Benefits of buying?!

Lily-Rose_3

My opinions and views... (and my story.)

We were homeowners/mortgage owners for almost 20 years (3 homes in all,) and then we rented privately for 3 and have been in social housing for 2, in a lovely little 2 bed detached bungalow in a rural location (that was originally built for private sale - but the householders went into liquidation.)

Hell will freeze over before I buy again. I just couldn't be bothered with the hassle, all the expense of repairs and maintenance when every last thing on our HA bungalow is included in the rent payments (£75 a week.) Then there's worrying about mortgage rates shooting up and not being able to afford it, and worrying about losing our jobs and not being able to pay the mortgage (because the unemployment insurance rarely pays out.)

We pay full rent now, but if we are unable to because of job loss or long term illness, we have the safety net of housing benefit. You don't get that when you buy. When we were buying, we were afraid to have time off. You literally cannot afford to be off sick. We have never been happier or more secure and stress free since we got this little HA bungalow.

Then there is the issue with having to sell your home for your care when you get older. They will probably have people selling it for their state pension soon! Me and hubby have 2 pensions each, and will be quite comfortable when we're pensioners, with the 2 pensions and our little HA bungalow where we intend to stay for life.

Each to their own, but I would not buy again in a million years.

We never found any advantage to it, and even though we lived on a private estate in all 3 homes, we had some awful neighbours. The ones we have now, (mostly disabled and elderly) are lovely. We feel blessed to live where we do.

Private rent is no picnic, but I would still choose that over buying. Overall though, long term social housing trumps the lot IMO.

jacko74

Up until now I've always been a firm believer in home ownership over renting, but I'm starting to be more open to the idea of renting.

Having just sold my house I now have £130k sat in the bank, I'm single, no kids and I never intend having any. I'm starting to think does it really make sense to have most of my capital tied up in a house?

My latest thoughts are I could buy a BTL in a town/city (where I don't want to live) and use the rental income to pay for the rent on somewhere in the country (where I do want live)

I can probably pick up a BTL for around £90k so I'd be left with a 'bricks and mortar' asset plus £40k cash asset and an income to cover my rent.

Lily-Rose_3

jacko74 wrote: »

Up until now I've always been a firm believer in home ownership over renting, but I'm starting to be more open to the idea of renting.

Having just sold my house I now have £130k sat in the bank, I'm single, no kids and I never intend having any. I'm starting to think does it really make sense to have most of my capital tied up in a house?

My latest thoughts are I could buy a BTL in a town/city (where I don't want to live) and use the rental income to pay for the rent on somewhere in the country (where I do want live)

I can probably pick up a BTL for around £90k so I'd be left with a 'bricks and mortar' asset plus £40k cash asset and an income to cover my rent.

Good for you. :T

I hope you'll be happy, whatever your decision.

Errata

been in social housing for 2, in a lovely little 2 bed detached bungalow in a rural location

The possibility of a working age adult finding a property like the one you now live in is as easy as finding rocking horse dung.

Lily-Rose_3

Errata wrote: »

The possibility of a working age adult finding a property like the one you now live in is as easy as finding rocking horse dung.

I agree, we are incredibly blessed. But in the county we live, there are quite a few 100 properties like this. Also, a few housing associations keep building new properties, so there are plenty of quite nice areas to live in social housing now.

Maybe not everywhere, but in some counties and towns.

mjoneseyjones

I absolutely guarantee that despite all the caveats of 'I owned a house for 75 years' or 'I just bought a place but have rented before too', anyone who says renting is preferable to living in a privately owned home is telling lies to make themselves feel better about the position they've found themselves in. private renting in this country is a terrible option. Its good when you're young and want to live in the city, and that's about it.


OP - give your head a shake.

Lily-Rose_3

mjoneseyjones wrote: »

I absolutely guarantee that despite all the caveats of 'I owned a house for 75 years' or 'I just bought a place but have rented before too', anyone who says renting is preferable to living in a privately owned home is telling lies to make themselves feel better about the position they've found themselves in. Its good when you're young and want to live in the city, and that's about it.


OP - give your head a shake.

Not true at all.

And I think people who are stuck in a rut in a mortgage they can barely afford, with repairs they have no money for, are the ones who say it's better buying to make THEMselves feel better!

Whilst I agree that private renting is no picnic, social housing trumps the lot. Hell will freeze over before WE would buy again. We have never been so secure and happy and financially well off!

£75 a week for a detached 2 bed bungalow, a tenancy for life, in a rural area, with all repairs done, and rent paid if ever we get to a position when we can't pay it. OR an over-priced house which will probably decrease in value, and we're stuck with if we can't sell, extortionate repair and maintenance bills, and never being able to take time off work sick, because of the ever-increasing mortgage rates, only to have to sell the house for my care, when I retire.

Yeah buying is SOOOOOO much better LOL. :rotfl:

Seriously, each to their own. What suits one person does not suit another, and it's not fair for anyone to attack anyone else for their choice(s) in life. I am merely going on my own life experiences, and I (and my hubby) were NEVER happy being homeowners; we always seemed to be stressed, and we never had any money! And we have never been so happy as we are now in social housing. But I also understand like getting social housing is quite difficult for people in some parts of the UK.

By the way, me and my husband were 'homeowners' for 20 years (3 different homes,) before we rented privately for 3 years, and then got a social housing bungalow, so I KNOW what I am talking about, and we would never ever buy again. WAY too much hassle and stress and expense!

Lord_Baltimore

Hmm, I've never liked the thought of being owned by somebody else. It just seems so feudal. Whilst some like the tenet "when you ain't got nothing, you got nothing to lose" there's also the "when you ain't got nothing, you're nobody" alternative.

Each to his/her own I suppose.

One thing I do like Lily-Rose is your choice of avatar - the timelessly beautiful Princess Grace of Monaco. Now there's a woman I'd rent with

Errata

Lily-Rose wrote: »

And I think people who are stuck in a rut in a mortgage they can barely afford, with repairs they have no money for, are the ones who say it's better buying to make THEMselves feel better!

Whilst I agree that private renting is no picnic, social housing trumps the lot. Hell will freeze over before WE would buy again. We have never been so secure and happy and financially well off!

!

Repairs that can't be afforded one year may be affordable the following year.
Many people would live in social housing if it was available.
You're comparing the apples of your housing situation with the oranges of the average working age adult.

GwylimT

I personally have never rented a property, I'm just the right side of forty and I'm mortgage free. Before our mortgage was paid off we were paying £350 a month, to rent the flats in our block we would be paying £800-£850 a month and a service charge.

We also have a rental property which my wife owned before we got married, the rent is £550 the going rate for the area, the mortgage is £396 per month.

Now we are mortgage free we are putting away the same amount each month, that's a lot of money over 12 months, if we were renting this property we would barely manage never mind be able to save.

Yes, owning means you pay for repairs, but unless you repeatedly buy complete wrecks owning is cheaper. In the 17 years I have owned properties the biggest bill I ever had was a new roof for £3000, I only had that done as it meant I could sell my house for a higher price.