannot see^^

CC-Warrior

MrRee wrote: »

I'm not lording it over anyone - you misunderstand completely.

I am simply passing on the wisdom I have gained over many, many, decades of witnessing the economic world working.

I am simply saying that HPI has brought me (and many others) wealth and a retirement that I simply couldn't have hoped for when I was cutting my knees in the back streets of a Northern Town.

And I want to share that wisdom with all I can ..... take it or leave it.

I'm sure most would agree what I am doing is very worthwhile - whilst your contribution is to tell me to turn off my advice ... someone needs to take a long hard look at themselves I think?

Some of what you've written does come across as slightly gloating, which doesn't help those that would love to buy but aren't able to do so.