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?

[Oblomov20]

What % of people go into a care home then?

You say most don't? I bet that ya changing. Fast. And will continue to rise rapidly.

When I was growing up people retired at 60. Now it's 65. I bet you it'll be 70 soon. 75+ by the time I retire?

Who is going to want to employ me at 70? I resent working till I'm 75.

I bet soon, as a generation, we'll be spending more and more of our 'equity' from our mortgages, on nursing homes.

I can't wait till My mortgage is paid off. We have quite a few years left. If I'd have been more savvy I'd have overpaid!!

[adaline]

I'd rather not wait until it was too late and I was house bound and reliant on my daughter changing my adult diaper.

Yeah, because that's all retirement and old age is about

For the vast majority of people, "care" means things like helping them with their shopping, maybe driving them to the hospital or the GP, collection a prescription for them and checking in on them when the weather is bad.

It's all very well ignoring the future and living for "the now" but do the people saying that really want to be working full-time in their seventies just to make ends meet? I mean, that's not an exaggeration - it's becoming increasingly common. I used to work with several people in their late sixties/early seventies and without exception, every single one of them struggled and found it absolutely exhausting - but they had no choice.

[Charley50]

Actually Leo many of the 'Mary's' in the next bed will have worked all their life, but had just not owned a property, for whatever reason, one of those reasons being the crazy housing market in this country. It's so fucking condescending, and a blatant lie, to imply that everyone who doesn't own a home doesn't work. Pathetic. Plus, as you know there are a myriad of advantages to being a home over, and very few to renting.

[Leobynature]

Surely most people in retirement age will be entitled to housing benefit and sheltered and other special accommodation. So
Whilst I appreciate that those who own their own home may be enjoying mortgage free
Life got ‘20+ years’ it doesn’t mean that those the same Age who do not own their own home are all working and renting.

[Charley50]

Leo you said "Meanwhile ‘mary’ in the bed next to you has never worked a day in her life, never owned her own home but will receive exactly the same care. " implying that people that don't own their own home don't work.
Plus can't you see how valuable that 20 years or so living mortgage-free is, in terms of less stress and more freedom? Private rental is so insecure in this country.

[TinklyLittleLaugh]

en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate

The renter thing is a bit of a myth really; lots of countries have a higher percentage of owners than the UK.

[Sadiee88]

In Denmark loads of people choose to rent rather than buy (according to my Danish friend)
I would rather own my home, I’d worry about rental payments when I retired otherwise.

[Horcrux]

Funnily, not funnily... my PIL have no mortgage but for last 10yrs have been using their pension to pay for MIL’s DM’s health care

[adaline]

Surely most people in retirement age will be entitled to housing benefit and sheltered and other special accommodation.

I really wouldn't rely on any kind of government support beyond a very basic state pension. The government is raising the retirement age for a reason - so they don't have to spend as much money on the older population.

In 2019, basic pension for a single person was £168.60. That's only £674.40 a month. In some areas, that wouldn't even cover your rent, let alone council tax, bills, food, clothes, medication and everything else you may need.

Pension credit was £167.25 for a single person, so roughly the same again. That's £1200 a month give or a take for a single person. Sounds fine, but when you take into account all your expenses you won't have much left over.

[VirtualHamster]

In Denmark loads of people choose to rent rather than buy (according to my Danish friend)

Home ownership rates in Denmark are more or less the same as those in the UK

[Sadiee88]

I think it’s a cultural thing...

[MonkeyToesOfDoom]

That's £1200 a month give or a take for a single person. Sounds fine

We live on £900 a month, £300 a month increase sounds awesome. 👍

[adaline]

We live on £900 a month, £300 a month increase sounds awesome

How do you live on such a small amount when it's below the minimum wage for full-time work? If an adult brings in that little, you would qualify for benefits, no?

[Whywonttheyletmeusemyusername]

Haven't read thru the thread, but saw the first few comments. I'm early fifties and rent. I have no intention of buying, even tho I can easily afford to as I run an extremely successful business which gives me a 6 figure annual income. Not everybody who rents is a single parent on benefits

[bluetongue]

I’m about to sell my house and will probably rent for 12 months. I do intend to buy again but the sale of my place has been forced on me by some very worrying / threatening behaviour by a neighbour and I’m not in the right head space to buy straight away. I also don’t know what area I want to buy in and had considered even moving cities before the neighbour issue deteriorated.

[ImMarysLamb]

Me. But I'm in a housing association property with a secure tenancy for as long as I live and am on low income so am happy

[KenDodd]

I think you have to very rich to be able to rent and not worry about owning, unless in HA of course.

[KenDodd]

Looking at the list of countries and home ownership, Singapore is listed as number two. I always thought most people lived in social housing in Singapore?

[MonkeyToesOfDoom]

How do you live on such a small amount when it's below the minimum wage for full-time work? If an adult brings in that little, you would qualify for benefits, no?

Whilst I'm. It going to go into detail about my financials, I get £947 a month to cover everything. From rent to travel to childcare.

[GETTINGLIKEMYMOTHER]

It’s not true that people in other countries don’t care about owning their own homes. I once repeated this oft-repeated mantra to a French woman (in France) and she said, ‘But they do! They do!’

A Swedish friend who recently moved back to Stockholm has noticed how people are considerably keener on buying than they used to be - she certainly wasn’t interested in renting, and her son, who’s always lived there, is in his 3rd (owned) home - he has bought, done up, and moved on twice. And a niece who married a Swede is living in the flat he bought several years ago.

It’s true that the law in many countries is considerably more tenant-friendly than here, though, and it’s high time that changed. But many people all over do like to own - if they can. Which may be a very big ‘if’.

[GETTINGLIKEMYMOTHER]

As regards the OU, OP, you might find that your existing qualifications would count to some extent, at least at the level one stage.

[GETTINGLIKEMYMOTHER]

Oops, wrong thread above, Mods please move.

[Iggypoppie]

There are lots of places you could by a place for £90k that wouldn't be a shithole.

[2beautifulbabs]

I would rather own my own home and know the money your paying off each month is for your own benefit and your children's.
What happens if one of you fall ill and need care around the clock and your family can't afford to pick up the care bills that's needed like living in a care home would you make your children suffer by having to give up their own lives to then become a full time carer for you or your DH? Would it not be better to have some financial backing like a home that they could sell to cover such costs it's all hunky dory in saying you and your DH will live on a boat and I really do hope that you both enjoy that but sadly life is full of the unknown
I would really consider the long term impacts and not just the day dreaming of it all good luck op in what ever you decide

[2monstermash]

It’s not true that people in other countries don’t care about owning their own homes.

You are right, in Spain people would love to own their own house, but credit is still terrible here after the crash and you need around 30% deposit for a mortgage plus a payment of 10% value of the property sale price in tax. So a regular family looking to buy a house/flat worth €150k would need €65k... not very realistic for most, when the average income is around €20k