Is it really THAT important to own your own home?

ixwood

What happens if you rent, when you retire? I've no idea.

You could have invested the money you're saved on house costs, but I'm sure some/most don't..

samf1971

We'd love to own, but DH can only find work which pays the minimum wage, so no likelyhood of getting a mortgage there, he's also 45, which puts him at a disadvantage age wise of getting a mortgage. Pretty much resigned to renting forever, even though I'd rather not mainly for the stability and also being able to do what we like in our own home. Our current house is old and suffers from damp and being unable to decorate etc is a pain in the rear. I also hate renting from the fact that you've to move around every few years. Looking to move yet again in June after just 2 years here as our landlord will sell the house

jyonda

It's all about timing. Buying when prices are sky high compared to wages with low interest rates is the worst possible scenario because you have to borrow to your limit then rates are very likely to go up. You can make a lot of money by being highly geared in a rising market but how likely is that now?
As I see it there's currently no incentive to study, work for a promotion, pay taxes and raise a family in the UK because the society takes it for granted that you WANT to do these things and screws you every step of the way.

Want an Education? Only if you pay. Start work in debt.
Can't afford a home? Go out and work 2 jobs.
Landlord kicking you out? No security of tenure any more.
Social housing? Forget about it.
Married? No tax breaks for you.
Got kids? Both parents go and work full time. Kids in daycare.
Pensioner? Work till your 70 if you can. If you can't we'll take your house.

If you have trade skills then there's really no need to stay in the UK. Vote with your feet and take your skills, taxes, family and future to somewhere that values it would be my advice. People have been doing it for thousands of years so it's no big thing really.

pinkshoes

One of the problems nowadays is that we're very much an "I WANT" culture, as opposed to taking a more realistic view to life and living within our means.

Take a look at some countries where it's perfectly normal and acceptable to have 3 generations living under one roof! Whereas in the UK, we have single people who seem to think they have the right to be able to own a home on their own.

Maybe if we all stopped being so ME ME ME and started planning a bit better, then we could afford what we want? If renting your own place is too expensive, and you really want to own your own place, then make a sacrifice!! Live in a cramped shared house for a few years, or rent a cheap room off a relative in return for babysitting services...

You can't have everything, but if you use your imagination and make a few (short term) sacrifices, you can get what you want!

lieutenant_dan

I agree with many of your points pinkshoes. But I am not Indian and this is not India, so living under the same roof as my parents and grandparents is not an option!

I strongly agree with you about living within means, and the previous generation before the credit card boom had to live within their means or simply do without. Now you can be fooled into thinking you have a lot of money to play with on a credit card when it's not even yours and you then have to pay interest on top. Don't think it's worth the aggro to live outside your means (or maybe should say well outside means, as in reality, most of us do have to overextend a bit in certain areas) and then have the stress of a mountain of debt piling up.

But the fact is this is the culture we're in at the moment, the buy now pay later, and sky high property prices. I can get by within my means and don't overextend for luxuries in terms of everyday living. But even if I do have to overstretch to secure a property, as many have pointed out, with falling pensions too, there is no security into old age without having a home paid for, so for that many are backed into a corner, especially if they're paying high rents currently not through lack of options but lack of choice.

Current lease runs out in 3 months, really unsure whether to stay paying high rents, or downsize to a room and hopefully in a year or so buy something even better than I am renting currently.

That's the logical step, but the problem I have with that is had to rent rooms previously and had a lot of problems with other tenants/lack of privacy etc, which drove me into paying high rent on my own for a flat in the first place. Tell myself I may just have been unlucky before, but shared kitchens and bathrooms can be really disgusting depending on who you live with!

pinkshoes

I spent 9 years renting shared accomodation, most of it was sacrificing luxury for cheap rent! I shared 1 house with 6 girls, depite the house originally being a 2 bed end terrace!! They'd somehow squeezed 6 tiny bedrooms in there, but despite the damp, it was SOOOOOOO cheap!

