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Original poster

Do you want to own your own home?

70 replies

Itsgoingtobeokay · 27/09/2023 08:38

Saw a thread about becoming a landlord and someone had said to leave houses for people who want to buy them, someone else said some people dont want to buy and it got me thinking

Do most people want to own their own home?

3 of my siblings do. Its somthing that is really important to them. I've been renting since I was 21, have lived in several different areas in several houses and I love it. I love being able to move whenever i want, get a change of scenery, change of household layout ect,

Been in this house for 2 years and I'm so bored of the kitchen and the front room. I cant wait to move again 😂

My parents all own their own homes and love it.

It's just not somthing I'd want to do, being stuck, the cost, the insurance ect.

What about you? Are you happy renting forever or do you want to own your own property one day?

OP posts:
alwayscrashinginthesamecar1 · 27/09/2023 08:49

I rented for a long time. It was by choice as I was moving around a lot (different countries) and I never found anywhere I wanted to settle. Renting really worked well for us as a family, it gave us flexibility and we avoided a massive housing crash in Ireland (prices fell by 50%), which saved our financial bacon. However in my 40s I finally found a place I wanted to settle so started looking at houses. We had a deposit saved and soon found a house we fell in love with. Prices have gone crazy since then so we have built up equity really quickly, and the rental market is now terrible, with loads of people literally having to queue up to rent terrible houses (at great expense (and little security). Lots of people are living in cars and tents as they just can't get a rental. ( I am not in the UK). So just be aware that while renting may be a great option for you now it might not always be the case, so if you can save a deposit while you rent you I'd recommend it. Apart from all that, its great to be able to paint walls and put pictures up (although not so fun when you have to replace the boiler). Personally I'm delighted that we were able to buy when we wanted to, but agree many houses in the UK are very poor value now.

LadyOfTheCanyon · 27/09/2023 09:21

We own our house ( well, nearly- on the home stretch with the mortgage) and view it very much of an asset. Our mortgage has always been less than the equivalent rent would have been meaning we've been able to have holidays, save a bit etc.

When I was renting it just felt like money down the drain, although it was nice not having to worry about finding money for boiler repairs and leaking roofs!

Having a secure home that will be paid off in the next three years meaning nearly all my future earnings can go towards my retirement is a very comforting thought.

BananaPalm · 27/09/2023 09:26

Unless you can count on a very large pension pot, not owning a home will mean a very bleak retirement...

IHeartGeneHunt · 27/09/2023 09:27

Yes. It'll never happen, though.

ShinyBandana · 27/09/2023 09:28

I rented until I was 36 when I bought a flat. Sold it, got a bigger mortgage and bought a house with my husband when I was 38. We sold that 10 years later and moved from the SE to the NW and had enough to buy our dream home outright.

The sense of security of owning this asset is huge. And it’s our home and we love it. I wouldn’t want to live anywhere else again. I hated the short-term, at a landlords whim of 18 years as a renter.

PinkMoscatoLover · 27/09/2023 09:29

Nope, I have no interest in owning a home. There’s no inheritance coming my way, no help from parents or extended family members. It’s also impossible to save a deposit especially by myself.

I private rent and I’m extremely close to getting a Council/HA property. I’m more than happy with that and my kids can take it to over once a die.

If it was easier and cheaper for me to save for a deposit then my views would probably be different. It’s just not realistic for me to ever own a property unless I win the lottery

BHRK · 27/09/2023 09:30

Buying a home is worth it for the security. Not paying rent in your 60s is a gift

Giftsxmas · 27/09/2023 09:31

Some people are not in the position to buy

PinkMoscatoLover · 27/09/2023 09:32

BananaPalm · 27/09/2023 09:26

Unless you can count on a very large pension pot, not owning a home will mean a very bleak retirement...

not owning a home will mean a very bleak retirement...

This is the case for a lot of people unfortunately. A lot of people simply cannot afford to buy

klhfd · 27/09/2023 09:34

I hated renting. It just never felt like home in the same way owning does, and financially it just didn't/doesn't make sense for us.

We've moved around a fair bit, we could rent out and move around the country living cheaply with DH's work (including abroad) but we are settled and happy here, whilst the kids go through secondary at least.

Ginmonkeyagain · 27/09/2023 09:38

I don't come from a home owning back ground (My parents and grandparents rented) and I rented all of my twenties.

What drove me to buy in my early thirties was how shitty the private rental experience is in this country. No idea is your landlord is decent or even financially solvent, now allowed to even put up a picture, worry every year you may be asked to leave, being made to feel like even the most minor repair request is an imposition.

The advantages of owning my place is stability (we can stay here as long as we like), ability to have the decoration just as we like, housing costs decrease rather than increase over time, you own an asset at the end.

Downsides are being financially responsible for every thing (i'm looking sadly at the £109 plumbers bills I got on Monday for removing a stubborn bathroom blockage), the sheer grind of repairs and keeping the bloody place from falling down, responsibility of paying the mortgage, you are more tied to an area if you want to move.

Seychal · 27/09/2023 09:39

BananaPalm · 27/09/2023 09:26

Unless you can count on a very large pension pot, not owning a home will mean a very bleak retirement...

Except there are many pensioners that get Housing Benefit. It does not necessarily cover all rental costs, but in my experience it covers most of it. I know of many villages were most pensioners are in receipt of support to meet around 80%-90% of their private landlords rent. The landlord has a blue chip tenant in the form of the LA and the pensioners can afford the £200 a month they are required to pay.

What goes around will come around also. Landlords are now paying more tax than they did 10 years ago and the screws will tighten more.

crackofdoom · 27/09/2023 09:40

As a HA tenant, I have the best of both worlds. It's a lifetime tenancy, and I decorate as I like. Just about to pick up the phone now to report a minor issue with the bathroom, that they will come and fix for free. No worries about replacing the boiler (well, it's an ASHP with underfloor heating) or paying the mortgage.

