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Author Do you rent or own your own house?
Chump
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Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
17th Feb 05 at 20:29   View User's Profile U2U Member Reply With Quote

I rent and just don't understand what all the fuss is about buying your own home. Ok so you have a little security compared to renting - apart from that i don't see any other benefit.

You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....

i rent and am perfectly happy to do this for the rest of my life....so what if i don't have a house at the end of it....i don't plan to live to retirement anyway......i can move when i like....if i decide i want to go travelling i can just go without any worries

Just wondered what everyone else thinks?

Kerry
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Registered: 5th Oct 01
Location: Norwich
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17th Feb 05 at 20:30   View User's Profile U2U Member Reply With Quote

We rent a 4 bed bungalow for 550 a month

a mortgage on this place would be 800 a month

renting is ok short term but long term it is dead money
Blondy
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Registered: 9th Nov 03
Location: Ma hoose!!
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17th Feb 05 at 20:35   View User's Profile U2U Member Reply With Quote

We bought our place cos it was workin aout a lot cheaper that private rent. Even renting from the council was going to be a lot more expensive!
At the end if the day, it's the individuals choice, but we decided we would rather buy cos Landlords and the Council can decide not to renew the lease as long as ur given a bit of notice and we didn't want the hassle of havin to move when we don't want to.
myke
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Registered: 7th Feb 01
Location: High Wycombe, Buckinghamshire
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17th Feb 05 at 20:35   View User's Profile U2U Member Reply With Quote

i live with parents still.

would love the independance, but it's so little effort to live with your folks.


what age to you plan to die then, Chump?
Chump
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Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
17th Feb 05 at 20:37   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by myke



what age to you plan to die then, Chump?


I have no pension (and don't intend to ever get one) and there will be no government one anyway by the time i retire (for what its worth) - so unless I win the lottery or come in to a fair bit of money before i retire then it just aint worth rotting away on a pittance with nothing to do...
kev_corsa
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Registered: 7th Nov 02
Location: Newport, Uni in Bristol
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17th Feb 05 at 20:37   View User's Profile U2U Member Reply With Quote

i have a cardboard box and i own it too

[Edited on 17-02-2005 by kev_corsa]
myke
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Registered: 7th Feb 01
Location: High Wycombe, Buckinghamshire
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17th Feb 05 at 20:38   View User's Profile U2U Member Reply With Quote

so how are you planning to end your life?
Fraser Young
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Registered: 26th Dec 02
Location: Dundee City Drives: 58 Impreza WRX
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17th Feb 05 at 20:40   View User's Profile U2U Member Reply With Quote

I own a house... tis a sound investment...
Fear
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Registered: 20th Nov 02
Location: Down off the hill
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17th Feb 05 at 20:42   View User's Profile U2U Member Reply With Quote

ive got half a mortgage, went halfs with my old man when the rents split up!

It is only slightly more expensive than renting and gives security and you can do what you want without asking permission etc

agreed with kerry its dead money!
Chump
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Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
17th Feb 05 at 20:42   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Fwaza esquire
I own a house... tis a sound investment...


but then you do live in Scotland where houses are about 1/2 the price of the same sort of house down south.....
Kerry
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Registered: 5th Oct 01
Location: Norwich
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17th Feb 05 at 20:43   View User's Profile U2U Member Reply With Quote

yes i have noticed this at work house property values in scotland are less but then they do have to pay different fees to us
drunkenfool
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Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
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17th Feb 05 at 20:45   View User's Profile U2U Member Reply With Quote

im at uni in halls, and renting a place back home too, but its my mum's house and we were paying her rent, so now im at uni and stopped working pretty much full time, im living life free as a student
Mark Petty
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Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
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17th Feb 05 at 21:20   View User's Profile U2U Member Reply With Quote

I own my own flat in the center of Bournemouth.
I rented before, what a waste of money that was. I was basically paying my landlord the same as he pays the mortgage. I was paying for his future.

I though fcuk this i'm getting my own and I did. No worse off and I now have an investment.

Renting is for mugs

[Edited on 17-02-2005 by Mark Petty]
MatG
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Registered: 26th Apr 02
Location: Birmingham UK
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17th Feb 05 at 21:44   View User's Profile U2U Member Reply With Quote

Renting is dead money.

I rented from when I was 17 when I left home to 26 thats 9 years of dead money!! For the last 3 years I have had a mortgage that mortgage is for 25 years. After its paid off when I am 50ish (as I can pay into it when I like) I will not have to pay it for the rest of my life if I choose to stay in the house I am in at the time.

I would rather be living for nothing than paying rent like you plan to do at the age of 50!! Just think if I had got the house when I was 20 say the mortgage could have been paid off by the time I was 40.

You do the maths and you will soon see that renting long term is for muppets

Get yourself on the property ladder its more important than modding cars or anything else especially these days. Doesnt matter were it is you can only go up once you have an affordable mortgage!
nik
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Registered: 19th Jun 00
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17th Feb 05 at 22:42   View User's Profile U2U Member Reply With Quote

Just put an offer down on a house, so I'll own
vibrio
Banned

Registered: 28th Feb 01
Location: POAH
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17th Feb 05 at 22:46   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Chump
I rent and just don't understand what all the fuss is about buying your own home. Ok so you have a little security compared to renting - apart from that i don't see any other benefit.