You just gotta work out what's more important to you, although not easy to do, as many people can't really imagine what it's like to live on just a state pension!! (i have 1 grandparent living on a state pension, and believe me it sucks!).

the problem I have with that is had to rent rooms previously and had a lot of problems with other tenants/lack of privacy etc, which drove me into paying high rent on my own for a flat in the first place

yup, I put up with all that, but did manage to save a nice deposit though! The other option was living with parents (much cheaper) but that would have meant turning down a job offer and finding something else, possibly not as good.

But I am not Indian and this is not India, so living under the same roof as my parents and grandparents is not an option!

Why not?! Can't or wont??

Turnbull2000

pinkshoes wrote: »

One of the problems nowadays is that we're very much an "I WANT" culture, as opposed to taking a more realistic view to life and living within our means.

Take a look at some countries where it's perfectly normal and acceptable to have 3 generations living under one roof! Whereas in the UK, we have single people who seem to think <snipped>

That's quite frankly a load of rubbish.

What people expect is the same living standards and affordability that were available to an average earner and prior generations as recently as 2003.

If Western society can't be progressive for the benefit of all, it should at least remain stable and offer the same opportunities to those that follow.

lieutenant_dan

yeah I know all the cliches, about making short term sacrifices for long term gain, about one step back to take two forward etc, etc.

Problem is after a while, there comes a time when you can't really go back to living like a student, or get stuck with a load of random people who always seem to have their quirks! Bedsit land is generally dire, or maybe I've just been really unlucky in the past, not sure. Not much of a great option at the moment, pay a lot to rent my own place and never see any of this money again, or go back to renting a room/bedsit and very likely get driven up the 4 walls before long!

Oh, and I CAN'T really live with my parents/grandparents under the same roof as they're all divorced and so their new partners would have to move in too, so make the house far too cramped

Though it sounds like quite an interesting reality TV experiment!

Sapphire

Turnbull2000 wrote: »

That's quite frankly a load of rubbish.

What people expect is the same living standards and affordability that were available to an average earner and prior generations as recently as 2003.

I don't think the option of buying a flat (let alone a house) of your own was available to all in 'prior generations', and certainly not to individuals of college-leaving age, for instance. Many people of 'prior generations' never bought their own places and always lived in rented accommodation. Others worked incredibly hard and had to wait years before they could buy a house - often not until they got married and settled down. The grass always looks greener on the other side of the hill. :cool:

People's expectations just seem so much higher these days. Must have a house to myself, with a plasma screen the size of one wall and a jaccuzi in one room (I'm going by the 26-year-old shown in the TV programme the other day as an example, but not an uncommon one).:rolleyes:

lieutenant_dan

I think a distinction needs to be made here though. Yes, materialistically people's expectations are high now. Many can live out these false dreams through plastic in their wallets.

But when it comes to property, to your home, we're talking average (one bed flats) properties being out of reach of even above average wage earners, that can't be right at all. My equivalent salary now, I could have bought a 2 or 3 bed house comfortably as little as 12-13 years ago. Now I can barely get a one bed flat in my area. We're not talking here about people trying to live the high life, we're talking about people overextending themselves just to live in a pokey flat!

If you're talking about clothes/cars/holidays/expensive nights out, I'd say live within your means. If you're talking about property, a different matter. You need a home to feel secure both in the short to medium term, and in your old age. People should have the RIGHT to own their own home at affordable prices, not pay out exorbitant rent prices to greedy buy to lettors who already have their own home and have inflated this market. Houses should not be acting as pensions, when the country is already fairly overpopulated, and when many people are being deprived of opportunities. Long term, there's major social implications too if things carry on the way they are.

And re the previous generations not being able to buy. Scroll up the thread and you'll see examples of factory workers buying a 3 bed house, of butchers buying a 2 bed house STRAIGHT AWAY. Average earners buying a house, never mind a flat. Average earners can't even buy a studio flat in their area now, how are average earners supposed to raise a family then without the security of their own home?