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convince me this isnt a daft idea

24

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  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    edited 9 March 2018 at 5:38PM
    Mojisola wrote: »
    And many landlords won!!!8217;t accept pets which would be a problem.

    A lot depends on the type of property and location with pets,the bulk standard response is usually no pets,but actually that could be the least of the OP's concerns.

    When you start to live of off savings and get to a certain age then it's not uncommon that you start to fall in credit worthiness ability with letting agents and LL's.

    What would seem an easy monthly thing to set up a standing order for rent can quite easily become a request for up front large payments that equate to a years rent in advance simply because you fail to meet bulk standard "agent criteria"

    Although I am a LL myself and I hope a fair one to my tenants I wouldn't suggest that anyone takes up a rental if they think that all LL's possess the integrity that they do.

    I would like to think that my existing tenants will have properties for as long as they wish but I am not naïve enough to realise that situations change and for example should push come to shove in my world I may need to consider selling up in order to protect my own home above a rental property.
    I have no plans to sell anything but you never know how the dice roll.
    True the OP doesn't know how their dice will roll either but I always think they will have a better chance if they throw the dice rather than someone throw it on their behalf!

    It is also very likely that rental payment increases will probably outstrip interest on the bulk of your capital so your initial estimates of 23 years worth of rent banked may be wide of the mark

    OP think carefully before you jump in on this.

    Then there is always the magnolia walls and carpet scenario together with the no picture hanging rule.
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  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
    Downsize and enjoy your life with spare money, work on health and fitness.
  • cloo
    cloo Posts: 1,291 Forumite
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    Yes, I'd sell up and downsize to smaller property that you can own. I would not want to be in rented when retired - with most LLs owning just one or two properties, you'll be lucky not to be moving every few years when they need to sell up.
  • Doozergirl
    Doozergirl Posts: 33,802 Forumite
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    It isn't daft, it's verging on lunacy.

    I can't work out any logic in taking your equity and giving it to someone else, eventually ending in you having nothing at the most vulnerable point in your life.

    I can't even work work out what you think the benefit is. If you want to stop paying a mortgage, move house to something where you can own it outright.
    Everything that is supposed to be in heaven is already here on earth.
  • scottishblondie
    scottishblondie Posts: 2,485 Forumite
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    It!!!8217;s a daft idea. Private rented has zero security and most LLs won!!!8217;t take pets. You could easily live into your 90s and run out of money. It!!!8217;s also very unlikely that your rent would stay at £1k for that entire time. If you want to be mortgage free then downsize or move to a cheaper area, but since you!!!8217;re still young I would get a new job and keep paying down your current property.
  • parking_question_chap
    parking_question_chap Posts: 2,694 Forumite
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    And what if you live to 100?

    Of course its a daft idea.
  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    You don't say where you are in the country, OP. Depending on where you might find that, far from downsizing, you could buy somewhere with enough land for your horses as well. Ever watch Escape to the Country? Other property programmes are available.

    This is an extreme example but I once worked with someone who had sold a decent 3 bed semi somewhere in London and moved to a large, detached house with paddocks and enough room to raise horses in south Lincs. I mean very south Lincs, practically Cambs.

    The world could be your oyster, in your circumstances! Why on earth would you want to throw yourself on the mercy of private landlords? That is the last resort for most people; those who have no other choice. Try reading just a tiny fraction of the horror stories on here from tenants whose lives have been made a living hell by their LLs. I bet any one of them would give their eye teeth to be in your position. What I couldn't do with the equity you have! And I am a home owner.
  • societys_child
    societys_child Posts: 7,110 Forumite
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    So the general consensus appears to be . . .
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    It's utterly ridiculous ... imho.

    You've more than enough cash left over after selling to buy a raft of perfectly lovely homes where you can settle, decorate and relax.... without the niggling faults of rented houses, fees, rent increases and the permanent fear that the LL will give you notice and you'll be needing £5-6k to move each time.

    Just sell, downsize ... and learn to live on the income your OH provides, or downsize a little further and top that up with a bit from your savings.

    You can't beat that feeling of "I don't have to tidy up, no agent will want an inspection" and "OMG what's this letter, I hope it's not a notice to quit as I can't face moving again".
  • FTBScotland
    FTBScotland Posts: 7 Forumite
    After spending all my life private renting I have finally been able to afford my own house, and there is no way in hell I'd recommend renting! You have no security, rents are often more than mortgage payments anyway for similar sized houses, and you are restricted with how you can decorate etc. I've had to move 13 times in 12 years, and goodness knows how much money I have wasted in rent, moving costs etc. If I were you I would downsize and enjoy your money rather than paying a landlord's mortgage. Renting is not the easy option, and I personally found it very depressing.
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