You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....

i rent and am perfectly happy to do this for the rest of my life....so what if i don't have a house at the end of it....i don't plan to live to retirement anyway......i can move when i like....if i decide i want to go travelling i can just go without any worries

Just wondered what everyone else thinks?




renting means you pissing away money. you'll understand later
vibrio
Banned

Registered: 28th Feb 01
Location: POAH
User status: Offline
17th Feb 05 at 22:47   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Chump
quote:
Originally posted by Fwaza esquire
I own a house... tis a sound investment...


but then you do live in Scotland where houses are about 1/2 the price of the same sort of house down south.....


my house is worth 100k it's a small 2 bedroom semi.
Fraser Young
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Registered: 26th Dec 02
Location: Dundee City Drives: 58 Impreza WRX
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17th Feb 05 at 22:48   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Chump
quote:
Originally posted by Fwaza esquire
I own a house... tis a sound investment...


but then you do live in Scotland where houses are about 1/2 the price of the same sort of house down south.....


that may be the case, but renting means you are funding someone elses investment, and having bought a house I at least have an investment!
Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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18th Feb 05 at 01:37   View User's Profile U2U Member Reply With Quote

I rent a nice little flat next door to my parents. IMO the 65 a week i am spending on rent could be used towards a mortgage. However, i cannot get a mortgage due to my job not being permanent (keep getting 6 month contracts) and the fact i am a student does not help the matter. Dad said he would do it in his name but then the housing association said i couldn't buy this place. I've decided i'm staying here now until i've finished uni and gonna save up some cash and then go for an apartment around town. There's a nice new converted building i've got my eye on so it's something to aim for. The fact that i know where i want to be in 2 years time is making me save and work hard at uni. It may never happen but i'm gonna give it ago.

[Edited on 18-02-2005 by Peugeot Nut]
Siberia
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Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
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18th Feb 05 at 09:17   View User's Profile U2U Member Reply With Quote

you might as well burn yer money are rent.... can you not see the bigger picture?

i rented for 4 years... in the last 2 years my rent was 900 a month(city centre).

i now have a house of my own and it way different than renting..... much better feeling + my mortgage is 450 a month

that leaves me 350 extra in my pocket....

some day the house will be mine and i will never need to pay any mortgage...

and i will selll it for porbably double of what i bought it for....

i only bought it last year and already its worth 25k more than what i payed....

win win...
Bart
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Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
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18th Feb 05 at 09:38   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Chump
You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....



Well thats not completely true, thesedays mortgage companies will lend you up to 5 times your income and its also pretty easy to get a 100% mortage without being screwed by the insurance company (as my friend has just done, taken out a 90k mortgage without a deposit).

The main difference is its a waste of money renting.
You pay the 400 a month or so, and you dont ever see it back!
If you paid 400 a month for 30 years, thats 14.5k, and you wont see any of it back, but if you paid that as a mortgage, you would probably see 10k of it back when you sell the house.
Chump
Member

Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
18th Feb 05 at 09:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Bart
quote:
Originally posted by Chump
You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....



Well thats not completely true, thesedays mortgage companies will lend you up to 5 times your income and its also pretty easy to get a 100% mortage without being screwed by the insurance company (as my friend has just done, taken out a 90k mortgage without a deposit).

The main difference is its a waste of money renting.
You pay the 400 a month or so, and you dont ever see it back!
If you paid 400 a month for 30 years, thats 14.5k, and you wont see any of it back, but if you paid that as a mortgage, you would probably see 10k of it back when you sell the house.



That's all very well but if mortgage companies won't even touch me for 100% mortgages (bad credit rating) and if I've got to get a minimum of 10% deposit for them to even consider me (again credit record)....PLUS all the other expenses associated with getting a house you can see why in MY situation renting is the only viable option......

lets say the house is 90K - that's at least 9k deposit (in my case) then about 3-4K in fees and all other expenses.....how many people could save 13k....? It isn't easy at all.....rip off
Mark Petty
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Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
18th Feb 05 at 09:52   View User's Profile U2U Member Reply With Quote

Chump don't you want money in the future?

Just think I plan to pay off my mortagage by the time i'm 40. You will still be renting paying other peoples mortgage.

i can understand you don't want the hassle of a big loan etc while your young but don't u look at your future?
Mark Petty
Member

Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
18th Feb 05 at 09:54   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Chump
quote:
Originally posted by Bart
quote:
Originally posted by Chump
You've got to come up with a massive deposit these days to get any kind of decent house....then you have all the other costs....oh and don't even get me started on the prices....



Well thats not completely true, thesedays mortgage companies will lend you up to 5 times your income and its also pretty easy to get a 100% mortage without being screwed by the insurance company (as my friend has just done, taken out a 90k mortgage without a deposit).

The main difference is its a waste of money renting.
You pay the 400 a month or so, and you dont ever see it back!
If you paid 400 a month for 30 years, thats 14.5k, and you wont see any of it back, but if you paid that as a mortgage, you would probably see 10k of it back when you sell the house.



That's all very well but if mortgage companies won't even touch me for 100% mortgages (bad credit rating) and if I've got to get a minimum of 10% deposit for them to even consider me (again credit record)....PLUS all the other expenses associated with getting a house you can see why in MY situation renting is the only viable option......

lets say the house is 90K - that's at least 9k deposit (in my case) then about 3-4K in fees and all other expenses.....how many people could save 13k....? It isn't easy at all.....rip off


Many companies will give you a large deposit for which you can pay back when you get the mortgage as you will be able to get more money
Chump
Member

Registered: 1st Feb 04
Location: Sharnbrook
User status: Offline
18th Feb 05 at 09:55   View User's Profile U2U Member Reply With Quote

such as?

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