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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think renting as opposed to buying is not throwing your money away ?

195 replies

Usemyname123 · 08/02/2020 18:52

I am a single 29 year old and do not own a home. I have been told that renting is essentially 'throwing money down the drain' and other words to that effect.
I admire those who are able to save for a deposit as I have a hard time doing so. I think it will take me several years, and I'm single so will potentially be buying something alone.
I think owning a house and being able to have your mortgage paid off so that you can live rent-free in retirement age is the main reason I would buy one.
But sometimes I feel, especially in the UK, that there is this thing about buying a home in order to be complete and fulfilled in life, along with getting married.
I think renting shouldn't have a stigma attached to it, not everybody wants the financial commitment of a house. Personally, I like the fact that I have the freedom to move elsewhere, or that my landlord is responsible for paying for a new washing machine etc.
I don't think that 'just' renting should be seen as some sort of failure, and should be a more celebrated choice as it has many advantages.
However I can also fully understand wanting to purchase a house. It must be a great feeling to know that you are the owner.
Interested to hear others' thoughts.

OP posts:
Sonichu · 08/02/2020 18:53

MN is obsessed with home ownership tbh.

Original poster
Usemyname123 · 08/02/2020 18:55

Many of my friends are too, though in France for example it's not as common to own a home. I guess it also depends on the city, i.e if it's London, Paris etc. It's less likely.

OP posts:
Luxplus · 08/02/2020 18:55

For me its a personal choice and I definitely do not judge or look down at anyone that rents.

Original poster
Usemyname123 · 08/02/2020 18:57

That's great to hear, I wish more had this attitude. However i don't know if that will happen.

OP posts:
Drinkciderfromalemon · 08/02/2020 18:58

I pay nearly 70% of my salary on rent - even if I wanted to buy I cant save enough and dont earn enough for a mortgage, so as long as we have a roof over our head I feel lucky!!

TreesSandSea · 08/02/2020 18:59

If I rented I would worry about how I would pay the rent when I wasn’t working any more? Part of why I like owning is that in 10 years we will have paid off the mortgage and then suddenly we have more to spare for uni fees etc

DonnaDarko · 08/02/2020 18:59

If you have a roof over your head, it's not a waste of money.

I know several people earning good money who cannot buy in their area because the house prices are just so ridiculous. even with deposits, some have not been approved for mortgages.

We fully expect to be renting for at least another 5 years. I'm 35.

Original poster
Usemyname123 · 08/02/2020 19:00

Yes I agree, it's not easy to save for a deposit when you have to pay rent. 70% is high ! They say we should be paying 1/3 of our salary on rent but that's not often possible.
Some are able to live rent-free/lower rent with parents in order to save, some are not, it's just one of those things.

OP posts:
Original poster
Usemyname123 · 08/02/2020 19:03

I agree, it's getting harder I think. That is definitely my main reason for wanting to buy, having the mortgage paid off before retirement age, otherwise i'm happy to rent.
I agree, it's not a waste of money.

OP posts:
SisterAgatha · 08/02/2020 19:03

I used to think that. But now I think how can paying for your children to have a home be throwing money away. Housing is a basic need regardless of ownership.

Bluntness100 · 08/02/2020 19:06

Well it's not dead money any more than a hotel room is, you're paying for the roof over your head, sure you don't own it, just like the hotel room, but you're paying to stay there, in someone else's property

Is there a stigma, no I don't think so. Clearly the financial benefits of home ownership, from equity increase to rent free retirement is obvious. The benefits of renting are less.

The cost of a new washing machine or boiler is inc in your rent. The landlord or lady includes that in the charge, so where as you don't need to go online and buy a machine and book an installation visit, like a home owner does with rent you're paying monthly to ensure you get these things, they are not free, in fact you pay way more than a home owner. You just save the half hour hassle of ordering one.

As said, I don't think there is a stigma, but there is generally an understanding of what is usually the better option.

TheThingWithFeathers · 08/02/2020 19:07

Of course it's not and I get really angry when I hear people say that. I am lucky that I could afford to buy a place if I really wanted to, but renting allows me to live in a far nicer and more convenient area.
It's a lifestyle choice!

