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

Agreed.

Much more likely to go on the housing list for years and have a leaflet handed to you about how to rent privavtely in the meantime.

DM has a lovely one bedroom warden call bungalow - maintenance is great and even covers cutting lawns
we pay for a cleaner and gardener for rest of garden
it’s a quiet secure development - I will consider something similar when I’m older - but there is a 5-10 year waiting list so need to plan in advance

Did I make a mistake or does your partner want you to sell your home and hopes you'll get a HA property?
I doubt you have any chance of getting a HA property tbh.

Once I am too old to enjoy the benefit of homeownership I am planning to take a tablet so my son does not lose his inheritance. If it starts getting too much for me then I will be happy to leave the mortal coil. Ds is 18 and he knows this. I am not suicidal but think we should be put down at a certain age before it gets too much. No doubt a controversial view but I say it as it is. We should ideally be culled rather than families go through hell watching their loved ones in their decline wasting away in nursing homes or awaiting social services assessments in their own homes. The lists are too long and benefit nobody. Euthanasia seems the kindest option quite frankly. As I doubt governments will do any mass culling...!

What tablet are you planning to take?

Downsizing in older age, or moving to a flat or a new build with less maintenance issues maybe - but renting?
The uncertainty, the shitty landlords you;d have to deal with, the moving frequently possibly? The rent going up and up? So you can pay for someone else's kid to go to uni?
No thanks.
Maybe if you're young and want the freedom to up sticks and move location and country but not in old age

Round here a lot of the social housing for older people are tiny little bedsits, or 1 bed flats in grim developments, and the prospect fills me with horror as a renter who won't be able to stay where I am when I retire.

If you can get a nice one, they're good. But demand is only going to increase.

I'd much rather own my home. Those who own homes often have a rose-tinted view of renting.

@Zippedydoo123 Flipping hell, you ok hun?? You certainly don't sound it...

Only 15pc of us will need a care home and most fees are private.

Probably not with care on site.

My situation is different. I have a joint buyer sole proprietor mortgage where my SN son is the sole proprietor but the mortgage is paid by parents. DH and I are separated and he rents a flat but I live with DS. The mortgage is on a fairly large 4 bed bungalow with a large garden. DS2 also lives here.

Of course I have no property rights but If I were proprietor the house could be used to fund my care costs if I needed them which would be disastrous for DS who may never be employed but has housing security. There is a trust fund set up for household maintenance. Benefit saving limits are insufficient in case of large bills

If I need care the property will not be taken into consideration. But if I don't, When I get too old to manage, the mortgage will be paid off and should be enough cash for DS to buy a flat outright and for me to rent in a retirement complex and also pay early inheritance to DS2.

HA may be a better option financially but DS1 could not cope with the stress.

Ex fil was always banging on about selling his bungalow and renting instead. Particularly when they'd had a large bill for something. Wouldn't accept current rent levels are as high as they are, he still imagines he could rent something similar for a few hundred pounds a month, when the reality is more like £1200 a month, and they spend nowhere near £14000 a year on maintenance.

@wutheringkites 😂😂😂

I have no idea yet but I have plenty of time to plan so just a secondary issue. It is definitely my plan though.

Me too @Zippedydoo123

It's a silly idea, trust me! I thank heaven that I'm mortgage free...we would not be able to afford rent. It's not only the cost either. The thought that a landlord might give you notice is awful, the thought of having to keep moving when you're old is bad. Your Dad should pay his mythical rent into an account that he can access when he needs to have repairs done.

You say that now. Rarely does anyone go through with it just because they’re too old. When the time comes, you’ll want to spend time with your grandchildren etc.

I've heard a few people talk about this recently but it wouldn't work for us I'd rather downsize to a tiny owned house and spend the rest. We downsized from a five bed to a big two bed and coupled with pensions, savings and investments were able to retire early. We're landlords but would never want to be at the whim of an 'accidental' landlord myself.

And you do know if you don’t pay the care home then it’s the government that does? Hence why they want you to have assets to use as payment

I know people who have done it. They definitely went through with it as planned.

I have a large insurance policy that pays out when I reach 85. So I know I will go before that one way or the other. It pays out on suicide so no problem there.

It’s a pride issue though. A lot of us want to pay our own way & buy our own home rather than live off the state. I’d feel embarrassed to live like that, unless I was in a desperate, penniless situation

if you are in decent HA/ LA property he has a point. My parents bought their council house and came to regret it as they couldn’t afford the upkeep and maintenance. They had so little money that benefits would have covered their rent in retirement too.

Private rented sector in this country is a different matter, expensive and still quite insecure due to landlords selling properties when it suits their life stage. So I wouldn’t want to be in that in old age.

We don't own at the moment but intend in the next few years to buy a 50% on a shared ownership outright- we are too old now to get a sufficient mortgage anywhere we would want to live - but would possibly have the cash to do a 50% without mortgage. That would give us an affordable rent payment plus security of tenure and something to pass on and in somewhere we would pick to live. I wouldn't do an over 55 development though as that's when you can have issues selling.

She’s fine. There are plenty of us with that view and hoping assisted dying will be legal by the time we reach that point. I feel exactly the same, I don’t give a shit about the money but I certainly don’t want my son to see me disappear a bit at a time with dementia.

How will you get a HA property though? Do you really want £XX of your pension going on rent each month?

What is the back up plan if you end up privately renting and the landlord decides to sell? Bans things you need to live there for longer such as a stair lift etc?