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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
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  • cwcwcwcw Forumite
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    ELIZA wrote: »
    My children have bought their own houses, they are their own people, don't depend on me any more than I depend on my own mother's money.

    I'm not saying they would depend on it, but it would be a legacy to pass on. The house doesn't just vanish when you die. That's the whole point in inheritance.

    I would much rather retire having paid off a house and be able to enjoy retirement rent free, and safe in the knowledge that when I die I will have a decent legacy to pass on to my children. Better that than to pay someone else's family inheritance through rent for decades and having to rent in retirement too.
  • HermiaHermia Forumite
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    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

    I can relate to some of what you say. I have found the less I own the better I feel. I am definitely all for simplifying your life. If I lived in a city I would ditch the car. I also can relate to the fun of living in different places. At least if you do decide to settle anywhere you will feel confident you have chosen the right place because you have tried various places out.

    I do think your situation is not that common though as you do seem reasonably well-off and have flexible jobs. Where I live it is cheaper to buy than rent as there is a shortage of decent rental properties. I rent and cannot afford endless city breaks and holidays. And of course there is always the worry about what will happen if the LL decides to turf me out. You are a couple and I think these things are less of a worry than if you live on your own because you could sort things out together. In the block of flats I live in there are a few pensioners who are renting and I really wouldn't want to be in their position. If you have put enough money away to be able to afford a decent rented place when you are old then that is obviously a different situation.
  • Eliza_2Eliza_2 Forumite
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    [QUOTE=Hermia;56682855You_are_a_couple_and_I_think_these_things_are_less_of_a_worry_than_if_you_live_on_your_own_because_you_could_sort_things_out_together..[/QUOTE]

    Surely it's better on your own - what would happen if one of you wanted your kind of freedom and the other wanted security, mortgages etc. Really hard and compromise isn't easy.
  • pinkteapotpinkteapot Forumite
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    I think that one of the biggest benefits of owning is the long-term one - the day when you pay off the mortgage and own outright. We're also in our 30s and fortunate enough to be able to overpay our mortgage quite heavily each month. We're hoping to be mortgage-free aged around 40. The thought of only having to pay the other bills is amazing. Our mortgage is about half of our monthly outgoings on bills and food. Losing that will give us the flexibility to cut back on work/earnings a bit if we wanted/needed to.

    I think that if you make a conscious decision to rent for life (if you're someone who could buy) then you need to make sure you have a plan for retirement, as rent is a huge outgoing to pensioners. I understand your point about not worrying about it as the husband and I both have certain health issues that make me think f*&k it - not going to be around then anyway! But, of course, you could be. The vast majority of people have a drop in their standard of living in old age and if you plan ahead you can reduce it.

    As others have said though - horses for courses. Agree with the poster above that I couldn't live without my 'stuff'. I've always been a real nester. I was the one who turned up for halls of residence at uni with my own duvet cover, cushions and rug, to make it feel like my room. :)
  • lessonlearnedlessonlearned Forumite
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    ere instead. Life is good.



    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

    Why not do both.

    Buy a property to let out as a long term investment - your tenants' rent pays the mortgage. Then just carry on renting as you are doing.

    You get to have your cake and eat it too. A secure long term investment for when you retire or earlier if you decide you really do want to put down roots. Plus you continue to enjoy your freedom of mobility.

    I know several people who have done this.

    One is a young man in his twenties who needs to be job mobile but who wants to secure his financial future. Wise boy. ;)

    The other was my SIL & BIL. BIL was in the air force and got posted all over the place. They bought their "forever" home and let it out whilst they were stationed away. Eventually, near to his retirement, he managed to secure a posting near to where they had bought their home. Job done.

    At the moment house prices are stagnant. They will rise again. If you have enough money for a deposit I think it would be prudent to remain on the property ladder.

    As a matter of fact I am going to be doing something similar.

    My house is currently on the market. When it is sold I shall buy something to let out (possibly more than one) and then rent something as and when.

    This will give me the freedom to go travelling and try out a couple of different locations before I decide where I want to finally settle.

    I will not get out of the property market though. I will want somewhere to settle down in eventually, or something to sell.
  • pinkshoespinkshoes Forumite
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    But my real question here is - does anyone else feel the same way? Going through the same thing?

    Nope! Definitely not! But I'm guessing you're perhaps under 30 with no children?!?!

    I found renting stressful and expensive, even when I didn't have a child!

    A repayment mortgage may be a little more than renting (in most areas), but I would rather have a repayment mortgage, "live" slightly less, and know that when (if) I turn 60, I'll be able to retire owning my own home, without having to rely on benefits which will barely cover rent.

    I watched my grandmother struggle to pay private rent on benefits, and her life wasn't great. Not a position I want to end up in.

    By all means live and have fun, but also don't expect the state to pick up the tab once you want to retire; I imagine my generation will be expected to work until they drop dead if they haven't saved the means to support themselves.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • HermiaHermia Forumite
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    ELIZA wrote: »
    Surely it's better on your own - what would happen if one of you wanted your kind of freedom and the other wanted security, mortgages etc. Really hard and compromise isn't easy.

    I was just referring to being asked to leave when renting in my comment. I think it's more of a worry when you live on your own. I know couples who have been asked to leave with two months notice and I feel it's easier splitting up the tasks related to moving out and finding a new place between two people. I wasn't commenting on life generally.
  • Mrs_ZMrs_Z Forumite
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    It depends of your circumstances a lot, I think, and preferences.

    I'm unlucky enough not to be able to work with a lap top but having to be present in person in the office. Therefore mobility is not an option with the job I currently have.

    It also depends whether you have dependants; children and their schooling tends to tie you down to a location, as do pets.

    Personally, I would hate renting as my only form of living, as I would view it as paying off someone else's mortgage and having to be on the mercy of a landlord and be limited whether you can put a nail on the wall to hang a picture.

    Definitely agree aiming for less stuff, clears the head I feel.

    But as others have said, maybe in your case buying a property to let it out could be a solution for you. The only thing I'd say that do ensure that you thoroughly learn the responsibilities of being a landlord. Also, given your mobile lifestyle, you'd most probably need to get an agent to manage for you.
  • SalzSalz Forumite
    385 posts
    We were exactly the same as you OP when we were in our early 30's. Now we are in our mid 40's and have 2 kids, OH is panicking that we will be stuck in rented forever. I personally don't see the difference between renting privately and renting from the bank. Yes, you might own your own house in 25 years, then go into a nursing home and it gets sold to pay your way. Just make sure you have enough money stashed away for if you change your mind.
    Don't Panic - and carry a towel
  • I am in my early thirties - I have done the renting thing but much prefer owning my own place. Weirdly it makes me feel more independent - even though I have the commitment of a mortgage. I also like the idea that one the mortgage is paid off I will have no big monthly housing costs.

    Although it sounds like you also love your set up!! I guess the world would be a very dull place if we were all the same
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