Why don’t people understand that not everyone wants to buy a house?

For me, now that I'm in my 50s and on my own, it will hopefully give me the opportunity to go part time way before my official retirement age.
It's not something I considered at the time of getting on the property ladder, but something I constantly think about now.

I don’t understand why people who can buy don’t buy. I was not able to buy for years so rented and bought the moment I was able to. I don’t think anyone plans for the future I agree

I know a couple in their 40’s with kids who have no decent pension as in and out of self employment, they rent, have a few cars and rent a business premises (so don’t own that either) and technically have zero assets, just spend what they have. That’s nice now but what about later on?

I don’t know why people try to claim paying interest to the bank makes purchasing less positive, renters still pay the mortgage payment and the bank interest and the cost of repairs and then profit for the landlord on top.
Landlords are always the going to be earning profit on renting out the property, no one is making a loss.

You don’t get out of paying interest or repairs, it’s all rolled into the higher monthly payment which reflects more than the total price of owning over the years.

But you OWN your property at the end.

Having a mortgage is not renting from the bank 😂

If only all the people who had their properties repossessed in the 90s had known it’s so simple……

mortgage lending is quite different now, less 100% mortgages, interest only mortgages, self certifying, etc

So naive.

It’s not just interest you pay (as long as you don’t choose that option) - you’re paying off the loan to purchase the property which will then be YOURS.

I also know people who bought flats post Brexit and sold them for the same price post covid or less. If you add in services charges, stamp duty they will have lost money. And that's before inflation; a 500k flat bought 5 yrs ago needs to sell for 630k ish now to keep up.

Buying is almost always cheaper than renting; renting is money wasted if you have enough to buy a property.

Property prices will always go back up. They’ll never drop much to make renting the better option.

Things have changed since the 90s. The very obvious solution if anyone looses their job is to go get another, it doesn’t have to be whatever field someone works in it can be anything that pays. I’d of thought that be what anyone does who looses a job… find another 🤷‍♀️

I don't get how they are going to keep paying more and more housing benefit for renters who retire. It's going to become unaffordable when generation rent get to this point.

Because your forever paying someone else’s mortgage, surely it’s better to pay your own mortgage and end up with an asset at the end of it

Im not confusing anything. I saw you refer to interest but only an idiot would get an interest only mortgage on a property they live in.

It really depends, loads had them in the past & it worked out well for many. I know some one who has a 1m interest only mortgage. They wanted a bigger home but didn't want to commit the full amount as they had other commitments eg school fees, renovations. They did put down 1m deposit though & this was pre covid. Their reasoning was they can sell & buy outright elsewhere if needed, it's similar to renting but they will benefit from any house price growth.

Because the market goes up and down but in my experience the general trend has always been up. So people have worried about negative equity but this gets wiped out and forgotten as time goes by. The person who puts their money into property will always be better off than the one who rents.

When I bought my first place it was common to do that, but I didnt do it, as I said, only an idiot would and many got stung

@SeasaltPuppy

I hate the argument that rent is dead money. "

eh? Of course it is. How could it not be. You are paying the landlords mortgage. Not your own.

afforded to buy, that should have said

I'm someone who prefers to rent. Much, much better for me, suits my lifestyle, budget and particular life stage.
I just wish that renting didn't have such a bad name in the UK, in many other countries it's a perfectly normal choice.

We bought properties when I was younger, and married with small children. Went along with the "security, it's an investment, don't throw money away on someone else's mortgage" idea. Hated it. Always worrying about the mortgage payments, every time something went wrong (storm, chimney fell off, water leaks, plumbing problems) it was always down to us to sort out. Also, we could only buy in areas we could afford to, not live in the sort of house which would have been more beneficial to us and our children. It didn't seem much of an investment then, high mortgage payments just seemed to be propping up inflated bankers' salaries.

After my divorce I resolved never to buy again. I have never regretted my choice. I would rather keep my money to spend on what I want. I consider my rent to be money spent on providing a roof over my head; to my mind that's what I earn it for.

I have lived in all sorts of beautiful places which I could never have afforded to - even, at one point, the wing of a country house. It was beautiful and worth every penny I spent, every month, for 7 years.
Renting, I'm not responsible for the fabric of the building. Most of the rentals I've had I've been free to decorate, re-carpet or do the garden as I wish....these places do exist (although possibly not in London?)
If I want to move, it's easy, I don't have to go through all the selling/marketing/exchange stuff, I just give notice and go. All the places I've rented have been secure and long-term.

I don't worry about retirement...I am retired now. Been in this place 5 years and expect to stay here - unless I change my mind, of course. There are plenty of beautiful rentable places which carry a lower rental price for over 60 year olds anyway, so I can afford to live here on my state pension. (And yes, it's private not HA, lovely converted country house with grounds, quite idyllic). I'm not worried about when I get senile/die....no-one will have the problem of selling a property like my sister and I did when our mother died....it was a nightmare.

I personally have fewer worries renting than I would if I were in a house I owned. Absolutely love it.

My parents did the same, as they didn't recieve support with rent they actually ended up paying more than the value of the property over the years (even if you account for the sub-standard repairs carried out). Ita a shame they don't have a property to pass on- the big driver for us buying as soon as we could was so it was an investment of sorts for DS as well as obviously being somewhere to live.

What makes u think that?

Depends what your priorities are.

if it is exclusively about return on investment then yes maybe you can make more divesting and researching before choosing investment opportunities etc. in the past honestly nothing has returned profit like property but who knows about the future 🤷🏻‍♀️ could continue, might change.

But our rental market is pretty shit and unpredictable. If you value stability, the chance to build your own home and make it how you want over a period of years, keep your kids in the same school etc then buying has huge value that cannot be measured in £££ alone.

Ive seen you post here before I recognise the wording. You’re happy with your choices so why worry what other people say, there’s must making throwaway comments based on their own life and priorities. You’re happy and thriving and making good money by your own account so try not to let it get to you 🙂

The thing that people don't seem to realise is that if you're renting a council/ha property, you probably can't afford to buy. I know I'll probably never be in a position to buy but am so lucky to be renting from HA. Not everyone can save thousands for a deposit

I think someone has Reform algorithms or read to much DM. London is great. Unfriendly as ever, expensive as ever but great still.

https://www.bbc.co.uk/news/articles/cwyxp280dxwo

I know at least 4 people who applied to buy their London council flat last year - they all put in the applications before last November when the discount was drastically cut. It's their last chance to secure the discount £136k (it is now only £16k) which provides some protection against a drop in prices. From their pov, giving up the security of a secure tenancy is worth it for the freedom of being able to sell once the discount repayment period is up, and then they have the chance to buy a bigger place further out (they are all currently in zone 1 or 2). The councils (all different boroughs) are taking months to process the forms as they've been inundated with applications from savvy tenants making sure they grab this last chance of a decent rtb discount.

I get it, some people don't want to be tied down to place for x years or responsible for maintaining a property. Nothing wrong with that at all.

It's rare in my family/ friends though, the only renter I know has a safe modern flat from the council. He's looked at buying but has such a good deal with the property he's in.

For me though, I'd not like to be at the mercy of private landlords, especially once we retire.