deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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I have semi-resigned myself to the fact I may never have a mortgage. I'm 23 with no deposit and getting really itchy feet to move out. Even if I did rent it wouldn't be for another year.
How do those people that rent, and have done for long term, ever feel about the place they live in? Does it fell like a home, or just a roof over your head? Do you get twitchy every time your contract comes up for renewal thinking you might have to move if the landlord sells up?
Just interested to know. If I rented I think I'd never be 100% happy.
[Edited on 25-02-2011 by deano87]
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Steve
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Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
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wen i did yes it did
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VrsTurbo
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Registered: 8th Jun 10
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roof over you head. When your contract comes up for renewal they could of decided they want to sell.
99% of the time you need permission to do anything. Putting tv on walls painting. Also a waste of money.
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Conway563
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Registered: 7th Jun 06
Location: Yate, Bristol
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Previous place was just a roof over our heads
The place we are now feels like a home.
Still not as great as if we owned it but there's not much chance of that anytime soon
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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The Southill Estate where I live is a load of houses owned by a the Whitbread family. They pretty much own all of Bedfordshire. They're pretty much houses for life because they'll never sell them so you have that reassurance. Just a shame most are old with poor insulation and oil heated.
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ash_corsa
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Registered: 15th Apr 04
Location: Shrewsbury
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If you rent you'll never have a deposit saved as you'll be paying out as much in rent and bills as you would with your own mortgage.
Save hard for a couple of years!
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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[essay]
Deano, I'm your age and was in your position until March last year when I did get a property, previously private rented for 2 and a bit years with the missus. In that time we had 2 shitty flats, 1 quite shit house and 1 good place, where we bought a similar house round the corner.
You need to move out and get a feel for the real world - how tight money really can be at times, learn how to budget realistically and all the rest of it. If your parents can keep your room open as a backup plan, excellent, I didnt have that option, once I moved out for uni I was out of my parents house as the room wasnt there anymore, so I had to make it work!
When renting you can make it feel like a home but I would advise 100% against it. To make something homely, means you have to spend money and spending money on a rented property is even worse than renting said property in the first place - it aint yours and it aint your responsibility. You need to treat it as a business deal, stick rigidly to the terms of the contract and make sure this is done by the landlord as well. Do not trust a landlord by word, they are businessmen/women at the end of the day and they are not renting their property to you for goodwill, they want hard cash out of the deal, whether that means maintaining their property to a poorer state than is necessary or that you would (but not illegal), or by bending the rules you must pull them up on it. BTW I know there are landlords on here and some that can be trusted, it is not a stereotypical approach I'm taking here, its just my experience.
My advice for you then - either stay at home and save, if you cant do this at your parent's home where you are shielded against the real shit of owning / renting your own home then you are fucked in reality. If you can do it, rent the cheapest place possible that fulfills your needs and then use it as a push or a target to get out of it by a said period of time. At the same time, dont choose somewhere so shit you have to move every 6 months, as that is the expensive and stressful part - most places want a month rent as deposit, a months rent and credit searching fees all up front, so in your area probably circa £1.5k in one go! Everytime you move, so bear that in mind
[/essay]
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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 excellent. In short. Don't rent unless you have to 
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AndyKent
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Registered: 3rd Sep 05
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Old Warden is the same Deano - all owned by the Shuttleworth Trust and all rented. I deal with managing the estates properties day to day and like you say, they're never going to get sold.
Slightly different situation though because the properties are 100% unique and people pay properly good money to live there.
Personally the fact it's not my own wouldn't bother me that much. Decorating is cheap andthe vast majority of landlords will let you do what you want inside if you ask and it isn't going to affect the value.
For me, I'd simply be bothered that for all you spend on rent you've got no equity whatsoever. My place in Bedford wasn't the cheapest and I did have to stretch for it, but with with every month that goes by I own a little bit more and rather than 'wasting' £400 a month rent I 'waste' £200 a month on mortgage interest.
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Steve
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Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
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nothing wrong with renting at all imo, too much stigma attached with having to own a house
[Edited on 26-02-2011 by Steve]
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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O yea there's nothing wrong with it, but from a financial point of view it seems a bit pointless, well imo anyway, but that's the way I was brought up
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AndyKent
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Registered: 3rd Sep 05
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I don't think there's a stigma, I think people would rather not pay xxx a month to a landlord when with interest rates as they are they could pay the same (or slightly more) to a mortgage and start to own it.
The difference in cost isn't enough. For example there's places down my road being rented out for the same price as I pay on my mortgage. If you can get a mortgage why not take it? It's cheaper.
[Edited on 26-02-2011 by AndyKent]
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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Complete waste of money. Wish I never bothered.
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Doug
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Registered: 8th Oct 03
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I have been renting for about 2.5 years now.
Only thing I could do at the time and will keep doing it for a bit as I don't know where I will move to for my next job etc.
