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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to think owning a house isn't necessary?

82 replies

manicinsomniac · 27/04/2015 16:02

About 6 months ago I started saving up for a house deposit. It will take me a long time because I'm a single parent and have three children and I live in the South East.

But this week I've decided to stop. It's affecting our lifestyle and I don't like it (yes, I know how petulant that sounds Grin ) I like taking my children travelling in the long Summers (I'm a teacher) and love taking them to the theatre regularly. I also spend a vast amount on extra curriculars. I don't buy much in the way of stuff but I really want to be able to spend my money on experiences and opportunities for all of us, not save it up to buy a house when we already have a house to live in (even if it doesn't belong to us!)

So, AIBU to think that, in the grand scheme of things, being a life long renter won't matter all that much and that it's okay to spend what you have on enriching your life instead?

OP posts:
frikadela01 · 27/04/2015 16:05

If you've got a secure rental and are happy to continue to pay rent after retirement then why not. renting is the norm in a lot of countries, for some reason it's frowned upon here.

expatinscotland · 27/04/2015 16:05

YANBU. But everyone will come on here and tell you you are, retirement, how to overstretch yourself to buy, etc etc etc. Life is for living.

blue42 · 27/04/2015 16:09

YANBU at all. The idea that taking on a massive amount of debt somehow equates to "security" is completely bizarre. Go ahead and enjoy your lives, experience things. Live, rather than exist.

Good for you.

BabyTuckoo · 27/04/2015 16:09

You sound like a lovely mother - I'd have loved that kind of childhood.

We only bought a flat because we were sick of getting moved on from yearly tenancies because the landlord put up the rent or decided to sell /live in it him or herself - the instability got to us. But if we had longterm stable tenancies as a cultural/legal norm here the way they do somewhere like Germany, neither of us would have wanted to buy. Are you reasonably secure where you are?

Marmaladedandelions · 27/04/2015 16:10

The young family in a house I let out could have bought a home but went to Canada instead. I think they're just happy renting for now.

LaurieFairyCake · 27/04/2015 16:13

There's nothing wrong with renting if you can get a council house, housing association place or another secure rental (I think all rentals should be properly secure)

However getting one is fucking hard.

I've rented and owned and they're both a bit shit in the South East - the cost of owning means you get a shit house unless you're a millionaire. Mines is worth £325 and there are holes in the roof where the rain comes in I can't afford to fix.

And the last time I rented they wanted to sell after six months so there was no security.

museumum · 27/04/2015 16:18

if you're in housing association or a long term rent then no worries. you'll have a decent pension.. i'd be putting some extra into the pension as you will be paying rent all your life under this plan... whereas owners tend to pay off their mortgage before retirement...

Breadwidow · 27/04/2015 16:21

You are not being at all unreasonable. We have it wrong in this country to put such an emphasis on home ownership.

reup · 27/04/2015 16:28

What do people who privately rent do when they retire? HB wouldn't cover any shortfall now

Kelly1814 · 27/04/2015 16:28

YANBU. I live overseas where 95% of people rent. It's totally normal. Home owning is an obsession in the uk!

GiddyOnZackHunt · 27/04/2015 16:31

Secure affordable housing should be available to people. Owning a house shouldn't be the only way of achieving that.

Feminine · 27/04/2015 16:33

When you retire (at present) the housing allowance covers all of the rent.

Feminine · 27/04/2015 16:36

Plus, if you can't afford to buy. You just can't.
Life can't be spent trying for the unattainable.
Families that force/stretch themselves to buy commonly get repossessed.
That is rubbish for the economy.
I wish for a secure tenancy for all renters. It isn't fair to feel you haven't succeeded if you don't own your home.

ExitPursuedByABear · 27/04/2015 16:37

Nothing wrong with at all if that is what you want. I think we are fixated on house ownership in this country. I see it as a way of saving up so that my DD will have something to inherit when we koofer.

I have family in Switzerland where renting is very much the norm, except two of them have reverted to their English roots and both bought properties Grin

Does housing allowance really cover your rent when you retire?

popcornpaws · 27/04/2015 16:40

I posted on another thread just the other day saying how in a way, i regret buying a house at age 25 as to be honest i am sick of feeling tied down to one place.
I know we could sell up and move on but it isn't the same as being able to change jobs and move every time you fancy a change.
There is more to life than being a home owner so YANBU
I have advised my DD to think very carefully before ever buying a house, it isn't always the best way!

verbeier · 27/04/2015 16:41

We too haven't bought (as saving saving saving for deposit). My fear is retirement. The pension age keeps increasing, and I don't want to be a burden on my children. And I can't rest easy with what benefits and allowances may be in place today - they could well be gone tomorrow.

Viviennemary · 27/04/2015 16:44

If you can't afford to buy in the area you live in you can't and that's that. But I still think owning a house is better than renting for most people. It's only that house prices in this country have been artificially manipulated IMHO. At least a mortgage will be paid off (hopefully) when you retire unlike rent which will go on for ever. And the point is benefit will stop with any savings or lump sum pension payouts inheritances and so on. I think that should be taken into consideration.

expatinscotland · 27/04/2015 16:49

'Does housing allowance really cover your rent when you retire?'

If your income is low enough, yes.

blue42 · 27/04/2015 16:50

Viviennemary, its worth making the point that the mortgage will only be paid off if you have a repayment mortgage or a separate repayment vehicle. I know it sounds pedantic to point this out, but I am constantly amazed at the people I meet who have an interest only mortgage and think they are working toward ownership of their house. When in fact they are simply renting off the bank.

PtolemysNeedle · 27/04/2015 16:50

Yanbu. Home owning is vastly overrated.

Marmaladedandelions · 27/04/2015 16:50

To answer in the specific though, that's unlikely to apply if the OP is a teacher.

twofingerstoGideon · 27/04/2015 16:54

They are probably also accruing significant equity, blue42, where money to a landlord is money they'll never see again.

blue42 · 27/04/2015 16:56

Equity is not guaranteed, twofingerstoGideon. The debt is.

chrome100 · 27/04/2015 16:56

YANBU. I actually have saved enough for a deposit but am not going to buy. I love my rented flat, I can afford it and don't want to take a loan out. I could never afford anywhere as lovely as where I live now if I bought and I like that I don't have to pay for repairs, worry about the boiler etc. Plus if I ever get a new job or want to move, I can. Just like that.

teenagetantrums · 27/04/2015 16:57

I have a council flat so a secure tenancy for life, would not like to have to moving every year if landlord decided to sell, but yes if you are happy home owing is overrated.

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