AIBU to think owning a house isn't necessary?

[manicinsomniac]

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 ) 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?

Home ownership was a big priority for me, as a dog owner (exhibitor and breeder) having my own home was important to be able to have the dogs I wanted. I couldn't go back to renting and having to justify myself every time I wanted to scratch my bum.

A lot of people can't afford to buy I know, but personally I see home ownership as investing in my future and getting a return on my money. I also feel a responsibility for looking after myself in old age and not leaving the bill for my housing etc to my children and younger generation which is what will happen unless I am missing something? A poster says she doesn't care about old age and to just put her in a home, but who will pay for her?

I'd love to buy, saving up for 1 1/2 years now but still haven't got enough for a deposit, also I'm worried about committing to a mortgage as my partner is on minimum wage.

I have had good and bad experiences with landlords, a lot of them doing inspections when I was at work letting themseleves in and snooping around!

Cheapest rental round here (SE) is £900 for a pokey 1 bed flat!

YANBU, Houses are not worth the money you pay for them excluding interest let alone all costs together. Im happy renting, but until the house prices/mortgage companies sort out how the decide how much you can borrow its pointless even looking.

House prices are at least 10x the national average yet banks dont take this into account. My and DP are perfect candidates, good credit ratings, savings, never use the overdrafts so always in the black but they wont lend us enough for the area even though our rent is more than what the mortgage payment would be, why dont they look at the facts rather than some bullshit calculator?

This way I get my heating/gas serviced each year, im about to get decorated, new windows and carpets too. Private rent not social, there are many horror stories about private rents but they are not as bad as you think.

We rent and I agree esp with Babybythesea.

Although, we have been lucky enough with our landlords and have not been served notice. We have had landlords who have done the bare minimum repair wise, etc.

We have two young children and feel now it is really the right time for us to buy. So we are saving, should take us another 9-months and we will buy the cheapest house that is suitable.

That said, although we have rented for about 10-years we both owned before and I have to say that I did not really enjoy it that much. It was just worry.

Renting has also allowed us to move around when we like. Luckily, my husband has got a fantastic job and we love the town where we live. Before we were in the SE and if we had bought there I think we would have been tied because we would not have wanted to get off the ladder.

I am nearly 40.

My circumstances are probably very different as I live in a much cheaper area. My husband and I met at 17, and worked hard (2 jobs each) to save for a house deposit. We should hopefully have paid it off in another ten years, when we are early 40's. I am now at uni though finally working towards my dream job (midwife) so I am doing things back to front. I don't regret it though as if we hadn't bought when we did (right before the boom) I doubt we would ever be able to. If we had waited until after we had children then we definitely wouldn't have been able to. Our mortgage is £330 a month (repayment mortgage) and houses on our road are rented out for £450 a month, so I know we did the right thing for us.

The way we did things certainly wouldn't work for most people though I suspect! People can only do what suits their individual circumstances.

I can't imagine how miserable my life would be now I've retired if I hadn't bought my house. Having to pay rent out of my pension would severely restrict my lifestyle; there is very little social housing where I live so wouldn't be in my chosen area. I might live for another thirty years and I hope to be able to enjoy it!