Is it really THAT important to own your own home?

seven-day-weekend

PasturesNew wrote: »

You should up his pocket money. At one he's got a lot of interesting toys that make squeaky noises to pay for.

It's probably not a good idea to send him out to rent, as he's only one.

As long as he wants it ... or until he turns 10. Then he should go out and get his own place

:rotfl: :rotfl: I'll maybe wait until he turns twelve!:rotfl:

Jonbvn

I remember when I went to Uni (many moons ago). The rent for a room in a run-down hovell was more than my parents were paying for their mortgage on a 3-bed semi.

I was always determined to own my own home after that. However, I will agree that Brits in general seem to be obsessive about property.

mrsS_2

." You can work your self to the grave if necessary."

sorry- dont agree with this one- my parents are only in their early 60s and are definately not well enough to work- my mother walks with a frame and can not even drive. My dad is not much better

my 69 year old mother in law can just about walk to the shops but cant even mow her own lawn anymore

perhaps I just have feeble relatives! They are lucky- they all have their own home with no mortgages. I suppose if they had always rented, then they would have to be given a council house?

In 30 years time does this mean that there will have to be a massive increase in social housing to help the long term renters, who because of constantly having to move and lose deposits etc have not been able to save up for a small retirement place?

I would definately buy my own place if I could- but then I have "young" elderly relatives who are in trouble

lieutenant_dan

a lot of young people just aren't given a chance anymore in this country, it's depressing. If you look at the older generation now, many who had average earning jobs but have 3 bed houses, that scenario just is not possible today for those starting out. And if you do finally get on the ladder, it's likely to be at the lower end of the scale, one bed flat, if you want a family, how can your raise a family in accomodation that size?

Things stay as they are, we could even see a mass exodus to other countries where you can buy your own home for a reasonable amount of money, and have a quality of life that is being eroded here.

And then the rub is the prices do come down considerably, great for those of us who will be able to take the plunge then, but disastrous for those who bought at the top end of the market, all in all, the future looks quite bleak.

mrsS_2

But the older generation didnt start out in 3 bed houses did they? My parents lived with my grandparents for years before they bought anywhere. my mother in law had a small cooker in her parents bathroom so she could pretend she had her own kitchen for a couple of years before my in laws moved out. There was no expectation of going into a 3 bed house straight away.

I dont want to re-hash the old argument about starting in one bed room flats in grotty areas when we were young etc-

but they got married a lot younger then, didnt go to uni and so probably had 10 years of mortgage payments under their belts before they thought about the family arriving- by which time they had moved into their 3 bed house.

lieutenant_dan

I disagree, my Dad earned a very average wage when he first started out, and bought a two bed house straight away.

step father was a butcher and was able to do the same. Know of many other people who did likewise and didn't have to treat it as a ladder, starting small before buying bigger.

The ratio of earnings to property prices far lower then (we're talking about the 70s here)

BTman

I disagree too,
My dad worked in a factory and managed to afford a 3 bed house. My mother bought up us kids.

Even when forced onto a 3 day working week they managed to pay the mortgage (not easy I'm sure).

Then they say "it's always been hard", hard yes, impossible no...

lieutenant_dan

factory worker managing to pay a mortgage off on a 3 bed house working a 3 day week sometimes.

That's just unreal isn't it, imagining that scenario in today's climate

Now the factory workers/butchers/postmen of this world wouldn't easily be able to get a one bed flat or even studio flat working 7 days a week.

mrsS_2

I think it may be a north/ south thing still.

I am in the south east and I think we probably hit the impossible to buy a house on your own scenario a generation earlier- ie in the 40s 50s instead of the 70s?

it seems to me that everyone I have ever known has always had 2 incomes to buy their first place, and either lived with family for years before going to their first house, or moved straight out but into the tiniest flat in the grottiest area.

having said that, my sister in law and her husband did manage to buy a 3 bed house as first property but they were in the south west, where at the time they bought, houses were better value.

peachespeaches

We are very happy renting at the moment. We couldnt afford to live here if we were buying, its a nice area, good school, family nearby etc. I sometimes get envious of people who are buying, but TBH I smile secretly when they have to replace the boiler/windows/roof etc as I dont have to do any of that. I also say to myself, "You cant take it with you".

Do you have the quality of life you are happy with at the moment? If you do stick with it.