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

[Horcrux]

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?

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.

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.

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 😀

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

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.

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

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 .

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

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

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.

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

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.

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?

www.economist.com/leaders/2020/01/16/home-ownership-is-the-wests-biggest-economic-policy-mistake

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

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!!

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.

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.

*off

Me, but I have a lifetime HA tenancy.

@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

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

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?

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.

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.