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Original poster

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:
lovelovelove2 · 25/01/2020 21:16

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.*

That's the thing. I don't think that far ahead. Probably should I just don't. I just like feeling free.

Thefaceofboe · 25/01/2020 21:18

£1200 a month for your mortgage?!

MrsSchadenfreude · 25/01/2020 21:18

When we rented, we moved three times in 18 months. Each time we were told the landlord wanted a long term lease, and each time it ended up being for six months. And how do you pay rent when you retire? I wouldn’t want to keep moving either, when someone decides they want their house back.

threesecrets · 25/01/2020 21:18

Renting won't always be cheaper though! Keep the house. You can always rent it out when you go travelling.

Mossyrock · 25/01/2020 21:21

The more I think about it the more I think you could do it financially by buying something small outright.

Actually, my only big concern would be managing that lifestyle with teenagers. Even the teenagers I know who get on well with their parents would struggle to permanently live on a boat with them.

TwoZeroTwoZero · 25/01/2020 21:23

We rent a housing association house. It's a secure non-shorthold tenancy and is ours for as long as we need it. The rent at the moment is fairly cheap (£93 a week for a 3 bed semi). Yes there is the thought of still having to pay in retirement but there is no way we'd ever be able to buy - we can't afford to save for a deposit and I doubt we'd get a mortgage either. We're 40/42 now.

ChicCroissant · 25/01/2020 21:29

How will you pay rent when you are not working though? I'd rather pay for a mortgage out of wages, than waste my pension on rent!

Teens are not generally happy in the middle of nowhere with nothing to do. Are your children quite young at the moment? I could see someone thinking this was a good idea with small children but definitely not older!

FAQs · 25/01/2020 21:38

You only have one life, if you have a way of making it work, just do it. Don't regret not doing it.

Lardlizard · 25/01/2020 21:39

It’s madness to me

AnotherTroyforHertoBurn · 25/01/2020 21:49

55 (me) 63 (DH)

Mortgage free, sitting on a potential £700,000

Point being we finished the mortgage earlier due to a huge bonus, should have been 59 and 67.

But even still it would be worth it, ours, all ours, ours to keep, ours to keep pigs in the kitchen (Tom and Barbara) Grin ours to sell and downsize.

Ours

And beholden to nobody.

Original poster
Horcrux · 25/01/2020 21:58

That would never happen for us @Another.

OP posts:
Bakedbrie · 25/01/2020 22:08

Your plan assumes well being and long lasting health. Have you given any thought to contingency plans for ill health, recuperation, needing access to services ongoing? Could you rent on dry land if needed?
What would you do if the boat required dry docking repairs ....got a pot for accommodation?
What happens once the kids grow up and start dating?

WhentheRabbitsWentWild · 25/01/2020 22:22

Go for it OP

My cousin and her DH (no children, granted) were going to sail the world but settled in a North African country, where they still are to this day. He works and she spends a lot of time on animal rights . They are happy as Larry . They took the chance and it worked for them.
Time will tell.

Rayn · 25/01/2020 22:38

We rent and choose not to buy. Ok we are theoretically paying someone's mortgage but we both pay alot into pensions. Ok we will pay rent but at least all expenses are covered. Booker break etc. Its's ok having a home but how do you pay for it when something goes wrong and you are living off a pension? I don't want all my money to be in a property. Funny enough we are.looki gat park homes, boats etc.

I read a book about the British obsession with home ownership. It's bonkers!

TannatTart · 25/01/2020 22:42

I am about to sell our family home, and move to a much smaller rented apartment, in a much more expensive area. Our friends think we are crazy, but I cannot wait! Good luck

Sonichu · 25/01/2020 22:43

I'm not really bothered about it. My grandparents didn't own their flat, my parents don't own theirs (they bought a house after they married and said it was the biggest mistake they ever made and have rented ever since!) and funnily enough none of them have ended up on the street. If I ever come into a bit of money I might well buy somewhere just so I have something to show for it but if it doesn't happen then I won't lose sleep.

beachcomber70 · 25/01/2020 22:46

Why not buy a small flat for cash or have a small mortgage. Rent it out, letting agents look after it in your absence. Plenty of people who live abroad for long periods do this.

