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Who doesn’t own a house and isn’t bothered?

344 replies

Horcrux · 25/01/2020 18:16

We are trying to sell our house and we have very little intention of buying another. We have 2 children and jobs and plan to rent as it’s cheaper in our area. But it will also give us more freedom to travel.
Is this totally stupid?

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fussygalore118 · 25/01/2020 18:22

I think its maddness. Chosing to pay off someone else's mortgage rather than your own.. and the uncertainty of renting. I would hate that.

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SprogletsMum · 25/01/2020 18:25

Renting sucks. Landlords literally don't give a fuck about anything except getting their rent and you're totally at their mercy for any jobs that they deem not necessary.

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Horcrux · 25/01/2020 18:25

We paid 13k off our mortgage last year and 8k of it went on interest. I hate it!

We don’t even want to rent, we want to buy a boat and sail around the world 😀

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dodgeballchamp · 25/01/2020 18:26

I don’t think it’s madness. If it’s cheaper and you’re not sure you want to stay there long term then it seems sensible not to make the huge commitment that is buying a house

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TyrionsNextWife · 25/01/2020 18:27

I would hate to get to retirement age and still be paying rent and have no assets. Unless you have substantial pensions and a lot of money stashed away, there’s no security once you’re in a reduced income.

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CremeEggThief · 25/01/2020 18:28

Me. But I'm lucky enough to have a secure social housing home with a very low rent.Smile

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needanewnamechange · 25/01/2020 18:29

No your mad , ask a person who rents they would love to own .
Think that it will not be your own home to do as you like .
Thinks like say if it needs something fixing you will need to ask and if you get a rubbish landlord who fobs you off .
Never mind all that money wasted renting .
I get the travel thing but it's just mad to spend all your money when you could own your home .

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Horcrux · 25/01/2020 18:30

Yes @TyrionsNextWife that is a worry, but at the rate we’re going now my dh will be 70 before our mortgage is paid off

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cultkid · 25/01/2020 18:31

I got the economist last week and I haven't read the article in yet but it's about the obsession with home ownership and how it's one of the biggest economic blunders
Ill have a look for a link for it online for you

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firstimemamma · 25/01/2020 18:32

Go for it if it's what you really want but please think carefully. I'd personally never do it - being in our own home provides us with security especially financially. Also it's the best thing for our son.

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Horcrux · 25/01/2020 18:32

We don’t own our home though, we never will. It’s shit

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EmmaC78 · 25/01/2020 18:32

Unless you have a plan on how you are going to pay rent when you are bother retired then I think it is better to stay on the housing ladder if possible.

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leckford · 25/01/2020 18:32

Boat and sailing around the world, boats that big are ££s you cannot insure a boat for round the world sailing. Many people lose the boat before they get too far. A boat is not an investment, where do you propose living when you get back?

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Horcrux · 25/01/2020 18:33

Yeah, @cultkid it’s not normal in many countries to own. But I think rental rights are better

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TooGlamToGiveADamnn · 25/01/2020 18:33

Renting is the biggest waste of time but the only way I could have "my own home" and literally cannot afford the deposit for a house. I hate having to pay off someone else mortgage and whenever there's an issue the landlord takes about three months to fix it!!

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MyDcAreMarvel · 25/01/2020 18:33

We paid 13k off our mortgage last year and 8k of it went on interest. I hate it!
But you paid 5k of a house you will eventually own. If you rent all the money you pay will be dead money.

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madroid · 25/01/2020 18:33

If you're starting to pay off some capital then what's owed soon comes down. You can speed that up by overpaying which means your loan is much cheaper.

Renting is so insecure with kids. You could have to move every year and may not be able stay in catchment for schools.

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MyDcAreMarvel · 25/01/2020 18:33

*off

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IHaveBrilloHair · 25/01/2020 18:34

Me, but I have a lifetime HA tenancy.

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Horcrux · 25/01/2020 18:35

@leckford we plan to live on the boat and never move back to land. 38-45footer is easy enough to live on. Insurance isn’t an issue for our plan

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Spied · 25/01/2020 18:35

We inherited a house. Sold it. Continue to live in very nice social housing.
Are very happy.

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Wintersnowdrop · 25/01/2020 18:36

You say your husband will be 70 when you pay off the mortgage, but the alternative is, he will be 70 and you will still be paying rent. Probably on a reduced income, how will you do that?

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madroid · 25/01/2020 18:37

Cultkid that article is all about home ownership being wrong for the economy (in that ppl spend their wealth accumulating property rather than buying goods).

For individuals, home ownership has a lot of benefits. It also fulfils what is many ppl's desire to pass wealth to their children when they die.

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Horcrux · 25/01/2020 18:38

We’re just fed up of being a slave to our mortgage. £1200 a month, gone. No real surplus to even do nice things to the house.

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