To not want to move

starfish2020 · 2016-08-01T19:06:36+00:00

Renting a house in London. No it's not cheap and can't afford to buy in the area. The other option is to move out of London and buy a house rather than rent, and the mortgage would be cheaper than the rent. AIBU to not want to move?! I like where I am, but everyone is telling me it's money down the drain paying such high rent when I could own a house elsewhere But I don't want to live elsewhere! [sad]

OreosAreTasty · 01/08/2016 20:08

It is money down the drain... Could you buy a house elsewhere, commute into London, pay the mortgage off asap on the new place, sell new place then move back to London with one heck of a deposit?
It's a long one but may be worth it. Personally I think it's daft to basically set fire to £££ every month when you're in a position to buy elsewhere and have that money actually doing something for you but if you don't want to move, don't

Gazelda · 01/08/2016 20:09

It's nobody's business! If you're happy where you are then stay there. Also, while you may have reduced accom costs if you buy outside London, you will need to factor in commuting costs (presuming you work in London).

Sparklesilverglitter · 01/08/2016 20:10

If you want to continue renting then that's your choice to make so no your not unreasonable.

Do you think if you don't move and don't ever buy a house, you would regret it in later life?
What type of tenancy do you have? What if your landlord wanted to sell up tomorrow?

You could buy somewhere with excellent trains in to London? Best of both worlds London easy enough to get to but your a home owner!

Eatthecake · 01/08/2016 20:15

Your not being unreasonable.

I did move from London to be able to buy a 4 bed house, we commute in to London which is cheaper than our rent ever was. For me being a home owner was something i wanted.

What tenancy do you have? Your landlord could sell in the future and rents in London could be even higher. I don't like the uncertainty that comes with renting.

Really though it's no body's business but yours

Slothlikesundays · 01/08/2016 20:20

If you're in a position where you could buy could you buy a house to rent out? Have a house so you're on the property ladder/that you could rent to cover mortgage and then continue to rent in London?

YelloDraw · 01/08/2016 20:26

Totally depends.

How old are you
Are you with a long term partner?
Do you want kids?
What is your current and future earning potential?
What do you value in life?
What and where can you afford? So like, can you afford a 1 bed flat in Zone 3?

There is nothing inherently wrong with living somewhere vibrant, fun and central and renting. Especially if you are single, its much nicer for your mental well being to be with friends and have live where you love. Not much fun sitting in poky studio in zone 76 just because you felt 'buying' was important.

However, you need to think 'what will I do when I retire' and have a plan for that.

So your plan might be to up your earning potential and buy later, it might be to put LOADS away in a pension and other investments, it might be to get a BTL somewhere much cheaper with the intention of living there when you retire.

YelloDraw · 01/08/2016 20:26

Totally depends.

How old are you
Are you with a long term partner?
Do you want kids?
What is your current and future earning potential?
What do you value in life?
What and where can you afford? So like, can you afford a 1 bed flat in Zone 3?

There is nothing inherently wrong with living somewhere vibrant, fun and central and renting. Especially if you are single, its much nicer for your mental well being to be with friends and have live where you love. Not much fun sitting in poky studio in zone 76 just because you felt 'buying' was important.

However, you need to think 'what will I do when I retire' and have a plan for that.

So your plan might be to up your earning potential and buy later, it might be to put LOADS away in a pension and other investments, it might be to get a BTL somewhere much cheaper with the intention of living there when you retire.

Original poster

starfish2020 · 01/08/2016 20:29

It's not just the work though. It's the school and friends for dc.
We are happy where we are. I know I'm paying a lot of rent, the house belongs to a housing association and even though tenancy is for 5 years at a time, unless they have a reason to kick us out (like not paying rent it antisocial behaviour) we pretty much can stay as long as we want. Rent is slightly cheaper than private and it's much more than the council.
I can't afford to buy near by. I'd have to go very far out to buy a house I can afford. Commuting might end up costing a lot too.
I just feel in two minds. I think my family have a point re rent and mortgage but.... I'll never own a house in London.

OP posts:

RubbleBubble00 · 01/08/2016 20:29

buy a house somewhere else and rent it out. Then you will always have a fall back

RubbleBubble00 · 01/08/2016 20:31

If you love your life there, you can afford to live there, then why on earth would u move

YelloDraw · 01/08/2016 20:33

What about shared ownership in London?

It can work for some people.
I am not a great fan really unless it is either (1) a short term stepping stone or (2) a long term plan that you can stair case up to 100%.

But really, with a 5 year pretty secure tenancy I would stay put.

DesignedForLife · 01/08/2016 20:37

Buy a house somewhere cheap and rent it out so you're building up money and stay where you are. South Wales/South West/up North and you can get reasonably priced houses that would rent out for more than the mortgage.

Original poster

starfish2020 · 01/08/2016 21:10

I'm not sure I fancy being a landlord. Seems like a lot of hassle and faff that I don't need. Plus when I see those programmes about nightmare tenants it doesn't look appealing at all
Rubble it's because I will be left with nothing according to my parents by paying rent.

OP posts: