To think renting in old age is a wise move

[Forthelovagod]

So I've had a mortgage since I was 21. My Dad drummed it into me that rent was dead money, that if I could afford to buy then do it.
My whole mindset since then is get mortgage free ASAP and this will help make things affordable in old age.

My parents are now elderly and my Dad has now changed his thinking. Feels the burden of his mortgage free home due to ongoing maintenance stuff and reluctance to trust tradesmen. He tells me now, rent, get a HA property if possible, that there will be less worries in my old age. His friend is in HA accom, think he wishes he was too

Is this crazy thinking? He is certainly not as sharp as he was but part of me sees his point.
Aibu to think that those in secure rented accommodation in old age may actually be in a better position.

Now considering that once my mortgage is paid maybe sell my house and give my dc some money for their futures and see them enjoy it rather than wait till I die..... Aibu to think my Dad may have a valid point

If I was going to be extra cynical, I would look at the CEOs of who runs the larger care homes and what political party their mates are involved in......

Everyone saying "oh but the government doesn't get the money, private care homes do..."

If you push home ownership, people's money is tied up in their property. They are therefore less likely to spend it and it's there waiting to pay care home fees when the time comes. Thus saving the government from paying those fees.

If people had liquid assets, they would be much more likely to spend or pass on before they needed care. Then the government would have to pay for them.

I am a homeowner, but I often think it's a mugs game.

In my HA life long tenancy. It states I can choose two people when I die to take over my tenancy lol.

I'll be able to leave my 3 bed house in Isleworth to my daughter when I die lol. I honestly don't think she'd be missing out.

I feel incredibly lucky and I've waited 10 years to get on the HA list and then I got lucky with a house swap!

I want the freedom to live where I want. My old work colleague is in a HA flat in a bad area with awful neighbours. She’s utterly miserable, but stuck there. I also want to choose my care home. I’ve seen the council ones & they’re grim. Having a 600k mortgage free house will give me options that those in HA accommodation just won’t have.

“get a HA property if possible”

🤣🤣🤣🤣

I mean, I know your boyfriend has one - but you did state this as a general question.

That “if possible” is kind of key, no?

My cousin is actually weighing up now whether she’s better off staying as a tenant or going for Right to Acquire on her HA property - due mainly to maintenance.

I think there’s still a lot of uncertainty in HA. There’s a housing crisis, and there are a lot of under occupied properties. That cousin of mine is in a large 3 bed that with 2 good receptions easily operated as a 4 bed, so she has 3 low earning adult children living with her. What if the demand for houses increases, and the economy declines… and rules change? What if her 3 bed is taken off her, the adult children are expected to rent privately (house share) like everyone else, and she’s told they’ll honour her HA status but move her into a new high rise bedsit miles out of town that was created for this freeing up of family homes? Will most people care, or will they snipe tough luck, at least you have a HA place? (my guess based on MN reactions to social housing tenants is the latter)

So yeah - your dad is correct right now for some people in some situations. But he could be wrong tomorrow.

Only if you’re worth more than half a million.

I was kind of the opposite. Was never encouraged to buy. Lived abroad after university for a few years working as a language teacher, came back to the UK, worked, went to work abroad again. When I came back here for good I was 31 and married and with child .

We could barely save although we both worked and so finally bought when I was 45 which was 5 years ago. Very small place. Mortgage is quite a lot more than I ever paid in rent. We will have paid it off when I am 67.

I am very glad I bought as it feels lovely. Renting always felt precarious as you never knew what was going to happen.

If I could do it all again, I would buy earlier.

If he can’t keep up with the maintenance it is probably time to downsize. But being mortgage free is old age is still wise I think as you will know you have your home forever.

Why is this attitude becoming prevalent lately? That people who can afford to do so can realise their assets, gift or spend whatever money they see fit and then think they can take social housing off those desperately in need of it? This is why the welfare state is completely unsustainable and it will be the most vulnerable in society who suffer the inevitable consequences
Housing associations and councils aren't stupid. They have strict rules around tenancies now as so many have taken the piss. Councils have no time limits as to how far back they can go, if investigating people's finances. If someone wants to downsize then that is sensible, but don't expect to manipulate social housing providers or the DWP whilst you do so. The housing crisis is partly caused by the significant amount of people occupying social housing properties that are either too big for them or not honestly obtained

My in laws moved from owned property to a council house 2 years ago.

Mil qualifies for the disabled band council tax and her attendance allowance covers her rent and a small portion of the council tax.

They were left with a large lump sum after the sale of the previous property and are living very comfortably without having to worry about on going maintenance costs.

Tell that to all of the children who have lovely inheritance packages.

Most people I know get a payout when the last parent passes away.

@anthonybourdainsfurrowedbrow yes, but that's not quite the same thing. And could be applied to pretty much everything.

Go for it then your Dads correct if these are your circumstances. Can you be put on the tenancy too so he can’t chuck you out?

How did they get a council house when they presumably have hundreds of thousands in the bank?

I'd like to know this too?

Mil has significant mobility issues and needed a low down flat and was offered one in a lovely area within a sheltered housing complex.

The council didn't have any issue with her having a property for sale.

Could she not have purchased a flat with the proceeds of the sale of her property?

@Ihateboris

Im sure she could have

Or you could be like my parents living in a tiny (and I mean tiny)1 bed HA bungalow, getting under each other's feet and on each other's nerves.

Some people on here have a bad case of rose coloured spectacles. I wish I could show you their home. I'm convinced no one here would want to live in it.

I live in a HA property and feel very lucky. It's a nice flat.

Late to the thread but paulmcartneys bagel can you not see the irony in your situation 👍🏿☘️

There's no financial criteria for going on the housing list. I could do it tomorrow if I so wished. Might have to wait 20 years to get one though.

I don't even think there are any HA where we live. I certainly wouldn't want to have to move to live in one. And we wouldn't qualify anyway as dh and I both working and earning well.

I'm in my 40s and I have serious doubts that the social safety net as we have known it in the past will exist when I am of retirement age. I certainly wouldn't want to wager my retirement on it. The cost of maintenance on our (admittedly large and high maintenance) mortaged house is still less than the rent we were paying before we bought. I can only imagine what rents will be when we retire! I would much rather risk needing to get a gardener and put in a new boiler.

That said, with a dwindling social safety net and growing vulnerability for lots of people (and these things go in cycles, so no doubt will happen again and again), I don't think people who can afford to support themselves without relying on state benefits should be looking for a way to get the state to support them. There are lots of people much more deserving of me to have housing support, as I'm able to work and generally well and in a good financial position. I need to be providing for my own old age, as does everyone else who is equally reasonable secure, so that people who are most in need can benefit from what limited social benefits there are likely to be in 20-30 years.

Anyone can apply for council housing, it's not assessed on how much money you have. They'll just put you in a band depending on your situation. If there's low demand for a particular property a lower band can get it. Flats tend to have less bids than houses.

In some areas social housing for over 55s isn't particularly difficult to get.