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Anyone else feel this way? Y Generation Living!

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
120 replies 20.9K views
MoverShaker_2MoverShaker_2 Forumite
4 posts
edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
Hello there! I'm new to these forums and wanted to ask first of all - is anyone else going through what my husband and I are going through? We're both aged in our early thirties, we've not yet had children and we run our own businesses from home.

We're renting at the moment - we have been homeowners before but ended up hating the feeling of being tied down and sold our house to escape the mortgage. Since then, we've been 'trying out' different places to live... different cities across the UK. We've sold a lot of our furniture and 'stuff' and are becoming more and more mobile. And the less stuff we have, the happier we become.

I guess from owning a home we also realised that we didn't want to spend our lives, slaving away and paying off the mortgage, working towards a retirement that might never happen (I've had health problems). Instead, we've ditched the mortgage and other things to move towards a leaner and happier existence.

These days, weekends aren't spent doing the garden or housework - they're spent doing social things, sports/fitness or even learning. And because our outgoings are significantly less, we can afford to eat out a lot and go on little city breaks and holidays all the time, often taking our laptops so we can carry on working.

Even better - because we live in a city, we can walk everywhere. There's no stressful commuting. We barely use our car (which we're thinking of selling) and cycle everywhere instead. Life is good.

What's more, because our outgoings are less - we're not stressed, don't have to work as hard and have more spare time to relax and enjoy life. You could say we're having lots of mini retirements along the way and enjoying our lives now rather than making sacrifices for later.

The only thing that bugs us is the property issue - we think it would be sensible to buy something in the next year or so and we're considering a city centre apartment that we can rent out if we want to move in future.

But really - I just wondered... Does anyone else feel this way or going through the same thing? I read things about the Y Generation and how this is quite common for us. It would be great to hear your thoughts. :T

Thanks
MS
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Replies

  • G_MG_M Forumite
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    Home ownership has become a British obsession over the last 20 years or so. In many European countries, a far greater proportion of people rent - and it works just fine.

    As you say, renting gives flexibility/mobility and removes much of the responsibility (maintenance etc).

    For many, ownership provides more security and in the long-term (eg once mortgage paid off) financial bonus (even for those who only achieve this at retirement).

    Biggest problems, as we often see on this forum are:

    1) amateur or rogue landlords who don't repair etc
    2) insecurity as most tenancies are 6 months, 12 months tops.

    Horses for courses.
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
  • G_M wrote: »
    Home ownership has become a British obsession over the last 20 years or so. In many European countries, a far greater proportion of people rent - and it works just fine.

    As you say, renting gives flexibility/mobility and removes much of the responsibility (maintenance etc).

    For many, ownership provides more security and in the long-term (eg once mortgage paid off) financial bonus (even for those who only achieve this at retirement).

    Biggest problems, as we often see on this forum are:

    1) amateur or rogue landlords who don't repair etc
    2) insecurity as most tenancies are 6 months, 12 months tops.

    Horses for courses.

    Thanks! There's always swings and roundabouts. Plus sides and negatives. We owned a home for five years and hated it. I guess we just didn't want to be stuck in the same place for the rest of our lives. It was what we thought we wanted when we were younger - it's the logical progression for many, and it was for us. But I've changed so much over the past three years and it's not what I want right now. I may change my mind - but for now, I'm happy to roam free.
  • Callie22Callie22 Forumite
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    I think perhaps that works for you because you have (or so it appears from your post!) the financial freedom to choose to rent, or to step back on the property ladder if you so wish. However, a lot of people don't have the option and when you're trapped in renting, there are fewer benefits and much less freedom. But as G_M says, horses for courses.
  • ILWILW
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    For most people, buying is quite a lot cheaper than renting though.
  • Callie22 wrote: »
    I think perhaps that works for you because you have (or so it appears from your post!) the financial freedom to choose to rent, or to step back on the property ladder if you so wish. However, a lot of people don't have the option and when you're trapped in renting, there are fewer benefits and much less freedom. But as G_M says, horses for courses.