If you know you are going to be in a certain area for life then you should buy. If you think you might be moving around then rent.
If an opportunity to take a much better job 400 miles away came up then I would take it to progress up the ladder. I would hate to be tied down to a property that I couldn't sell in time to take the job!
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lisac
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Registered: 10th Apr 08
Location: Lincolnshire
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I have also rented for last couple couple of years. I live in centre of town, over looking river, lovely flat my rent is 465 pm but i know a mortgage for the place you could add another couple of hundred on payments. I do decorate but just have to get estate agent to approve colours, to be honest you get no hassle whatsoever if you look after the place, without the added worry of having to repair boilers etc. and i have never felt more at home anywhere, at the end of the day its bricks and mortar, its what you do and how you decorate that makes the difference
My salary is high enough to get a mortgage but the saving for deposit would cripple me for 2/3 years as i am single and unfortunately i wouldnt get the property i wanted in the area and have the added concern of what house prices are going to do etc.
To be honest its what you really want out of life. I regret not buying when i was younger but if you find a good estate agent/landlord it makes no difference. And like Doug said i have the freedom to up and move without worrying about selling, more and more people are sturggling to find that all important deposit that if you buy your first small property you could spend years trying to sell.
Have a sit and think , work out how long it will take you to save etc. I spoke to a independant financial advisor and he laid cards straight on table, and renting is the best option i could go for at the minute
[Edited on 26-02-2011 by lisac]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by AndyKent
for all you spend on rent you've got no equity whatsoever.
And there are no guarantees whatsoever this won't be the case if you buy.
I think probably the situation is better now than it was five years ago and continuing to improve in respect of purchase price but of course lenders are more cautious than they were at that time.
But I would also strongly contest that buying does not mean you don't waste money, particularly for short term moves which a first flat / apartment would be.
Mine is doing OK now because interest rates are low but if they go up to 15% and I'm paying £1500pm to live here, the property isn't going to suddenly magically start appreciating just because the payments have gone up.
If you buy at a bad rate (FTB/low deposit) at prices which are still somewhat inflated, you will spend a lot.
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AndyKent
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Registered: 3rd Sep 05
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Fair point, but if you rent you will definitely have no equity, if you buy you will more than likely, over an extended period of time, have cash to take forward.
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Nath
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Registered: 3rd Apr 02
Location: MK
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quote:
Originally posted by Doug
If you know you are going to be in a certain area for life then you should buy. If you think you might be moving around then rent.
That right there is my reason for why I'll be renting.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by AndyKent
I don't think there's a stigma, I think people would rather not pay xxx a month to a landlord when with interest rates as they are they could pay the same (or slightly more) to a mortgage and start to own it.
this is exactly the reason why i bought my house.
had the option of paying either £800-£900 rent or £943 on a mortgage a month. seemed the wisest thing to do.
i love the fact i can do anything i like without getting permission first (obviously not extension wise etc). obviously if things break it's my problem and the costs come out my pocket. But that makes me value money more and helps me grow up and learn things, which in my eyes, is part of life.
if your ambition is to buy a house then do not rent unless you have to. live with your parents, buy a cheap runaround and save every penny you can.
i did it whilst driving about in 2 brand new cars which isn't the easiest thing to do looking back, i wish i'd have had a shitter to drive around and save myself an extra 600 quid a month.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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Fiesta it is then. Clear debts and money in the bank. Shame it isn't a derv.
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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I've rented my flat/apartment for the last couple of years. Love it.
No worries about things breaking, if I decide I can up sticks and move.
In the time i've been renting I have seen a few mates lose there homes who bought as 'renting is stupid'. Now there back home with the parents.
There is to much of a stigma attached to buying a home, people see it as the be all and end all. I would rather just get on with my life hence why I decided to rent. Theres only so long you can live at home using the excuse your saving for a mortgage.
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Xs
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Registered: 12th Apr 02
Location: Lanarkshire
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quote:
Originally posted by Whittie
Complete waste of money. Wish I never bothered.
Depends really. Renting somewhere you might not want to own a property isn't a bad idea. Eg. You want to live city centre for a while but when you buy a house you might want a garden / driveway / garage etc which isnt an option. All depends on circumstances.
Also sometimes would be worth it just to get away from parents if you dont have a deposit
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ed
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Registered: 10th Sep 03
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You're 23 and you're worried that you'll never have a mortgage? Seriously, sort your fucking life out. I know I sound like a broken record but FFS Deano, rent yourself somewhere that you like, start to buy the furniture you like and eventually you'll get to the point where you'll have the money together for a deposit.
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Paul_J
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Registered: 6th Jun 02
Location: London
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When I was renting it didn't feel like my home - but that may have been because I always shared houses with others.
Ultimately, I couldn't do anything decoration wise that I wanted so it never felt home like.
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Following on from Xs, the last house we rented is round the corner from where we bought, so it was great as an extended' research project' on the local area before you commit yourself
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