It will give security for the future and a roof over your heads which you will always know is there...in case of illness/unforeseen events/when older. Even here [SW] there would be somewhere you could buy outright.

Or stick some money in a fixed rate account/stocks and shares then forget about it, go off and do whatever and hope to buy a park home when you're older...but even they increase in price.

I'd never rent, never have, it's dead money and you have a good amount of equity already so surely you can see the benefit of owning a home? Get off the property ladder and you will probably not get on again.

I paid off my mortgage by moving my family to a cheaper, smaller house in another area [now very popular] and have been mortgage free since I was 39. No mortgage payments [or rent] for years and years and years. It suits me and I know I am very lucky, however I made sacrifices...but don't regret one of them.

Hadenoughofitall441 · 25/01/2020 22:55

I think if I already owned a house I wouldn’t sell to rent, i feel like it’s total waste of time and money ,I’m not bothered at this moment to buy a house as I simply can’t afford it, if I could I would.

adaline · 25/01/2020 22:57

I think you're bonkers.

It sounds like a lovely fantasy but realistically how will it work in ten years time? What about when your kids are teenagers and want a normal life?

And what about in retirement? You can't live on a boat in your seventies or eighties so where will you go? How will you afford rent out of your pension?

We own and I would never go back to renting again. I love the security that our house brings and knowing it's ours to do whatever the hell we want to it. I also like knowing that when we retire we won't have to worry about housing costs!

Herecomespenny · 25/01/2020 23:02

I would have liked to have bought a house before having children. I’m 29 although most of my friends don’t own houses.

I felt like I made a choice, buy a house or have children after the age of 35 (I have gynae issues so I didn’t want to risk that) so I’d rather rent and have my children.

I don’t like we’ll be able to actually buy until the eldest is 4.

I do hate the lack of security of renting but then I don’t want to live in the county I’m in forever. I know if we bought a house here we’d never leave.

Herecomespenny · 25/01/2020 23:03

Although o understand my situation is different to yours OP!

I’d far rather own if I was in your position

hettie · 25/01/2020 23:05

@Horcrux Are you saying you're fairly sure you wouldn't pay off your mortgage by retirement? That can't be true, no lender would have let you taken a term that went past retirement age.
You sound like your hacked off with life and you don't like your job. What if you could earn a living doing something pleasurable and have the life you wanted without loosing security? Use some equity to retrain/set up an outward bounds business/use some to by a smaller place in a rural/cheaper area. Live a little sure, but don't make choices that are hard to roll back in when circumstances change or choices that limit your kids choices......

JamesBlonde1 · 25/01/2020 23:13

What about your children's friendships. How are they going to make and maintain new relationships?

Don't assume the GPs inheritance is going to come to fruition. Maybe you be responsible for your children's financial future than leaving it to GPs.

Sounds like a travellers/gypsy lifestyle. Not my cup of tea.

f00k · 25/01/2020 23:18

It sounds like madness to me but that's coming from someone who lives in social housing and would love to own a home. Yes it's great having a tenancy for life, but it's not our home. It's a tiny maisonette, we need more space and we're surrounded by loud, inconsiderate neighbours. DP and I have set ourselves a goal to save a deposit by 2023 and buy a house over an hour away to a more affordable area. It will be crap starting again in a new area but I'm focusing on the future. We should have the mortgage paid off by the time we retire. So to me it sounds like madness to put yourself in a situation to be renting.

Sonichu · 25/01/2020 23:38

"I’m not bothered at this moment to buy a house as I simply can’t afford it, if I could I would"

Yeh, this. It's all well and good for people so say it's dead money/ you'll regret it when you retire/ blah blah blah, but not everyone will be in a position to own a home and there is no shame in that!!