dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Anyone watch this? They are reckoning we in Britain should start renting long term instead of owning. Anyone planning to do this? I dont know if I could do that, always relying on a landlord to put problems right when they dont really give a shit, all they want is your cash to pay the mortgage (maybe its just me, the 3 landlords ive had so far arent really bothered about problems with their places  )
Anyoens thoughts?
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koolkorsa
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Registered: 15th Jun 03
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100% agree with a lot of what was said on that programme. I lived in a £220k rented flat, landlord was paying £1200 a month on it for mortgage plus £150 for service charge. I was paying £650. You do the maths! There's £600k houses round my way going for £1500 a month. As that programme said it's the lack of security in terms of being kicked out with a months notice which is the problme though.
It's definitely a British cultural thing to want to own a home at all costs.
[Edited on 13-11-2008 by koolkorsa]
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Russ
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Registered: 14th Mar 04
Location: Armchair
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i want to get rid of one 
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Gavin
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Registered: 3rd Apr 02
Location: West Midlands
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just hate the thought of money going down the pan with renting whereas you can own a cheaper home and be able to leave the house in your kids name. Then again, if you dont have kids or anyone to inherit your home then you might aswell rent somewhere
pew pew pew pewwwww
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Way i see it is surely buying a house could be seen as an investment for your retirement? If push came to shove sell your property off, downsize / rent and enjoy the winnings?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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I think the point is that you dont always win.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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Would rather have my own place, i know where the money's going then...
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Twiggy
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Registered: 15th Oct 04
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we are only paying 695 on a 200k for bed new build!!!
i would hate to see the mortgage !
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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Renting is definitely cheaper and in the current climate it's certainly a saving but it's not without downsides. I personally prefer knowing that I'm not going to get thrown out if the landlord decides to sell, and I have more freedom to make adjustments and change things.
Paying for the privilege though.
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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quote:
Originally posted by Twiggy
we are only paying 695 on a 200k for bed new build!!!
i would hate to see the mortgage !
Do you not feel that is wasted money though? You could get a mortage for that and at least be paying a little bit off the mortage each month. That's how i see it anyway.
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pow
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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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quote:
Originally posted by Andrew
quote:
Originally posted by Twiggy
we are only paying 695 on a 200k for bed new build!!!
i would hate to see the mortgage !
Do you not feel that is wasted money though? You could get a mortage for that and at least be paying a little bit off the mortage each month. That's how i see it anyway.
I'm with you.
I'm just waiting now for house prices to hit the ground and then buy buy buy.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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quote:
Originally posted by Twiggy
we are only paying 695 on a 200k for bed new build!!!
i would hate to see the mortgage !
Is it still worth the £200k though?
I would much rather pay £650 on a nice large house of my own which i can keep and at the end of 25 years will be mine..
Just think, how much money have you spent on renting so far?
Imagine how much money off a mortgage that would be!
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Im definetly in the 'i want to buy my own house whatever it costs' brigade, and its unlikely anyone will change my mind, doesnt matter what figures are thrown at me, but I was brought up in a household where my mum was single for the first 10 years of my life and she still managed to own a house and has always told me to buy as its alwyas something to fall back on
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Andrew
quote:
Originally posted by Twiggy
we are only paying 695 on a 200k for bed new build!!!
i would hate to see the mortgage !
Do you not feel that is wasted money though? You could get a mortage for that and at least be paying a little bit off the mortage each month. That's how i see it anyway.
He could get a mortgage but he wouldnt get a house worth anywhere near that value.
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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I wouldnt know, they aint worth that much now TBH..
A house around here, new buildish 5 bed, detached with swimming pool...
Come down £60k, only worth £210k now...
Best time to buy.. the interest rates are slowly peeping down to
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Colin
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Registered: 4th Apr 02
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I think its because you get omething at the end, apposed to paying out & nothing to show at it at the end. Like buying s car on lease, you spend 6k over 3yrs & have nothing at the end, If you buy a car for 6k after 3yrs it will be worth something to sell on!!
Although that said ive been a mortgage payer for 3.5yrs & i'll be lucky if ive paid off a few grand, its all bloody interest!!
Horses for courses, if you rent & pay less than a mortgage but invest the shortfall it wouldnt be so bad. I just hate the thought of getting to old age & not having any assets!!
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Danny H
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Registered: 10th Feb 05
Location: Gilberdyke, E Riding of Yorkshire
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Cant really compare it to leasing cars though. A brand new car that costs 6k to lease over 3 years will have lost more than 6k in value.
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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I think Colin is just trying to point out that after paying out 6k for a car, you sell it after 3 yrs and still get a bit back. It's the same with houses in that respect.
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Colin
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Registered: 4th Apr 02
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Im just trying to break it down into simple terms which we all understand.
Ok £300 a month will either get you a 6k car on loan/finance or a lease on a 15k car. You pay pretty much the same however at the end of the term your better off to be actually purchasing something.
Housings similar, £600 a month will both pay rent or a mortgage, aye you'll be able to rent something nicer possibly for the money but in reality your just securing someone elses retirement plan!!
I like to show something for my money whatever I buy. Like I also said, Leae/rent is ok IF you've got something else up your sleave!!
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
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If I could get a mortgage i'd rather buy than rent, not against renting but I think if I can pay rent then i'd rather be paying it for own home, plus i'd like to be able do renovations and what not which isn't really possible or worth doing on a rented property.
Now I can finally afford a mortgage you need a massive deposit 
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by Colin
I like to show something for my money whatever I buy.
Of course, but buying doesn't mean you end up in that position.
You pay more per month.
You pay fees to move in and fees to move out.
You have to advertise it when you sell it.
The price will go down or if you're lucky stay the same, in which case see my other points.
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Colin
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Registered: 4th Apr 02
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Ian, ive said all along theres pro's & con's for both, but for my the biggie is having something at the end of paying x aount of money all my life!!
Rentings ok for short term, but id never think of it a long term opton for myself.
My parents bought their house via a mortgage, paid it off over the 25yr term, never moved in that time, they like their house, its all done up to their taste, they had a conservatory built because they fancied one, its now paid & they can live in it for the rest of their lifes mortgage/rent free. If they had rented from day 1 then they would still be paying rent to someone! Also the house is equity for them, if they need cash later in life they can downsize & free some up or whatever. Renting gives you none of that.
Rentings ok if you dont want to be comitted to something, move in for a couple month, but if your settled you really want to be getting a mortgage. Thats just the way I see it!!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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Then you get old go in a home and the fuckers take the house off you to pay for it so your no better off than if you just rented all your life 
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Colin
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Registered: 4th Apr 02
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Nah it will be going into my name loooooong before then 
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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But how do you know when is the right time to transfer equity? Hasnt it got to be atleast 7 years before you go in a home?
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