My obsession with not buying in UK - Prove me wrong

RobHT

74jax said:

Why do you want to be wrong (or right)? 
Just be happy with your thoughts. 

I just want to make the best choice, though I can't predict the future, so whatever best choice I pick up now, it doesn't necessarily mean it will remain the best choice over a long period of time.

lookstraightahead

Everyone who owns will argue that it's better to own
everyone who rents will argue that it's better to rent.

I've been burnt much more financially owning, than renting (as my life events went up and down, not round and round). But I own again now. 

One thing I would say is that I wish I hadn't bought young. Even now I don't need the security of bricks and mortar really, it just serves its purpose better for me now.

Owning property comes way down my list of needs actually, but I do enjoy being able to do my house up now.

pinkshoes

When I moved around the UK lots then renting was best.

Now I am happy in one area then I'm pleased I bought.

My mortgage on a 4 bed detached house is £1000 a month. Rental of a 4 bed detached house would be £1750 - £2500 here.

And don't get me started on rubbish Landlords who would let themselves into my rental property when I was at work etc... 

With the exception of those that have a secure council rental.

The biggest issue is retirement. Once my mortgage is paid off then my running costs are minimal. If we had to rent in retirement we would have to massively compromise on the house we lived in as well as location.

RobHT

Exodi said:

I don't think many people can be bothered to argue this, especially as your post is so obviously biased towards renting... I have a little time so I'll play the game (though I have a serious belief you are trolling).

I've read your post a couple of times now, and while I can see (laughable) cost comparisons and assumption but you don't seem to mention the fact you'd actually own a house if you bought? You're working out how much it would cost, without acknowledging that at the end of 30 years renting you'd own nothing, whereas after 30 years of a mortgage you'd own a house...with 30 years of house prices increases.

Actually, I'm not sure I can be bothered to respond to the rest of your post reading your other points about inflation and insurance, completely devoid of logic.

Rent for the rest of your life if you believe that is the right thing to do, I'm sure your landlord is grateful to you for paying his mortgage.

No trolling here, I'm just discussing.
I don't want to turn this conversation as many times it happens in this forum, where someone tells me stuff like that and it doesn't make any effect or sense to me .

I'm here to understand where I'm wrong. From the opposite point of view, it also means I'm trying to prove myself right as someone else stated. Well, of course .

Coming back to the technicalities of your answer, yes, I considered the rent cost for 50y, did you notice? I also mentioned is much more, 1M vs 600k...

Plus, in reply to the rest of the posts, I can say the following:
1. The seaside location was just an example, I could pick up any other place as a pensioner, or simply start a van life, much more exiting, but not at the age of 75  
2. @Exodi why my post about insurances is a no sense? Insuring your life is fundamental, didn't you know that? I'm pretty sure you insured your mortgage as well...
3. I don't care if my landlord is happy if I pay his mortgage, I only know that he built something quite horrible, trying to squeeze the profit as much as possible, plus he is avoiding taxes because the property is registered for religion crap but he has nothing to do with it, but again, I don't care if he laughs at me, I rented through the agency, I have certain assurances and I don't care what my landlord thinks, I see my payment as a payment, simple.
4. I add the who buys an house has to consider the re-mortgage payments quite frequently, but I also need to re-consider the possibility to be kicked out many times, so I consider this as pair.

RobHT

Thrugelmir said:

Your personal choice not to buy. Security of tenure is by far the greatest advantage that renting can never match. 

What is for you security of tenure precisely?

RobHT

theartfullodger said:

With the cost of leaving crisis, were I younger I'd seriously think of moving elsewhere, probably EU.

A tragedy, this bunch of weak yes-men & women in power.

Best wishes to all..

That idea is always there, but UK is under the Brexit effect and it's not new to me, the short term effect plus the situation in Eastern Europe has escalated for the UK economy, much more than I forecasted because I forgot Ukraine for awhile, even though I knew that...

lookstraightahead

Exodi said:

Rent for the rest of your life if you believe that is the right thing to do, I'm sure your landlord is grateful to you for paying his mortgage.

So many people say this but paying interest on a mortgage is keeping very wealthy people wealthy, eating out/buying goods/cars/going on holiday/doing up your kitchen/paying for uni/renting a cottage in the south of France/joining a gym is also giving your hard earned to others. Also most employees are lining the pockets of their employers. I like working for myself rather than paying my employers mortgage. 

I was a landlord for a while and it was pretty stressful. I also remember when interest rates were sky high and that really was keeping the bankers in champagne. 

I loved renting, it felt like I had plumbers, builders, electricians at my beck and call.
Now I need to replace my boiler again 🙄

lookstraightahead

JGB1955 said:

I wouldn't want to be having to pay rent on my £400K mortgage-free house in retirement.  We paid the mortgage off 20 years ago, in our early 40s.  Current rent would be £18K p.a.  That would be half our current net income.  No thanks!

I got divorced in my thirties and my £400k house was an absolute noose around my neck. Luck of the draw sometimes. Nearly mortgage feee again now, but had I rented early in life instead of being focussed on paying a mortgage I would have been much better off.

would be really interested to know how much interest you paid (not saying you have to give figures) but I bet you went through some high interest times.

RobHT

pinkshoes said:

When I moved around the UK lots then renting was best.

Now I am happy in one area then I'm pleased I bought.

My mortgage on a 4 bed detached house is £1000 a month. Rental of a 4 bed detached house would be £1750 - £2500 here.

And don't get me started on rubbish Landlords who would let themselves into my rental property when I was at work etc... 

The biggest issue is retirement. Once my mortgage is paid off then my running costs are minimal. If we had to rent in retirement we would have to massively compromise on the house we lived in as well as location.

You consider £1750 - £2500 rent because it's a 4 beds detached, obviously not something I'm gonna buy only for myself, the economy went ahead, and the cost doubled (you didn't say when you bought, but I assume around 10-15y ago). At that time, 1000 pounds for rent was also very high... (I assumed that 1000 was the rent price)

I don't rent nothing else that it doesn't come from an agency, full stop .

I also added to the post that in less than 20y, the place where you live will become... well ... a drug selling point...
It happened to me in 3 locations I've been in only 3y... Several crimes etc, like ambush etc, unbelivable, all reputable locations built only 10y ago, can you believe it? I DO.
If I rent I can move all the time, but yes, it's a pain to move...

[Deleted User]

You will be boned when you reach retirement and can't afford the rent.