It seems to me that private renting is kept deliberately unregulated and grim in this country in order to maintain demand for house buying.

As for a "bleak" retirement, as a longterm poor (autistic) person, what I am looking at is a frugal retirement- not the same thing at all. Oh no, no cruises 😱

LegendsBeyond · 27/09/2023 09:45

Will you want to be renting and constantly moving when you’re in your 60’s & 70’s though? Most people I know will own a house outright by around 55/60 and will be living mortgage/rent free for the rest of their lives. You’ll have to pay increasing rent forever.

Tweedledeedums · 27/09/2023 09:47

I'd love to be a house owner!
I did actually buy a house when single years ago but circumstances (and a terrible marriage) now see me in my late 50s private renting for over 10 years. Single and on minimum wage so no chance of ever owning again.
Have had to put up with landlords bad taste in decor, never able to paint walls or put up shelves etc. Got a phone call one day after 5 years of living and settling in one house from landlord saying he'd put house up for sale and I had 2 months to get out.
I'm now looking at private renting until I die which is going to leave me in real poverty as a pensioner... even with a private pension! no chance ever getting social housing (formerly council housing) in my area.

Zipps · 27/09/2023 09:47

I've rented years ago and now own our own home. We also have rental properties. I would rather own.
No need to stay in one place if you own, now we've retired we go off for weeks in our campervan and go on holiday all the time. We could always rent our house out or even sell it and go and live somewhere else if we want.
You are not stuck if you own, quite the opposite.

SweetPetrichor · 27/09/2023 10:00

I hated renting. We rented for 5 years and I found the stress of worrying (in my case pretty irrationally) that the landlord would sell the flat ate at me.
We bought a few years ago, and I am eternally grateful for it. It’s nothing shiny or extravagant, but it’s ours and it’s a godsend not to have rent to pay. I still stress, but now it’s about repairs! I’m just one of life’s worriers!

Breezin · 27/09/2023 10:00

A lot of people don't realize owning property or some kind of expectation that people will, is much less common in other parts of the world, even continental Europe. I'm in my 40s and never owned. Have always been a bit of a nomad. Rentals give me that freedom. As I get older I'm getting closer to wanting to have something permanent but the thought of the financial and mental responsibility of always having to be ready to fix and pay for unexpected repairs and general upkeep gives me huge anxiety. If I wasn't single I might feel differently maybe, having someone else to share that with? Not sure.

Overthebow · 27/09/2023 10:05

We own our house and that was always my goal. Mainly for security and financial stability. There’s no worry of a landlord selling up or getting evicted, we can decorate how we want and our mortgage payments are stable, they don’t go up unless interest rates change at the end of a fix. We also didn’t want to be renting when retired as it would be difficult to keep up payments on a pension, we will have long paid off our mortgage by retirement so won’t have that cost.

Vanessashanessajenkins2 · 27/09/2023 10:12

So we just moved into our own home after renting together for nearly six years.
The sense of security for me is immense. I really appreciate that as when I was renting I never felt at home. Now I feel that I can really put some roots down, get to know my neighbours and I know where I will be.
I was never able to feel at home in rented accomodations. Living on a landlords whim. The houses we lived in were part furnished and I was never able to purchase what I wanted.

Now I have furnished (most rooms) our own place, I just feel so grateful. I also love that I can chop and change things when I can.

It's lovely that everyone feels so different about it though. I am a homebody. I like being at home so the way my home feels to me matters a lot.

My cousin loves travelling and she has her own house now (inherited) but she did the least she could on her house. (Still looks great though). She prefers to spend her annual leave travelling and loved the freedom of renting before she inherited her house.

Tonight1 · 27/09/2023 10:13

I'm private rent (previously homeowner until relationship breakdown) and in my 40s but very hopeful about the future.

About to complete a specialist course which will lead to a good job and then I want to buy a little flat. That would be enough for me!

Bearpawk · 27/09/2023 10:16

Out of interest op what is your plan for when you're older/ retired and state pension age is about 75 and rents are increasing way beyond pension income - do you have a financial plan?
This is the main reason I wanted to be a homeowner, although I see the appeal of moving and changing your environment x

Singleandproud · 27/09/2023 10:16

I've owned outright since I was 30, it's not the house of my dreams, it's a two bed cottage flat but has a garden, drive and own entrance. My parents bought it for me and DD using inheritance from my grandparents. I am incredibly grateful but also quite stuck as to leave that financial security would be completely daft but I also can't move to a different area as I'd never be able to afford a mortgage as a single parent to an autistic teen. Now I know I am in a good position but it does impact employment opportunities a little. Although I suppose the grass always seems greener.

What do you do if you rent in old age? Does it get paid for you throughHousing Benefit / UC or similar or do you have to continually pay rent? I think that would be the deciding factor for me. Owning a house gives you options to downsize and to leave something for the next generation, if you don't have to use it for care.

Ladyoftheknight · 27/09/2023 10:27

The people I know who don't want to own are the ones that can't. They know they will never own their own home and so pretend they hate the idea.

A couple of people we know rent because they move around a lot or travel, one rents at the moment because she's waiting for her house to be built.

We rent properties to people saving to buy, one who plans to buy the house from us which we love.

Ladyj84 · 27/09/2023 10:42

Nope nope nope, we considered it and unless you have a good job to not only pay mortgage increases, roof problems,any house problems, insurances and the list goes on then we came to the conclusion it was almost like having an ongoing debt for years and we didn't want that plus all there people say for retirement yet the amount of people in the care homes I worked at that had to sell the house just to fund care so children didn't benefit, they didn't benefit as they needed care

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