Are you buying or renting at present

kunekune

We are renting and have just decided to carry on renting, so we are moving from our current place to a very nice new build. It cost someone £210K. We are renting it for £675 a month. OK, there are some extra costs cos of being a new build - we have agreed to provide curtains ourselves, for instance. But it's a great deal, really. And no, we're not youngsters. We are mid-40s, who have been living overseas for 20 years, mostly in owner-occupied accommodation. But we've lost out massively in three separate price crashes and don't have much real money. There is no way we will buy again until (a) we're confident that prices have stabilised at a sensible level, (b) we have a deposit of at least 15%, and (c) we know that we're going to stay in the area where we are at the moment. In the meantime, our rental is a fabulous choice.

Gytha_Ogg

I'm currently renting and have been for 2 years - left uni 3 years ago, so still skint, and no way of affording a mortgage for the insane prices round here.

I'm happy renting for now though - I'd hate to get a mortgage then get into all sorts of trouble.

sillyvixen

i moved in to owner occupied property 1 year ago unfortunatly i could only afford it because of decent inheritance from grandfathers death, my mortguage is currently slightly more than 3 way house share rent - less b4 rises - but all rooms are mine.. bought at the right time (house value gone up 40 grand - but worh jack 2 me as it would cost me extra 2 move to other house. my point is i am living in a 3 bed house (bit smaller than b4) FOR WHAT 3 0F US RENTED FOR 3 TMES AS MUCH. best thing i did

Phirefly

PasturesNew wrote: »

... and if he ever changes his mind, he's already had a test drive
Knows all the problems with it

Precisely. He's learned from the master

moneysavinmonkey

sillyvixen wrote: »

i moved in to owner occupied property 1 year ago unfortunatly i could only afford it because of decent inheritance from grandfathers death, .........house value gone up 40 grand.......... my point is i am living in a 3 bed house (bit smaller than b4) FOR WHAT 3 0F US RENTED FOR 3 TMES AS MUCH. best thing i did

but the reason your mortgage is equivalent to the rental is because you were able to put down a deposit from your inheritance....so you are missing out on the income your inheritance would have earned you e.g. savings interest... - it is costing you more than you think!

where do you get the 40k figure from? i never understand that when people say there house is worth 'x' amount more - do they get estate agents round to value it constantly? do they look at what other houses are selling for? or do they just guestimate based on regional/national HPI? Don't how any of these things can definately tell you that you house is worth though.

chelseablue

I live with my mum & dad :eek:

I save about 80% of my take home pay for a deposit

sillyvixen

Moneysavingmonkey - if you are going to quote my post dont edit it!! - i said 40k aint worth jack as i would have to spend that to move!

ukbondraider

chelseablue wrote: »

I live with my mum & dad :eek:

I save about 80% of my take home pay for a deposit

I think you are doing a smart thing my friend.

I personally think that this country is full of people who want and expect too much. I personally would never rent and never have. If I couldnt afford to buy then I would stay at home with my parents and save until I could afford to (even if that meant staying there till 40 yrs old).

However most of you want to leave your parents house at 18 and expect house prices to be affordable even if you work in a supermarket stacking the shelves. Most of you expect to be able to go traveling and take holidays on your poor average salaries and still expect house prices to be low for you to be able to buy them.

In a way I am glad prices have gone the way they have as it is somewhat helping shift society from the mentality of "I'm british so its my right to be able to do everything including buying a house even if I am a chav".

Even if prices do drop 50% as many of you are hoping for, I bet even at these prices you folks will struggle simply because of the lifestyle you expect.

Has anyone noticed that in an average area, the nice big houses are largely owned by ethnic minorities. You will find that these ethnics are either very sucessful people or they are a multi-generation family living in the same house. In such average areas, it is the chavs who are renting the small crappy 1 or 2 bed flats/houses simply because they want to live a free life. However what they fail to take into account is the consequences of this in addition to the consequences of their lavish spending.

Turnbull2000

ukbondraider wrote: »

I personally think that this country is full of people who <snipped>

Talk bullsh*t?

If there was ever a 'Most ridiculous bullsh*t in a single post' award, that one would undoubtedly win.

Now where's that 'ignore' function again...

Cissi

DH and I sold our house 2 years ago and have been renting since then. We wanted/needed more space with children, and could not have afforded to buy the same amount of space in an equivalent location. The trade-off is that we've been putting up with a considerable amount of hassle with a rogue landlord, but so far it seems to have been worth it