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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Is renting a complete waste of money?!

69 replies

shelly101x · 24/07/2022 19:01

I’m 25 and now living with my parents. I was living with my ex but we split up recently. Thing is, I really value my own space and really dream of living somewhere alone.

However in my area a decent 1 bedroom flat is at least £900/£1000 a month and then bills/food on top of that. It’s extortionate. However I am nowhere near ready to buy (I only have about 5k saved) and I don’t want to get in a relationship anytime soon, so buying/joining a mortgage is no option right now.
I earn about £2200 a month so I can afford it but I’d be saving next to nothing.

I just don’t know if it’s worth it or not…

OP posts:

Original poster

shelly101x · 24/07/2022 19:01

ps I’m very lucky that my parents would happily have me and charge me about £200 rent. I know I’m lucky and don’t wanna take that for granted but yeah…

OP posts:

inmyslippers · 24/07/2022 19:02

For a lot of people they have no choice. Its not something I would choose.

brighterthanaluckypenny · 24/07/2022 19:03

Renting in general isn't a waste of money, but renting somewhere beyond your means is.

If you're earning £2,200 a month (I assume that's the take home?) then no, you can't afford rent of £1,000 plus bills. You can afford a house share.

You won't have the privacy you crave in a house share, but you won't be living with your parents, so you'll still have more privacy.

Perple · 24/07/2022 19:05

In your situation I’d be staying home and saving like absolute mad. You won’t have a hope of ever buying otherwise I suspect.

it’s not ideal - but honestly if you get on with your parents why not.

have you looked at house sitting??

Baxdream · 24/07/2022 19:05

If you earn that amount, you can save at least £1000 a month. If you do that for 2 years you have a deposit (depending on house prices where you are)

Camomila · 24/07/2022 19:07

I would save like mad for a year or 2 and then either buy somewhere or buy shared ownership if you live somewhere particularly expensive.

Ponderingwindow · 24/07/2022 19:08

Renting isn’t a waste of money, it’s just what is necessary to secure housing in certain situations.

nearly 50% of your income on rent really isn’t feasible though. I would be looking for a not so decent studio instead.

luxxlisbon · 24/07/2022 19:10

You should be saving at least the equivalent £1000 a month while living at home and you can put that towards a deposit.

CornishTiger · 24/07/2022 19:10

Renting isn’t a waste of it’s your only option but it isn’t.

Stick with your parents and put the money you’d save from rent and bills after that £200. You’ll soon have a very good deposit.

Mellowyell292 · 24/07/2022 19:13

Stay with your parents, your time alone will come but you've got a golden opportunity to knuckle down and save. 2 years of living with them will set you up nicely and it will be an uphill battle to save a deposit if you start renting now.

Put some boundaries in place with your parents so that you do still get some time to yourself.

FlorettaB · 24/07/2022 19:14

Do you know what kind of deposit you would need to buy a flat near you? Even a nice studio flat?
How much money could you feasibly save if you chose to stay at your parents home for 6 or 12 months and really focused on it? You’d have £2000 after paying board.
Would renting a room in a shared house or flat be better or worse for you in terms of privacy than living at home?
If you were paying rent and bills in a shared property how much could you save in 6 or 12 months vs living at home?
Is it significantly cheaper to rent elsewhere? Are there areas within a 15-20 minute drive from where you live now that you could consider, so you can still get to work?

Everything is a compromise when it comes to living arrangements. You just have to figure out the things that matter most to you.

alwaysmovingforwards · 24/07/2022 19:18

In your position I'd live at home, save hard until you've built a deposit and focus on building your career earnings.

Topgub · 24/07/2022 19:24

No more than paying for any other product or service is

TabithaTittlemouse · 24/07/2022 19:25

It is a waste of money but it’s a necessity for many of us. Many like me will probably never get out of renting.
You are extremely lucky to be able to live with your parents while you save, I would make sure that you tell them often how grateful you are.

Renting does have its good points (My landlords are is amazing).

Testina · 24/07/2022 19:25

At 25 and the ability to save over £1000 a month vs renting, I’d have to really fucking hate my parents not to stay for at least a year! Imagine £12,000!!!

RaininSummer · 24/07/2022 19:26

Not a waste if you need to pay for a roof over your head but a waste in your circumstances. Stay at home and save like mad. You are lucky to have that opportunity.

Ggu · 24/07/2022 19:27

When we rented we had to take home 2.5x the amount of rent to be able to rent where we stayed.

It's not a waste of money - you are getting a place to live - but if your goal is home ownership and you are able to live with family it makes that a lot easier.

HernamewasMary · 24/07/2022 19:29

More and more people are unable to buy homes so renting is becoming the norm really.

SGChome20 · 24/07/2022 19:33

If I were you I’d stay at home and save like others have said. You could even take it as an opportunity to tally up what it would cost you if you moved out and save all that money which would be well over £1K a month by what you say. If you can’t save that then you can’t rent in your own.

you would still be saving a lot though and much closer to a deposit, even after 6 months.

WGACA · 24/07/2022 19:35

I can understand you’re struggling as I’d prefer to live on my own on your shoes too. However if I were you I’d stay with your parents and save like mad to buy your own place. Could you look for house sitting opportunities e.g. pet sitting to get some time alone or book the odd cheap deal air bnbs every now and then?

sunsetsandsandybeaches · 24/07/2022 19:42

I would stay home and save as much as you possibly can.

Rent is a necessity for some people, but I'd avoid it if I possibly could.

SpaceJamtart · 24/07/2022 19:48

HMOs and houseshares are the cheaper option, but if they don't mind having you I'd stay with your parents, it will be much harder/impossible to save for a deposit if you are renting

pimlicoanna · 24/07/2022 19:59

It's not a waste of money in so far as you are paying for somewhere to live. I think the distinction is that is not a good investment in the way buying is. If you buy a property it means you don't have to pay rent all your life as hopefully at some point you will have paid off your mortgage and the property is yours.

ChinBristles · 24/07/2022 20:03

Delayed gratification is key here.
Open a Lifetime ISA for the 25% top-up and save like mad!

ihavenocats · 24/07/2022 20:08

It's not a waste of money or "dead" money, that's just a notion but it's silly because of all the expenses we have in life, a place to live is the most essential. No one calls xbox games or junkfood "dead money", only rent.

Thing is a mortgage, especially now, is not the asset people assume it is, it's a liability. It's you signing papers that mean you now owe tens of thousands to a bank who can repossess your home if you fall behind.

I've never wanted to do that but if I did I would certainly not be doing it now before I know the cost implications on home owners with regards to the green new deal, net carbon reduction, and smart features. Also the energy bill increase, you can't not pay things in protest if you have assets to be seized by court action.

I'd want all that to be clear as day before I tied my income to my home security.

As for renting, private rent is not secure but it gives you a lot of time to be in crisis before you're homeless.

I relocated up north to get a place of my own and it was under £400 a month and it was bliss. If you can't do that why not stay at your parents' and claim overcrowding and get a council home that is cheap, permanent, and secure?

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