SinkGirl · 08/02/2020 19:08

It’s all moot really if you can’t get a mortgage, which is the position we were in for years, and we were only able to buy a property because my mum died and I inherited a share of her house.

The best thing for me is knowing that by the time we reach retirement age, we won’t have to pay rent or a mortgage. We don’t have a pension for a lot of reasons and that scares me just as much as not owning a house.

I did hate basically buying flats for someone else through my renting life, however!

AllMouthandTrousers · 08/02/2020 19:09

I'm happy to rent, but what about when i retire? Thats my worry with it.

Crazyoldmaurice · 08/02/2020 19:10

Rent is a lot more expensive than mortgage payments where I live, therefore it makes financial sense to be paying less and into something that isnt just going into someone else's bank account, but partially going into my own. If renting was cheaper I'd agree but its just not round here.

ShirleyPhallus · 08/02/2020 19:11

It really isn’t, especially when you see how much interest you’re paying on a mortgage! We as a nation are very happy to pay for services on a whole but renting seems to be a completely different ballgame

Arnoldthecat · 08/02/2020 19:13

Well you could look at it this way,,first things first,you buy a house as a home not as an investment. Thats whats so fucked up about the UK housing market and it will end it tears. Its only a matter of time. Now if your not so bothered about building up equity but want security of tenure then just put down the deposit you can manage and get an interest only mortgage. That keeps costs down and you have security.

Kittykat93 · 08/02/2020 19:13

My main reason for buying over renting was so I have something to leave my son when I eventually croak it. I myself am only able to afford my house as my parents left me part of their house when they sadly died when I was 21.

I certainly would never look down at renting but it's just not for me.

MinisterforCheekyFuckery · 08/02/2020 19:13

As said, I don't think there is a stigma, but there is generally an understanding of what is usually the better option.

I agree. I don't think acknowledging that home ownership is generally more desirable than renting is the same as "stigmatising" or looking down on those who rent.

gamerwidow · 08/02/2020 19:14

It's up to you how you spend your money. I would advise anyone who can afford and get a mortgage in the UK to get one just because the rental sector is so insecure and we don't give tenants enough protections.
I've seen too many friends get turfed out of houses they've rented over the years and it's a disgrace that most landlords renew tenancies 6 months to a year at a time even when you've been there years.
It's an opinion I would keep to myself unless someone asked for it IRL.

atomicblonde30 · 08/02/2020 19:15

People definitely look down on me for not being a home owner, there is definitely a stigma. Even my own relatives all make jokes about how I’m the only one that hasn’t bought a home or got my license (I’m doing my lessons this year), but they conveniently forget my siblings had their lessons paid for by my parents and were allowed to live at home until they saved for a mortgage. I on the other hand was booted out when I got pregnant.

I’m 29 also so have time but with paying 55% of my salary on rent alone (typical of my area) saving for a deposit which I am is going very very slowly. I estimate I’ll have enough by 36 which isn’t the end of the world.

But as it stands we have a roof over our heads and a really great landlord who is very on the ball with repairs etc and has made no secret of the fact I’m his best tenant and he wants me to stay, so I’m confident unless he wants to sell he’ll never ask me to leave.

I would like to buy and own my own home for retirement and I will but it’ll be a long time coming.

gamerwidow · 08/02/2020 19:16

p.s. I don't judge someones worth on their home ownership status though.

DDiva · 08/02/2020 19:17

I completely get how hard it can be to save for a deposit and for many it is just not achievable. However if possible home ownership will give stability, I personally would feel very vulnerable renting and would not rent out of choice.

Doingtheboxerbeat · 08/02/2020 19:18

I'm lucky enough to rent my property from a housing association so my rent is relatively cheap and if I ever find myself out of work for whatever reason then I assume that housing benefit would be able to cover it. I have never really thought about buying until fairly recently due to worries about retirement but I'm too old now to do anything about it now and I wouldn't feel right about buying my HA property.

Sporty99 · 08/02/2020 19:19

I'm middle aged and have definitely had more people judge me for renting and not owning as I've got older.