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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?

OP posts:
lowlandLucky · 25/01/2020 20:11

Horcrux Have a bloody fantastic time, we only live once, so make the most of it. Why flog yourself for a pile of bricks that you will have to sell if you need to go into a nursing home when you are in your 70s

Dangermouse80 · 25/01/2020 20:13

Maybe not so mad, you only live once. Do what you want now to make it happen. We privately rent and will prob never be in the position to buy. Both have good jobs, moved to great catchment and have a house we would never be able to afford to buy in our lifetimes.
Sensibly speaking buying is in the long term the better option for security. However seeing a lot of people hit retirement and being forced to sell their homes to pay for care. Those without property who lived a bit more and who have passed what money they can to children have free care!! Nobody knows the future so don't leave things you want to do for later.

Brown76 · 25/01/2020 20:17

No, I wouldn't sell an asset that increases in value (house) and buy something that decreases in price (boat) unless it was a short term thing and I was going to buy or invest the money in something else. I'd rent out my house and rent a boat though!

Verily1 · 25/01/2020 20:18

At least buy a buy to let in a cheaper area so you are still on the property ladder and paying towards a mortgage even if you don’t want to live there.

Otherwise you will be in pensioner poverty.

PepePig · 25/01/2020 20:21

I couldn't go back to renting, tbh.

It's the same cost-wise as our mortgage is when you add council tax etc in, so it's not even a matter of saving money... but the uncertainty. I know a few people who have been handed a notice to leave as the landlord has decided to sell- I couldn't live with not knowing when my time 'might be up' on a long-term basis.

Similarly, a lot of the places I rented were dumps. Mould is easily hidden by fresh paint for the viewings then within a few months you see it in all it's glory. Things never getting fixed quickly. Their replacements being absolute shite. Not being allowed to decorate/paint so living with dated, ugly decor. Damp, so having to fork out for dehumidifiders for every bloody room.
Of course, you could rent somewhere actually nice, but I'd still miss having total control over what I do to my own home.

And, finally... landlords. I fucking hate them. I remember one year when I had just graduated from uni, a group of us rented a house in the student area from an old couple... they didn't fuck off for a good solid 4 months. Constantly making up excuses for why they needed to 'call in'. It was relentless. I lost my shit the day I came home and he was in my bedroom painting my wall and got paint all over my new tv. It came off, no harm done... but who the fuck starts painting someone's room without asking them/giving them a head's up a few days beforehand so they can move stuff out of the way to keep it clean?!

Nah, couldn't do it again. Owning a house has it's flaws too, but they're flaws I can better deal with.

ItIsWhatItIsInnit · 25/01/2020 20:28

Why don't you rent out your house, and then rent somewhere else yourself? Then you have income/equity coming in and ticking over while you sail the world.

hattyhatshats · 25/01/2020 20:31

But you could use that half to put a good deposit on a flat (very cheap one some in our area for 50k) and cover the mortgage by renting. So costing you nothing month by month but in your dotage you could have it paid off and have somewhere to live if you need it?

mynamesmrdiggety · 25/01/2020 20:32

I'm sort of with you. You only live once. We are mortgage slaves for the next twenty years.

MindYours · 25/01/2020 20:32

I rented for years, HATED it. It's so demeaning and a constant feeling of insecurity. I ended up selling everything I had to house share in my 30s in utter shit holes with utter dickheads. I bought my house last year and I can't tell you how much it means to me. You're not me of course but seeing as you asked - I think your idea is madness.

NightsOfCabiria · 25/01/2020 20:36

surely, when you come to buy property in 20 years time, it’ll be beyond your grasp, as the £45k deposit wont be worth much due to historically low interest rates. Property will have soared in price by then due to supply and demand. Plus, you’re betting on your income remaining high.

On another note, how will you and your children make/maintain friendships if you’re constantly travelling? How does your wider family feel?

oohnicevase · 25/01/2020 20:47

You will pay off I your mortgage by 70 but will have to pay rent forever .. unless you have a very silly interest fee mortgage and no endowment etc, then I guess unless the house prices go up massively and you down size you won't have gained much .

Didiusfalco · 25/01/2020 20:47

Get the student let in Lancaster and then go. You sound like you really want to do the alternative lifestyle but I think if you step off the ladder completely you could find it very hard to get back on.

Horcrux · 25/01/2020 20:50

That’s what I keep thinking @FruityWidow. I don’t want to just work to pay my mortgage and not do any actual living.
If I wait until retirement I’ll be too old to enjoy it properly.
My dc love adventure and would truly benefit from this alternative life, even if it is just for 2yrs, 10yrs, 20!!
Or I can do the sensible thing and work-pay bills-work/pay bills and never explore just for the sake of being 70 and mortgage free. What then? Be too frail to look after myself, sell my house to pay for my nursing home care?

OP posts:
Mossyrock · 25/01/2020 20:54

You have a lot of equity. If your area is that cheap I would buy a small flat or bungalow outright now and use the remainder of your capital to get started travelling.

Rent out the flat. Once you have created a buffer for repairs etc. the rest can go into living costs, a pension, savings for the kids.

It means that you won't be poor in retirement and that your kids will have a base in the UK if they want one. Also you will have a cheap plan B as a stepping stone to fall back on if one of you dies, if a child becomes ill and needs long term treatment, if your relationship ends, if your teenagers hate living on a boat, if your DH for some reason can no longer work...

StopMakingATitOfUrselfNPissOff · 25/01/2020 20:55

Madness.

What about when you're too old to he clambering up and down ladders? Doing the physical work needed to sail a boat? Have you got top notch pensions to be able to pay rent without a FT job?
Whilst you're saying your DH will be 70 by the time your mortgage is paid off, you maybe in a position to over pay at some point.

I think your plan sounds fun and amazing and exciting but I know I wouldn't be able to enjoy it without a back up plan

Bringonspring · 25/01/2020 20:56

Madness as you paid of £5k and eventually you will also benefit from your house value going up

Horcrux · 25/01/2020 20:57

@NightsOfCabiria we intend to meet up with other boat families on a regular basis. There’s a whole community out there. My wider family don’t have a say what we do with our lives.

OP posts:
JayAlfredPrufrock · 25/01/2020 20:58

Oh go for it.

We only pass this way once. I would never have had the nerve but admire folk who have.

Horcrux · 25/01/2020 20:58

Tha ks @Didiusfalco this is seeming like the most sensible option

OP posts:
Sansastark45 · 25/01/2020 20:59

You say you'll have the money from your dh's parents when they leave you the house but what if they have to sell it to pay for care?

Horcrux · 25/01/2020 20:59

Great @Mossyrock, thanks

OP posts:
Horcrux · 25/01/2020 21:01

That’s very true @Sansastark45

OP posts:
lovelovelove2 · 25/01/2020 21:01

I rent a house and I am not worried at all about buying one it's just never been on my list. I know it should be. But I like the freedom feeling too that we could all leave if we wanted too. I know to others it may sound crazy but I'm happy as I am.

EmmaC78 · 25/01/2020 21:08

I rent a house and I am not worried at all about buying one it's just never been on my list. I know it should be. But I like the freedom feeling too that we could all leave if we wanted too. I know to others it may sound crazy but I'm happy as I am.

How do you plan to pay rent when your income drops in retirement? Not a dig, I am just genuinely interested. I am always buy as I wouldn't want huge outgoings in retirement but maybe I think too far ahead.

everyrosehasathorn · 25/01/2020 21:10

We’re in the process of selling ours and have no intention of buying again. I hated the buying process, always felt like the property is a noose around our necks. We’re looking forward to getting rid of the stress of owning.