Buying is £124 a month cheaper than renting

Lobby12

We have been renting privately for 4 years and are now luckily in a position where we can buy our first house. The mortgage payments are over £150 less than the monthly rent so we can save the difference to put towards house repairs, redecorating and overpaying on the mortgage. We aim to be mortgage free by the time we are 50 and whilst we work we pay into pensions so we can retire earlier and sell up and move to the seaside if we want.

In our current rental place we can't decorate to our taste, can't put shelves or pictures up, have to use the landlords tasteless furniture, are not allowed pets or children in the house so if we stayed renting this house we could not have a family without moving somewhere else. As we're in the m4 corridor just outside London finding anywhere to rent is very hard as house prices are rising fast and all rentals get snapped u as soon as they become available - sometimes without people viewing them. We understand it's not right for everyone but for us buying is the only way to go. Our new house has increased in value by 3% since we made the offer and we haven't even moved in yet!

System

The article and a lot of the responses on here show the complete fundamental misunderstanding that has developed in this country regarding housing.

Honestly the author of that report should hang his/her head in shame!

Lobby12

Just to add that another reason we bought was for greater security. A friend of mine who rented was served notice when their landlord stopped paying the mortgage and the property was repossessed. He in turn served notice on his tenents in the house he rented out as he had to move back into it.

We understand the risks with buying and have therefore not borrowed anywhere near as much as we could so when mortgage rates inevitably rise and/or one of us loses our job we can still pay the mortgage without dipping into our savings.

Our deposit was funded by money left to us by both sets of grandparents when they died as they had both bought their houses so had an asset to leave to their family. Our house will in future help later generations in this way. If our grandparents had both rented there would have been no money to pass on.

MrRee_2

Like it, or not, the sensible thing is always to buy ....... in the longer term.

System

No it's not.

N1AK

Soleil_lune wrote: »

Like I said, buying is NOT the best option these days. I have done both: buying and renting: I choose renting every time.

It's virtually always pointless making blanket statements like this because they'll invariable be wrong.

There are many benefits to renting, and there are plenty of benefits to buying and the best choice invariably depends on the person and circumstances. I'd be inclined to bet that the majority of households would be better buying.

MrRee_2

History shows us that 99.8% of people are better off buying - in the long term.

Just 0.2% of people have made a success out of renting.

History is no guide to the future - but I would bet my house on it being repeated again and again ...... oh, hang on a minute, I HAVE!

System

People that follow that view are stupid and brainwashed by an ideology/media hype around property.

99.8% of people are not better off buying. The sensible thing for people to do is to evaluate their long terms goals and marry those to their finances and see what is best for them. For people whose only objective in life was to have a 9-5, live out the same day for 40-45 years and earn enough to be able to pay a mortgage and have a bit left over, then yes that is fine.

Plenty of people don't want to live like zombies their whole life just to say 'oh look - I don't pay a mortgage anymore even though I compromised the majority of my life to get here'.

MrRee_2

Ha Ha Ha ..... and you are writing from which treetop? Hippy

You will want somewhere better than that when you are 70 - and will probably complain about the council rat infested hell hole you are put into for the rest of your days.

Whilst those who did what you are saying is robotic are sitting by the sea, in the sun, eating cucumber sandwiches ..........

System

Me? Don't think so! I have my own house!

Unlike you though I'm not narrow minded enough to not see other peoples views.

Who said people that don't own their own home end up in council housing? May be that happens where you are from but plenty of people actually have retirement planning and an income for when they retire.

Go over to the investment board on MSE. There are people that wouldn't even give property investment a second look and are in positions to buy their house many times over and not even near retirement.

Try broadening your horizons instead of posting the same drivel again and again on numerous posts in the same thread. You don't have a mortgage. We get that already. Have a look around - so don't many other people. I think you have got carried away with your own achievements.