Do you own or rent?

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We rent out of choice. I.e. we have enough invested that could cover a deposit, sdlt, fees, and the like. We also don't know if we'll stay in London forever.

We live centrally which means we'd only afford a flat, which suits us fine. Flats in London however, are down massively in value.

AIBU to think people are naive when they ask "do you own or rent" as if owning a 10% slice of a house is obviously much better and more successful than someone who rents. Most of the time people are trying to measure up how rich you are.

Who is asking that question? I’ve never asked people if they own or rent. So YABU to be so nosey. Seriously, who cares. You do you. I couldn’t give a shit what other people are doing. Perhaps that’s the question you should be asking yourself? Why do I care what other people think.

You own 100 percent; how do people not know this?

We own thank goodness, because despite having a relatively good income we couldn't afford to rent.

Rent. However it is cheaper to rent the house we want/are in versus a mortgage. We’ve moved around a lot and mortgaged a house and rented. Renting gives us freedom and with this house is cheaper to rent plus the house has had some major improvements that the landlord has covered without quibble. The downside is the security however, especially now as a lot of landlords are selling up, plus we don’t have equity in a home. Then there is a heirachy with whether you ‘own’ or rent, with the former being generally considered better socially. With the financial landscape being so different now I wonder what will happen when our kids are grown and whether home ownership will become less realistic for a lot of people especially when banks of mum and dad are no longer available or is able to give the same type of cash help.

I own and I’m so proud of it. I worked an extra job doing evenings and weekends whilst I was single to save every penny I could.

I managed to purchased 50% of a part buy, part rent property and then after a few years of being with my now husband we purchased the other half and it’s all ours.

It may not be in the best area but we are on the ladder and it has already gone up 60k in value. We are playing the long game and will continue to over pay generously on our low mortgage and move in a few years time.

i own about 90% of my property

Currently rent, and probably now always will even though its eye wateringly expensive.

I got on the property ladder at 18 and I am now 52. But when I separated from my husband early last year, we sold our home and split the equity 50/50. There was a lot of equity as we were one year away from being mortgage free.

But it still isn't enough to buy a home outright, and I feel I am too old to get a mortgage as I hope to retire at 60. I don't think I would get a mortgage either as, although I have money invested, I only earn £32k a year, so the amount a lender would give me is negligible.

So - I think I will be a renter forever, paying double what the mortgage used to cost me.

We own, and we've paid off the mortgage. I don't really understand why people would choose to rent when they could buy. I would prefer to build up my own assets rather than those of a landlord. But if renting works better for you, OP, then crack on!

Own outright.
i rented once in my 20s after a house sale - I hated the uncertainty and feeling of insecurity so I bought and got myself back on the housing ladder.
Im a bit of a control freak so I can’t stand someone else having control over my life and where I live.

One of my grandparents owned their home, and their sibling rented. By the time they retired the first one had paid off the mortgage and their only costs were occasional maintenance, which they and their spouse mostly had the skill to do themselves. The other one was paying full rent right up until their care costs meant other arrangements had to be made; and it was a struggle for them to meet all their living expenses as well as the rent.
My takeaway from that is that buying as soon as you're able to allows you to stretch your pension a lot further, and gives you a level of security. It's not about over-stretching and buying somewhere flash, for DH and me it is about ensuring that whatever happens in the future, we we'll have somewhere to live.

I own outright but that was because I bought with an ex-partner in 2002 when buying a decent house in a nice part of the East Midlands on modest wages was entirely feasible and was a much cheaper monthly payment than renting the equivalent house. Also, I now don't pay anything and haven't done since 2019. What happens to those renting in retirement who spend a huge chunk of their pension income on putting a roof over their heads?

I can see an argument for renting in certain specific circumstances but as a general rule, buying and ultimately owning your own home has got to be a better long-term option.

I own, but I also own a property that I rent out. I charge a reasonable rent in line with market values and other comparable properties and what I make in rent is more than what I pay in a mortgage (for a bigger house). Which I why I can never get my head round why people don’t buy - but I accept a deposit is a challenge for many people, and as some pp’s have said, they rent through choice.

I've never asked or been asked that question. I own - my property is worth about 400k and my mortgage is 98k so I def own more than 10%. I did rent for 10 months when I left my husband and I hated it, the insecurity of it, the worrying about my son making a mark and not getting my deposit back. Also, I didn't want to be heading into retirement still in rented, as how would I ever be able to retire if I have to pay rent each month. Each to their own though but for me personally, I feel much happier and settled being in a place that is mine.

Own. Rental is fine until you retire (imo).

We are in the extremely privileged position of owning our home outright. If we were buying today, we would be up the creek because our property has increased in value by about 4 x since we bought it and no way would we be able to afford the mortgage.

Rent?

You live somewhere rentals are available?

Where is this mythical place, and do the houses come with grazing rights for the free unicorn?

Asking for a friend.

But you do end up with something that you own and it is a big brick money box. Owning does make me financially secure and I would resent paying money all my life and have nothing to show for it.

I own. I’m from a working class background where it was drilled into us to try and buy as soon as possible. My standard of living would be much lower if I was renting, rent is expensive here compared to mortgage costs, there is no way I would be able to afford rent in the area where I own. It’s also for my retirement, not having to pay rent which would eat up a huge portion of my pension and having the option to downsize and release equity when the kids aren’t living at home.

I have never asked anybody if they own or rent, or been asked other than when applying for financial things. That seems odd to me.

ive also just come from a thread where I commented about how I’ve overstretched on my mortgage since getting divorced, but I don’t regret it. The security of owning is worth it for me.

I own and I’m a landlord.

Own after a very long time of renting. Mortgage free now.

I do wonder if the UK needs to wean itself off this owning your home mindset. Many don’t on the Continent. And some places in Europe have very good protections for tenants. Limits on costs etc.
They must wonder why we do it. Shackled to one place.

Own. Just a 2B flat but it’s mine and I don’t have a mortgage. I’m only mid 40s but my Mum passed away ten years ago and left me enough money to pay off my mortgage. I paid £105k for the flat in 2009, I think it’s worth about £180k now, but I don’t don’t have any plans to move.

Why? Plenty of people are happy owning their own home. You don’t have to, just as the other side of the coin, others prefer to rent.

I own my house outright and it's the last house I will ever live in. The only time I have rented was a bedsit when I was 19.
Three years later I bought my first house. Up here in the north buying is far cheaper than renting. The only person in my family who rents is my DB. He couldn't get back on the housing ladder after his divorce, as property is too expensive where he lives and he doesn't want to move But he hates renting as he is now in his 60s and worries about renting in old age and not being able to retire.
My two adult DC are both living in their second properties and are both under 40. Neither ever wanted to rent.

Yes I realise that.
I think the difference here is that we have fewer tenant protections compared to some in Europe.
Those that own in Europe often live in multi generational homes too.
We are a bit unique in our housing.