Page 3 | Do you want to own your own home?

Itsgoingtobeokay · 2023-09-27T07:38:02+00:00

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?

Whattheflipflap · 28/09/2023 10:22

I’d rent a council house in a heartbeat, but I would much rather own with a mortgage a I do now vs given notice with a newborn and being homeless by my private landlord

bonbon2023 · 28/09/2023 10:31

No interest in owning. I live in a HA house my rent is £540 a month and all repairs are done for free (new windows and doors being fitted as we speak) it's a lifetime tenancy and a 4 bedroom end of terrace. I pretty much do what I want here without the worry of the bank taking my home from under me. And let's be honest your not a home owner unless you've paid your mortgage off or bought it outright. The bank owns it.

Oblomov23 · 28/09/2023 10:35

Renting doesn't make sense money wise. Dead money. If you can't afford a mortgage, ahh that's a totally different issue.

Sixmonthcruise · 28/09/2023 10:56

bonbon2023 · 28/09/2023 10:31

No interest in owning. I live in a HA house my rent is £540 a month and all repairs are done for free (new windows and doors being fitted as we speak) it's a lifetime tenancy and a 4 bedroom end of terrace. I pretty much do what I want here without the worry of the bank taking my home from under me. And let's be honest your not a home owner unless you've paid your mortgage off or bought it outright. The bank owns it.

But not everyone is so lucky to be in a position to qualify for a life-time tenancy. My sister didn’t qualify for a HA home so has had to private rent and therefore will now have to rent for life.

FlyingSoap · 28/09/2023 10:59

bonbon2023 · 28/09/2023 10:31

No interest in owning. I live in a HA house my rent is £540 a month and all repairs are done for free (new windows and doors being fitted as we speak) it's a lifetime tenancy and a 4 bedroom end of terrace. I pretty much do what I want here without the worry of the bank taking my home from under me. And let's be honest your not a home owner unless you've paid your mortgage off or bought it outright. The bank owns it.

Yep!

dkdkjf · 28/09/2023 13:11

The bank owns it.

No they don't.

bonbon2023 · 28/09/2023 13:49

@Sixmonthcruise ok well that's unfortunate but what's that gotta do with me? Op ask us if we wanted to buy or not.

FlyingSoap · 28/09/2023 14:04

dkdkjf · 28/09/2023 13:11

The bank owns it.

No they don't.

Well, they do. They’d repossess it if you didn’t pay.

dkdkjf · 28/09/2023 15:24

Well, they do. They’d repossess it if you didn’t pay.

That's not the same as ownership. The house is leverage, but it is solely owned by the mortgage customer. "The bank owns your house" is one of those naff things chippy people say, probably the same ones who say they went to the university of life. It's factually inaccurate.

Seychal · 28/09/2023 22:17

dkdkjf · 28/09/2023 15:24

Well, they do. They’d repossess it if you didn’t pay.

That's not the same as ownership. The house is leverage, but it is solely owned by the mortgage customer. "The bank owns your house" is one of those naff things chippy people say, probably the same ones who say they went to the university of life. It's factually inaccurate.

Yes. The law changed in 1926. Nearly 100 years ago.

Ginmonkeyagain · 30/09/2023 09:29

The bank owns the debt that is secured on your house. So if you default on debt payments they are allowed to take the house in lieu of the debt.

cushioncovers · 30/09/2023 09:39

I have a mortgage on my home. I would not rent unless I had no other option. I like being in control of my own home and choices & not at the mercy of someone else's.

cushioncovers · 30/09/2023 09:44

People saying a private pension will cover rent in old age will have to have a fantastic pension pot to cover the extortionate rent costs and have some left over to live on. Even my Nhs pension won't cover half of what I'd need.

berksandbeyond · 30/09/2023 09:52

Yes, I honestly didn’t even consider not buying a home, it was always the goal. Maybe because my husband and I both grew up in owned homes, that was the norm for us. We bought our first property at 26, sold that and bought our current house in 2021. It wasn’t easy (we are in the south east for its very expensive) but I would hate the insecurity of renting. We did rent for a couple of years when we first lived together, and had a decent ish landlord, but you’re still paying off someone else’s mortgage!

AnneElliott · 30/09/2023 12:03

We've never rented as it was always considered as aging off someone else's mortgage rather than your own. Maybe if there was long term security it would be different but certainly where I am on SE London there are loads of people chasing every rental and the rent is extortionate! We'll have paid off the mortgage in 4 years and that will be such a relief.

Original poster

Itsgoingtobeokay · 30/09/2023 19:10

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.

If everything works out like he wants it to I'll inherit my dads house one day. I dont particularly want it as it doesnt have a yard and is in a rough area.

*

I've not read all the replies yet but a few have asked what I plan to do when I'm older.

If it works out the way my dad plans then I'll inherit his house, so if I really had to, I'd live in that for a while although I'd prefer not to

If my dad ends up needing to sell his house for whatever reason I'd be happy enough continuing to rent, I'd love to have a camper van or moterhome of some sort really

OP posts:

NotFastButFurious · 30/09/2023 19:19

absolutely a goal! I lived back at home
as a graduate to save money to buy because I couldn’t justify paying a stupid amount in rent to house share and live like a student again (and yes, I paid my way at my parents) and then apart from a short spell renting when i moved areas, I’ve always been a home owner……or maybe I should say the bank owns my home…..but then in a few years time it’ll be entirely mine and i won’t be paying rent in my 50’s, 60’s and onwards……

catskittens · 30/09/2023 19:39

Love owning my own home outright since i was 40yrs old
i keep up with looking after it and when i retire i can always retire and down size
current value £320k and could buy a decent flat for £180k

Ive lived here years and has served me and 3 kids very well,also i know a few women that rent and are now panicking as their kids are fast reaching 18yrs and then the council or UC will not be paying the benefits and that they have got used to (private rent) 3 bed approx £1300 + a month

so now the parent may end up in a studio if lucky approx £800 a month and wages are normally min wage,they should have planned for this but stuck their heads in the sand im afraid and very very hard to get a council or HA place your looking at never if you have no severe health problems or dependent kids

catskittens · 30/09/2023 19:50

and i moved here and had a mortgage when rates were 14% scary times and things were very tight for 10yrs while i became a single parent no help from the dad for kids or mortgage and was really tough while the woman next door (same build of house) had all her rent paid by the council and had far more money than we ever had but over the years things changed and now times are pretty good

also people go on about how expensive houses are to maintain but if you stay their for years over time things do get done to improve it and as long as you dont want to live in a masion and have the best of everything a house can be a great place to live and security of having your own place imo is priceless

Singlespies · 30/09/2023 20:02

It was always my aim and I bought a house as soon as I could. I love living in my own place.