Benefits of buying?!

Old_Git

24 years ago I rented from the council in a not good area .
I decided I wanted and needed to move .
I knew the only way to get out of the area was to buy my way out .
Within three weeks of moving my old house was burnt out it was that kind of area .
I had been unemployed but as soon as I got a job I saved all I could and lived on the same amount as I had on benefits .

I bought a repo 2 bed terraced house .If it wasn't a repo I couldn't have afforded it .
My next house was a three bed semi .I thought it was massive .
Last year thanks to an inheritance I bought a four bed bungalow .
I still have my old semi rented out and I am mortgagee free .

varghesejim

JimmyTheWig wrote: »

There's every financial sense to rent if you want to move house every year.

Agreed. If you want to move frequently renting is probably economical to buying

varghesejim

Lily-Rose wrote: »

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.

You are extremely lucky. Social housing in general are least desirable and with a good reason.