Not sure if I want to buy a house, anyone else decided not to?

[Drumstick38]

I earn minimum wage, though I am currently applying for higher paid roles.
I have zero debt apart from student loans which is good, and about £1700 in savings.
I can't see how I could ever afford a deposit, as well as all the associated fees. I'm in Greater Manchester and having to look in Bolton, Wigan, Rochdale etc. As everything else is much more expensive.

Aside from this, I think the responsibility of paying a mortgage would be too much for me. I've already lost money this week due to having Covid and having to isolate, I'd be too worried about losing my job or something and not being able to pay.

The repair and maintenance costs are a factor too of buying a house.

I like the flexibility of renting, I don't have any pets and I like that more responsibility falls on the landlord.

The thing that people seem concerned about is in retirement age, and whether people can afford to keep renting, but surely there must be solutions?

Anyone else in a similar situation?

Was saying to original person that disability or getting ill can happen at any time to any of us and she needs to realise that and not just think about how she is now. Can't rely on always being able to work and renting always going up rent payment but mortgage payments goes down and then if get disabled or ill, less dangerous situation if mortgage than if private rent but not dangerous if social rent.

I do think buying is the ideal. I hated the anxiety of private renting. Landlord disputes etc.

Nothing beats the feeling I had when first moving in to my first owned house, a little worse for wear terrace. I'd worked so hard for it, and none of my parents or siblings owned so it was a huge thing for my family. I really took care of it, couldn't afford massive renovations but with a new carpet and wallpaper it was lovely.

Now own a much bigger nicer house, made possible through a combination of equity from my previous home and improved financial situation.

For me, renting felt like I was working to live rather than living to work. Working hard to give my money to some landlord, I didn't see how it would ever end unless I bought. Paying a mortgage, I knew I'd see that money again one day.

'working to live rather than living to work' was a bad phrase to use and doesn't make sense in this context, but I'm sure people will understand what I was trying to say.

Sorry don't mean this personally but your posts reminding me of abuser twisting words and trying to shut me up and sorry know you not him but have to stop posts on thread now to stay ok mentally. Hope my posts helps original person or maybe someone else maybe.

Christ. As somebody who spent my entire childhood growing up in an incredibly abusive situation, this comment is beyond the pale for me, as a response to a post that was neither unkind or unreasonable.

@FlyNow

But that was the OP saying that. Who rents. That's her perspective or worry about how people view it. That isn't what most other posters who either rent or have bought have said.

Yes, exactly, I think you have to be a bit careful when you are feeling unsure about something, it often feels like others are looking down on you or critisizing you when they aren't. Renting is an extremely common choice, even among quite wealthy people, and especially in OPs age group. So most likely no one is judging her or thinks anything of it.

Exactly. People were simply trying to offer advice for the best way forward on the balance of probabilitiew, with the limited info that the OP has told us.

@arithanaggerton

'working to live rather than living to work' was a bad phrase to use and doesn't make sense in this context, but I'm sure people will understand what I was trying to say.

I do, yes. Building something for the future so that, with luck, one day you can relax and retire. Then the hard work and investing that money earned from year or study/ work "into bricks"- as someone put it - we all hope will provide some security when we're old ot something inexpecter happens.

Many wealthy people do not need to worry about such things. Many poor people cannot contemplate it as it's out ofcreach for them. And everyone in the middle who has a choice what to do has to weigh it up, and make the best choice for their particular life/ circumstances.

I thought that was what the OP asked: If buying was a viable but difficult option, would you do it still? I think most people would say "yes" as that's how anybody who is notincrediblx wealthy starts out!

@TheLastBeach That poster is clearly in an vulnerable emotional state

@TheLastBeach

But yes, you nailed what I meant perfectly.

Another thing about renting is that it may be all well and good while you're young, but when I'm older and am no longer working I would not feel secure relying on a pension and renting. We don't know whether the state pension will even be a thing in a few decades. I'd feel much more secure knowing I have a stable, secure home. And knowing it can be sold to pay for care if necessary.

@TheLastBeach

6.40am and still no chips in me! Local chippy is closed for refurbishment and it’s an unmitigated tragedy!

Sounds like you're financially comfortable. Minimal debt and are saving

Are you paying into a pension?

By the way, i have family in Germany. They all own their own homes

It is up to you but I cringe to the of how much I invested in other people's mortgages.

