On the housing ladder and i cant be more depressed

lookstraightahead

Im reading this thread with so much interest! I’m in my forties (late) and have, when I was young, owned properties and also been a landlord when I lived in London years ago (rented out our property while we rented closer to work). I remember the interest rate going up to, I think, 15% in the early 1990s (?).

When my little one was two I separated from my husband. I didn’t change my lifestyle and my debts rose and rose. I met my now husband and together we bought my house, paying off my ex his share of the equity. Then there was a house crash, we had to sell (house was an old cottage) and we left with nothing from the house, a pile of my debt (to make your eyes sting) and have been renting since. I made some silly decisions and had some bad luck.

Long story short I paid off my debt, daughter is an adult now and we are building savings. We are looking to buy next year with lots of equity as I don’t want a big mortgage again.

I spent years feeling inferior for renting. And I’m looking forward to buying. However, I do partly see buying as a bit of a ball and chain. Where I rent (a lovely village) the roads are getting busier, nothing is selling as prices are unrealistic imo, and when push comes to shove a house is only bricks. Lots of people I know are paying for their care because they are homeowners (not saying that’s right or wrong, but the money disappears at an alarming rate).

I know that I will buy, but I see so many people buying without thought, taking on so much debt without even understanding what interest rates mean (they seem to be doing the same with cars) and at the moment, for the first time in probably 15 years, I feel ‘free’.

Anyway I will continue to read with interest ��

phillw

lookstraightahead wrote: »

I know that I will buy, but I see so many people buying without thought, taking on so much debt without even understanding what interest rates mean (they seem to be doing the same with cars) and at the moment, for the first time in probably 15 years, I feel ‘free’.

I'm not going to lie, getting to the point where I don't have a mortgage has not always been stress free. I would never recommend anyone enters into buying blindly.

Buying a car or getting married should also be approached with your eyes open.

The problem is turning off that part of your brain that wants instant rewards & instead look at the long term picture. Modern technology is all about instant rewards, there are a lot of children being trained to make really bad decisions.

lookstraightahead

There’s a massive new housing estate by us and sometimes we walk round in the evenings. lots of very expensive cars on the driveways of three storey houses and the owners all seem to be in their late twenties / early thirties with young children and I can’t help wondering how they can afford it.

triathlon

lookstraightahead wrote: »

Im reading this thread with so much interest! I’m in my forties (late) and have, when I was young, owned properties and also been a landlord when I lived in London years ago (rented out our property while we rented closer to work). I remember the interest rate going up to, I think, 15% in the early 1990s (?).

When my little one was two I separated from my husband. I didn’t change my lifestyle and my debts rose and rose. I met my now husband and together we bought my house, paying off my ex his share of the equity. Then there was a house crash, we had to sell (house was an old cottage) and we left with nothing from the house, a pile of my debt (to make your eyes sting) and have been renting since. I made some silly decisions and had some bad luck.

Long story short I paid off my debt, daughter is an adult now and we are building savings. We are looking to buy next year with lots of equity as I don’t want a big mortgage again.

I spent years feeling inferior for renting. And I’m looking forward to buying. However, I do partly see buying as a bit of a ball and chain. Where I rent (a lovely village) the roads are getting busier, nothing is selling as prices are unrealistic imo, and when push comes to shove a house is only bricks. Lots of people I know are paying for their care because they are homeowners (not saying that’s right or wrong, but the money disappears at an alarming rate).

I know that I will buy, but I see so many people buying without thought, taking on so much debt without even understanding what interest rates mean (they seem to be doing the same with cars) and at the moment, for the first time in probably 15 years, I feel ‘free’.

Anyway I will continue to read with interest ��

Loved your post, and you are right, the actual material that goes into a home is very little. I have seen whole houses demolished in front of me and your first thought is just how little goes into them.
But the fact remains if you are starving you would pay £100 for a loaf of bread, and that is today's and tomorrows property market. Along with the banks it is now just too big to fail.

ukcarper

lookstraightahead wrote: »

There’s a massive new housing estate by us and sometimes we walk round in the evenings. lots of very expensive cars on the driveways of three storey houses and the owners all seem to be in their late twenties / early thirties with young children and I can’t help wondering how they can afford it.

In my road reasonably detached houses in the south east 3 properties were sold last year all to young couples two with children one without but I would say they in thier 30s.

PokerPlayer111

triathlon wrote: »

Why would anyone want to rent over owing if they had a genuine choice. There is not one of my tenants I would ever want to drink with or socialise in any way.
They are looked down by all in society as non achievers and only the most very desperate women would ever go near them. The freedom of owning along with being able to hold your head up high in society, not to mention the huge pot of cash you will have at the end of it.

You hold your head up high because of owning a house? wow fk sorry thats !!!!!!. A house is some bricks on some land, cool and all but thats it nothing more. I agree with buying as a financial hedge and to save on rent + have different control vs renting, but thats all. Your outlook is depressing af.

Very glad my mrs got with me when i was poor. Would never want a woman after me for a house or money. If anyone non business ever wants increased interaction with me for house or money i will be put off.

mubeye

It's quite interesting talking to Europeans and reading American forums, where the rent vs buy debate is more subtle, both financially, eg due to property taxes, and culturally. They discuss pros and cons with saintly politeness in comparison.

Brits must be close to the nastiest people on the planet, when it comes to boasting about property wealth and class.

And god forbid a renter should try and take a shot at those above them.... the mocking and shame hurled at renters is quite remarkable. Where is the humility. (MSE pretends to take the high road, but HPC and this forum are about equal in nastiness towards each other. )

ukcarper

mubeye wrote: »

It's quite interesting talking to Europeans and reading American forums, where the rent vs buy debate is more subtle, both financially, eg due to property taxes, and culturally. They discuss pros and cons with saintly politeness in comparison.

Brits must be close to the nastiest people on the planet, when it comes to boasting about property wealth and class.

And god forbid a renter should try and take a shot at those above them.... the mocking and shame hurled at renters is quite remarkable. Where is the humility. (MSE pretends to take the high road, but HPC and this forum are about equal in nastiness towards each other. )

I think those things mainly apply to forums like this and only a few on here can’t speak for HPC because I never look at it.

But I don’t look down on people who rent and as far as I can tell my friends don’t.

triathlon

mubeye wrote: »

It's quite interesting talking to Europeans and reading American forums, where the rent vs buy debate is more subtle, both financially, eg due to property taxes, and culturally. They discuss pros and cons with saintly politeness in comparison.

Brits must be close to the nastiest people on the planet, when it comes to boasting about property wealth and class.

And god forbid a renter should try and take a shot at those above them.... the mocking and shame hurled at renters is quite remarkable. Where is the humility. (MSE pretends to take the high road, but HPC and this forum are about equal in nastiness towards each other. )

I assume you rent then

lookstraightahead

I definitely think there is a stigma and one that renters !!!8216;feel!!!8217;. A bit like if you haven!!!8217;t got children, you feel that others will judge you on why (and some will, some won!!!8217;t, some will openly make it their business to ask).

But I think most people in general just get on with their own lives and no-one ticks all the !!!8216;stereotypical!!!8217; boxes which is a good thing.