    Hey there! Thanks for replying. We're very lucky that we're location independent, certainly! But we've worked damn hard over these past few years and I guess part of all this is a need to take a break. We've realised that there's a treadmill and we don't want to be on it anymore. The less stuff we own, the less outgoings - the less we have to work. We have savings, investments, pensions sorted - so not too concerned about all that.

    I guess I was just curious to see if anyone else was in the same boat out there. It'd be great to chat! :D
  • ILW wrote: »
    For most people, buying is quite a lot cheaper than renting though.

    Thanks - absolutely. And it's great to have something you actually own at the end of it. But my real question here is - does anyone else feel the same way? Going through the same thing?
  • cwcwcwcw Forumite
    928 posts
    Just to add a different spin on things... I'm in my late 20s and couldn't imagine anything much worse than what you describe. I like the idea of a home, being in the place I have chosen to live, with friends and family all nearby. I would hate to move around all the time, and would hate not having a spacious house with lots of space for my "stuff". I enjoy the freedom of having a car and would hate the pollution and noise of living in a city centre. I would hate the thought of reaching retirement and not owning at least one house out right. I would hate to go on holidays and feel the need to pick up a laptop and work.
  • Eliza_2Eliza_2 Forumite
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    And it's great to have something you actually own at the end of it.

    Is it? Why? We never really own a house, we just look after it a bit till we move on/die/whatever. My house has gone on for 400 years, no-one owns it as such, we're just caretakers.

    In my case I could never afford to buy a house like the one I now rent but then I've done the marriage/mortgage/ career thing and love the idea that I can now move elsewhere in the world with a month's notice. Sometimes I read the house-buying threads on here and see the agonies people are going through just for the sake of buying or selling their houses. Such a tie and a millstone. Same with a job, I do several temporary and informal jobs as well as run a business, but the moment one of my bosses suggested putting me on a permanent contract the other day I felt the urge to run out of the door!!! I've given in my notice in the past when a job looked too secure (civil service - ugh!!!) - there's always something else you can do, but if you have a mortgage you're so tied.

    As the ever-wise G_M said, it's horses for courses, some people want security at any cost, others crave freedom and thrive on insecurity.
  • ILWILW
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    ELIZA wrote: »
    Is it? Why? We never really own a house, we just look after it a bit till we move on/die/whatever. My house has gone on for 400 years, no-one owns it as such, we're just caretakers.

    In my case I could never afford to buy a house like the one I now rent but then I've done the marriage/mortgage/ career thing and love the idea that I can now move elsewhere in the world with a month's notice. Sometimes I read the house-buying threads on here and see the agonies people are going through just for the sake of buying or selling their houses. Such a tie and a millstone. Same with a job, I do several temporary and informal jobs as well as run a business, but the moment one of my bosses suggested putting me on a permanent contract the other day I felt the urge to run out of the door!!! I've given in my notice in the past when a job looked too secure (civil service - ugh!!!) - there's always something else you can do, but if you have a mortgage you're so tied.

    As the ever-wise G_M said, it's horses for courses, some people want security at any cost, others crave freedom and thrive on insecurity.

    I could not afford to rent the house I own.
  • FATBALLZFATBALLZ Forumite
    5.1K posts
    Just before I bought my house I remember feeling a bit apprehensive about the prospect of:

    a) Giving up the security of the tens of thousands of pounds in the bank I had saved as a deposit.
    b) Putting myself in a position where if my financial circumstances were to change it would be a lot harder to just move out (back to parents) and cut my losses.
    c) Tie myself down to a specific location effectively for life.
    d) Take on a six-figure debt with a decades long repayment schedule.

    Renting has a lot to be said for it, unfortunately as mentioned previously the drawbacks of utterly shocking amateur landlords, insecurity of tenure, persistent grinding down of tenants rights and an effective cartel of letting agents charging ridiculous fees for trivial things we decided it just wasn't worth it.

    If we had a more European approach to the rental market it would be a lot more attractive.
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