There's an interesting piece on bbc breakfast todya

Poor woman, in her 60s lost her job as a TA last year (schools were closed)

She couldn't pay her rent and found herself homeless. She has been sleeping on floors and youth hostels

She's reliant on charity to help house her and furnish her home

Mortgage is cheaper than rent - even with all repairs etc it evens out.
Also it really depends on rental market. I’ve had lots of bad landlords, going for umpteen viewings the thought of doing so for another several years makes me cringe. If I had to go without to buy a small house in a grottybarea I would

I’ll never buy but I am in SH with a lifetime tenancy. I’ve been single for a lot of my adult life, I am now and planning to stay that way. So I don’t think I’d sleep at night if I had a mortgage. I’d be so worried about keeping up with the payments because it would all be on me. If I lost my job currently I’d get housing benefit for the rent, and the same is true of private rentals up to a certain cap (dependant on area). Likewise in retirement your rent gets paid. As others have said, you can’t get help with mortgage payments if the worst happens.

It’s given me more choice employment wise as I can afford to take chances. I wouldn’t want to be out of work obviously, but knowing I wouldn’t lose my home means there’s no major pressure. I needed a new roof recently, cost me nothing. I expect it would have been in the thousands had I had to pay.

That being said, because I’m in SH I can decorate how I want. The tenancy is secure etc. I’ve watched my DSis move into ever smaller places which take over half her wages as it’s all she can afford. It took her months to get her current rental (as she’s on a low wage) and in the meantime she was stuck in a spare room in her ex partners place. It wasn’t a good time for her. (I live at the other end of the country or she could have stayed with me). So I think it’s not even about retirement. There are options when you reach that age. It’s more about late 40s through to late 60s. When most people have paid off a mortgage (Or close to it) and you are still stuck in rentals. That’s the tough time in my opinion.

I own my house because in 2 years time we will be mortgage free. We could have bought a bigger house last year when we relocated but chose to buy (50/50) what we had the capital to buy from our respective divorce settlements, the bit being paid is the balance because I had more than him. Once we are mortgage free we can use the money we earn to enjoy life and can plan to retire considerably earlier than if we rented for life. I'm older than you but my advice is that circumstances change, I would suggest saving because at some point you might look on life differently eg buy with a partner

@pantonepenny

Exactly my thinking, I don't earn much, if something happened to dp in 10 years time, owning my house outright means I could get by until state retirement when I get my state pension and the tied part of exh's pension. I couldn't afford to pay £800 rent, the going rate here, but would earn too much for help

[quote PassionfruitOrangeGuava]@TheLastBeach

6.40am and still no chips in me! Local chippy is closed for refurbishment and it’s an unmitigated tragedy![/quote]
Noooooo! Perhap you should move house? 😂😂😂

Its because it makes no financial sense. Why on earth would you WANT to spend 12k per year for 30 years (it amounts to 360k btw) and not have a property at the end of it?

Not everyone WANTS to own a house, that's it. Surprised to see renting being described as 'cringy'. Maybe people don't want to go without for years just to afford a grotty place in a grotty area.

How much are properties in your area?

@Drumstick38

Not everyone WANTS to own a house, that's it. Surprised to see renting being described as 'cringy'. Maybe people don't want to go without for years just to afford a grotty place in a grotty area.

People didn't say renting was cringey. They said that they cringe when they think how much they spent on rent which - had they been paying a mortgage - would have put a roof above their head and been an investment for the future.

Yes when people first buy it is usually a small property and not in their ideal location, and finances are stretched for the first few years. What most posters are saying is that that sacrifice means a lot more security and choice later in life. If rents continue to rise at or above the rate of inflation and wages do not, someone renting may well end up in "some grotty place" permanently, rather than just for their first few years of ownership.

It's a personal choice and if you don't want to buy then don't! But you asked people why they think it's important so people have tried to explain their reasoning. If you prefer to continue renting it would be wise to be putting a substantial amount of your money into other investments as well as saving into a private pension, that way you'll still have some security when you're older. It's very risky if you are relying on the state to support you in retirement.

@Drumstick38 if you had just an ounce of reading comprehension you’d see that I listed exactly what was ‘cringy’, not renting itself. In certain places properties are badly maintained with landlords who try to screw you over and even those have people fighting over them.
Of course if you don’t live there and your rental market is lovely go for it. Also if you can never buy by any stretch of the imagination then it’s moot. But if you’re in a situation such as I described then buying is better rather than being at the mercy of landlords.
I solved it by moving areas but many are tied down by their jobs...

We are hoping to buy after years renting. I’m late 30s.
Our house has been sold from under us 3 times now.
Our mortgage will be £300 more but it’s worth it for the security.

I wasn't really referring to you, but maybe if you had an ounce of manners you wouldn't make such comments.