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  • FIRST POST
    MoverShaker
    Anyone else feel this way? Y Generation Living!
    • #1
    • 21st Oct 12, 4:24 PM
    Anyone else feel this way? Y Generation Living! 21st Oct 12 at 4:24 PM
    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.

    Thanks
    MS
Page 1
    • G_M
    • By G_M 21st Oct 12, 4:34 PM
    • 48,534 Posts
    • 59,678 Thanks
    G_M
    • #2
    • 21st Oct 12, 4:34 PM
    • #2
    • 21st Oct 12, 4:34 PM
    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.
  • MoverShaker
    • #3
    • 21st Oct 12, 4:36 PM
    • #3
    • 21st Oct 12, 4:36 PM
    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.
    Originally posted by G_M
    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.
    • Callie22
    • By Callie22 21st Oct 12, 4:40 PM
    • 3,261 Posts
    • 8,907 Thanks
    Callie22
    • #4
    • 21st Oct 12, 4:40 PM
    • #4
    • 21st Oct 12, 4:40 PM
    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.
  • ILW
    • #5
    • 21st Oct 12, 4:49 PM
    • #5
    • 21st Oct 12, 4:49 PM
    For most people, buying is quite a lot cheaper than renting though.
  • MoverShaker
    • #6
    • 21st Oct 12, 4:51 PM
    • #6
    • 21st Oct 12, 4:51 PM
    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.
    Originally posted by Callie22
    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!
  • MoverShaker
    • #7
    • 21st Oct 12, 4:52 PM
    • #7
    • 21st Oct 12, 4:52 PM
    For most people, buying is quite a lot cheaper than renting though.
    Originally posted by ILW
    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?
    • cwcw
    • By cwcw 21st Oct 12, 4:57 PM
    • 883 Posts
    • 569 Thanks
    cwcw
    • #8
    • 21st Oct 12, 4:57 PM
    • #8
    • 21st Oct 12, 4:57 PM
    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
    • By Eliza 21st Oct 12, 5:07 PM
    • 1,290 Posts
    • 1,812 Thanks
    Eliza
    • #9
    • 21st Oct 12, 5:07 PM
    • #9
    • 21st Oct 12, 5:07 PM
    And it's great to have something you actually own at the end of it.
    Originally posted by MoverShaker
    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.
  • ILW
    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.
    Originally posted by Eliza
    I could not afford to rent the house I own.
  • FATBALLZ
    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.
    • cwcw
    • By cwcw 21st Oct 12, 5:24 PM
    • 883 Posts
    • 569 Thanks
    cwcw
    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.
    Originally posted by Eliza
    Unless of course you have children, in which case the property (or wealth derived from it) moves on to the next generation, and to their children, and so on and so on.
    • J i m
    • By J i m 21st Oct 12, 5:24 PM
    • 1,299 Posts
    • 1,704 Thanks
    J i m
    Well there's more than one way to skin a cat.

    But it think relatively few are privileged enough to be able to be so flexible in employment and accommodation so relatively easily.
    Progress Report
    Offer accepted: 107'000
    Deposit: 23'000
    Mortgage approved for: 84'000
    Exchanged: 2/3/16
    ... complete on 9/3/16 ...
    • MobileSaver
    • By MobileSaver 21st Oct 12, 5:45 PM
    • 1,738 Posts
    • 2,597 Thanks
    MobileSaver
    hating the feeling of being tied down
    Originally posted by MoverShaker
    It's great that this has worked for you but you will always be in the minority. For the majority of people they would much rather be "tied down" than be in a situation where they may have to be looking for a new home with as little as two month's notice - "security of tenure" is pretty much non-existent when you're renting.
    • Eliza
    • By Eliza 21st Oct 12, 5:56 PM
    • 1,290 Posts
    • 1,812 Thanks
    Eliza
    Unless of course you have children, in which case the property (or wealth derived from it) moves on to the next generation, and to their children, and so on and so on.
    Originally posted by cwcw
    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.
    • G_M
    • By G_M 21st Oct 12, 5:58 PM
    • 48,534 Posts
    • 59,678 Thanks
    G_M

    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.
    Originally posted by Eliza
    ....


    • Ivana Tinkle
    • By Ivana Tinkle 21st Oct 12, 6:06 PM
    • 836 Posts
    • 1,011 Thanks
    Ivana Tinkle
    I don't disagree, but owning property can possibly give you more freedom. We're a similar age to you, also both self-employed from home, both working part-time. If we weren't almost mortgage-free (due to amateur property developing over the past 10 years or so), the numbers just wouldn't stack up. We could just about afford to rent the house we now own, but we'd need to be working a lot more hours, and we'd have a very different life.
    • new_owner
    • By new_owner 21st Oct 12, 6:15 PM
    • 211 Posts
    • 75 Thanks
    new_owner
    I bought for the security of my family.. Once the mortgage is cleared (who wants to pay rent when they retire) I will expect the same life and more freedom..

    I like to work hard now so I don't have to latter.

    I would rather overpay on security now when I have the money than latter wishing I had.

    But horses for courses
    • Mickygg
    • By Mickygg 21st Oct 12, 6:34 PM
    • 1,480 Posts
    • 1,262 Thanks
    Mickygg
    I just think renting is paying someone else's mortgage.

    Renting has drawbacks, you can never settle as at anytime the landlord can ask you to go.


    Freedom though is good. If rent was less I would rent for this, however my mortgage is less than I would rent my property for so buying means in 25 years I will have some security both for roof over my head and financially.


    I started renting for a few years, then worked out I had spent over 20k and had nothing to show for it, so took the plunge and bought.


    If you don't mind about not having a house fully owned in 25 years or less, want freedom and don't want to settle then renting would be the best option.
    • ukcarper
    • By ukcarper 21st Oct 12, 6:37 PM
    • 14,525 Posts
    • 18,401 Thanks
    ukcarper
    I could not afford to rent the house I own.
    Originally posted by ILW
    Its when you have finally paid off your mortgage that this really comes into its own the rent on my house would be more than my income.
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