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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Would you rather live somewhere you hate but own, or live somewhere you live and private rent?

73 replies

ijudge · 11/02/2011 09:56

This is the choice we are faced with and truly have no idea what to do for the best.

We really dislike where we live now, bad neighbours, quite a rough area, - but we do own our house, no equity with a mortgage we are struggling to pay and won't end till we are 65.

Move to another part of the country where we would like to live, somewhere beautiful where we could rent forever and raise the children in a better area.

What would you choose

Short term happiness over long term security?
Live for now or plan for later?

We are going round in circles and would appreciate any advice

OP posts:

BooBooGlass · 11/02/2011 10:01

I rent and will probably never be able own. There are up and down sides of course. Renting is pretty much throwing your money away. BUT I like where I live, have a great landlord who I pretty much never see and who has assured me we can stay as long as we like (been here 6 years with no rent increase) and any repairs aren't my responsibility. WHy stay and struggle with a mortgage when you don't like being there?

FabbyChic · 11/02/2011 10:02

I would choose whatever is best for my children, and did. I hate it here Im renting, but my kids have made good friends and had a good education.

valiumredhead · 11/02/2011 10:04

I'd own over renting every time, but have friends who prefer to rent. We rented for years and it was a great relief when we bought our first flat ( and also the area we bought in suddenly became 'desirable' and the flat trippled in value and we were able to buy a house.

AnnMarlow · 11/02/2011 10:05

Would you get any equity out of selling your house? Would it be possible to sell up, move somewhere nice and rent there with the view to buying in the slightly longer term?

We are renting and due to our financial situation are likely to be doing that for a very long time, if not for ever.

Original poster

ijudge · 11/02/2011 10:05

But what is best for the children?

Is it better they are raised in a nice area, with a good school?

Or is best we keep the house, they have stability and when they are older we may be able to help them out financially by releasing money from the house.?

OP posts:

AnnMarlow · 11/02/2011 10:07

Sorry - just saw you have no equity.

In some ways I don't like the fact we will always be renting but as when we did "own" our house it didn't increase in value at all it did feel a bit like we were throwing the money away.

I think being happier is likely to be better. Would you be paying any less in rent?

samay · 11/02/2011 10:07

This reply has been deleted

Message withdrawn

AnnMarlow · 11/02/2011 10:07

I do wonder about the helping children out financially bit, but realistically we are never going to be able to do that, so I try not to think about it.

KnittedBreast · 11/02/2011 10:09

i wouldnt rent unless it saved you money.

expatinscotland · 11/02/2011 10:10

rent.

i would not want to live in a rough area and other than bad accommodation, bad neighbours at the worst.

you don't realise how this affects your life till you get away from it.

renting is not 'throwing your money away' because shelter is a basic necessisity.

only in teh UK do they say it's throwing money away but by that token, so is spending money on food or utilities because having shelter/a roof over your head is just as essential as food to eat.

Original poster

ijudge · 11/02/2011 10:10

Having looked around renting would save us nearly £200 a month

OP posts:

samay · 11/02/2011 10:11

This reply has been deleted

Message withdrawn

shinyshoes · 11/02/2011 10:11

i don't understand this notion that renting 'is throwing your money away' you are providing a roof over the families head' how can that be throwing money away.

i'd rent and live in a nice area.

my friends son is a good boy but because he lives in a rough area he is mixing with the wrong crowd. He sees it as better than being in with them that not and being a target for them.

It's a shame.

I always said if I could afford to live in a nice area and I had room he could live with me

expatinscotland · 11/02/2011 10:11

'Is it better they are raised in a nice area, with a good school?'

Statistically, fact-wise, children brought up in a nice area with a good school do better financially in life.

emsyj · 11/02/2011 10:14

I would rent a place you love and in a nice area where there are good schools. Surely that will be better for your children in the long term than the fact you own some bricks and mortar in a not nice area?

And anyway, who knows what might happen in the future? Live somewhere nice now.

stripeywoollenhat · 11/02/2011 10:15

i would rent. the stress of living somewhere you hate will wear you down, and if the house is in a rough area, it's not likely to increase in value in a way that is useful to you in the next few years - do you want to give up that much of your life? can you walk away without a huge amount of debt?

AnnMarlow · 11/02/2011 10:15

Saving £200 a month is great. Plus you wouldn't be responsible for maintenance costs which add up to a lot. And better quality of life :)

Original poster

ijudge · 11/02/2011 10:24

We would have to be here years to make back the money we paid for it (bought when prices were high). Will sell for just enough to cover fees.

OP posts:

emsyj · 11/02/2011 10:27

Could you rent out your house for enough to cover the mortgage? You may not need to convert to a buy to let, you may be able to get permission to let from your lender.

This is what we did when we relocated a few years ago. We had bough our house at the top of the Market and it would have cost us thousands to sell, so we rented it out and then rented another house to live in in the new area.

Original poster

ijudge · 11/02/2011 10:28

We are worried abut not having enough money to pay repairs etc if we become LL's emsj

OP posts:

expatinscotland · 11/02/2011 10:29

Cut your losses and get out now before the market tanks even more.

OhForBoonessSake · 11/02/2011 10:30

rent and love.

emsyj · 11/02/2011 10:31

I guess that is a risk if you don't have any savings. I don't know if there might be any insurance you could get to cover that. Could you save a little fund for this? Just seems a shame to sell if you don't have to.

I would still move tho even if you lose money initially.

NicknameTaken · 11/02/2011 10:35

Rent and save the £200 a month. You could always use this money to help dcs out later if necessary.

lesley33 · 11/02/2011 10:39

Rent. My OH bought a house in a bad area before we met. Living in this type of situation wears you down and you don't realise the stress of this until you move away.

It was great when we moved. I slept much better - no longer worried about noise outside; was much more relaxed and felt safe.

Being under this kind of daily stress will have an impact on your life. We didn't have kids at that point, but I would have hated to bring my kids up in the bad area. They would either have been mixing with some of the yobby kids on my street, or being bullied by them.

Sell up and rent somewhere you enjoy living. And if you are worried about passing something onto the children, then save some of that extra £200 a month in an account for them.

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