DH hoarding properties.

[Feefee00]

Me and my DH want to upsize we have one 3 bed semi and a 2 bed house rental. DH wants to keep both properties and buy another to upsize too. He's said he wants to keep both for DDs future. The 2 bed is paid off worth about 150k the 3 bed semi one is 250k with 75 percent paid off. AIBU to think DD doesn't need 2 houses ? We aren't planning on anymore DC so wouldn't need a spare one. We could use the equity from one property and savings to have a very low mortgage on a bigger one. Part of me feels it's morally wrong to be keeping hold of houses.

I can only imagine the housing non-utopia that would emerge if all housing were state owned and controlled. Repairs not done on time, people fighting over their neighbour's house which was nicer than there's, administrative nightmares if you wanted to move after a few months, anti-social behaviour not dealt with properly. Councils and social landlords can barely cope with the stock they DO have.

An ideal scenario is social housing for those who need it, private housing for those who want it and can pay for it.

Quite a childish post, noone should have to worry about other people's money sensitivities when asking a question. It's not a race to the bottom.

In this instance OP I'm with you, not morally as it depends on what kind of landlord DH is, but more financially as it feels like sorting out the family home should be too priority and ensures you have more financial stability in the immediate term if something should go wrong.

😂 I'll be sure to not ask for advice when choosing my wood fired hot tub!!

Yes, but that's not really the same as what I am suggesting. At all.

I would discuss with him what managing these properties as landlords on top of your full time jobs would take in time and attention from making your DD life happy. You are privileged to not worry about a roof over your heads and so you could prioritise being very present in her life (not to spoil with "treats" but with your presence and experiences together). If I was in your shoes that's what I'd try to do.

All those issues you list sound very similar to the ones that many people report having with private landlords to be honest! 😂

Well yes, but there's also this to consider: www.landlordtoday.co.uk/breaking-news/2022/2/social-renters-six-times-less-satisfied-than-private-renters--survey?source=related_articles

If all housing were in the social sector, it would be a shitshow with no decent alternatives.

And much of the new landlord legislation is only applied to private landlords, not social landlords, making their job easier. Why anyone would trust social providers to manage housing effectively is beyond me. It may be cheaper but it would also probably be a lot less satisfactory to live in.

I absolutely do not want her to struggle. I think being given a 250k house is very generous and would set her up if she did want to move on etc . I was more worried about giving her extra money , I've seen a few people being given money and they haven't really done much worthwhile with their lives or even just volunteered. I just want to strike the right balance really.

With the model I am suggesting, there would be very few people renting anyway, because it would be so much more affordable to buy your own home. The vast majority of people would own a house, unless they were renting by choice e.g. students. So this would be less of an issue as a whole.

Really you can pick holes in anything and any model is going to have problems. It's a bit of a utopian idea I know and probably never happen, but I wish it could and Ihink it would be better than what we have currently.

Any model which involves government, either central or local, in my opinion is doomed to fail.

A preocupation with owning homes is not helpful. There are plenty of countries where renting is the norm and if the supply is stable, reliable and affordable, it's not a problem. That's what we need to have in the UK rather than this fixation on home ownership at all costs.

Most people you speak to have a horror story about a landlord. There are as many people unhappy with their private landlord as there are people unhappy with council housing. It really doesn't make a difference, they are still renting it off someone.

The scenario I described reduces the number of people having to rent at all, by a substantial amount.

Most working class people I know who have become more financially secure want to provide for their DCs and give them security. So I don't think you have a working class attitude. It's more than you're focused on what you'd rather have just now - upsize and tiny mortgage - than your DCs' future income and home.

A financial advisor will advise you away from property. They always do. Because they aren't property experts - they'll direct you to stocks. shares and savings. That doesn't mean those things are better places to put your money.

A 'preoccupation' with stability and security of having guaranteed warmth and shelter for life? That's not a 'preoccupation', that's an entirely understandable human need.

Home ownership could be perfectly achievable for most people if landlords were prevented from buying up multiple properties and taking them off the market.

I absolutely want her to have a property the 3 bed semi is perfect for that. I think it's so important she will have a stable roof over her head and not have to worry about that. If I was a miser I would insist we sold everything up and bought a much much larger property with the equity and savings.. Where I live though a few of my childhood friends have been given everything and it's not worked well for them , think substance misuse , crashing range rovers and I personally don't want that for her.

I don't know how renting works when you retire, though. Rents are high and pensions are low. That's why people want to own a home if at all possible.

Nobody held a gun to your head and made you click into the discussion.

Yes, exactly.

Furthermore, if we don't own our homes (and shoudn't aspire to), who is going to own them instead?

Rich landlords who, by retirement, will own multiple properties outright, still getting monthly rent from 10, 15, 20 pensioners, whilst refusing to sort out that issue with the boiler?

The renting pensioner can't do it themselves because they've spent their entire pension on rent and food.

Come off it. That's not a good or fair model for anyone other than the wealthy landlords who are raking it in.

I don't know how renting works when you retire, though. Rents are high and pensions are low.

In the UK, if you don't have enough income to live off, whether that's in employment, out of employment or retired, you're entitled to government support. If your pension doesn't pay your rent you'll get help.

Why are you desperate for her to work hard? That’s not a good thing to want for someone you love.

Of course it is. Why would you not want your child to know they've got to work for what they want in life?

But this leaves you facing an old age in poverty. The help you get is the bare minimum.
Your landlord, on the other hand, has a comfortable old age coining it in from your massive rent.

@Helenahandkart that's why it's a great idea to give your children a head start if you can afford it

I don't think working hard is a bad thing though is it? Obviously working long miserable hours for a pittance is undesirable, but having a strong work ethic and demonstrating grit and determination to achieve the goals you want in life is surely a positive thing.

I'm sure OP doesn't want her DD to suffer, but having to work for a living and contributing to society that way isn't suffering. Knowing that one worry in life - keeping a roof over your head - is negated rather (but not altogether, nothing in life in certain) means you can get on with working without that concern. I can appreciate that OP wants to achieve this without her DD assuming everything will be handed to her on a plate, which she wants to avoid.