Buying or Renting?

[Ticktickmeh]

Second homes and landlords who rent out multiple properties should absolutely not be a thing. Right to buy was stopped up here in Scotland a few years ago and my local council has bought back a few properties which were sold under the scheme. There are lots of options that don’t involve ruining green areas

We had a ton of foreign investors buying up houses/apartments here. It made property values sky rocket... and who did (some) they buy these for? Their child while they studied at uni here.

Lets not start one tge local investors with a property portfolio of $xx million by the age of 28... bank of mum and dad i am sure helped them get to it.

 

[Bleurghgram]

Can I ask why people shouldn't be landlord, what would happen for people who couldn't afford a mortgage?

I currently rent a flat (I DO wish I saved up when I lived with my mam & dad to buy, but lesson learnt)
I cannot afford to save money for a mortgage, I struggle to save to save to move into a house as I want to rent a house now because I hate living in a flat.

I feel like I will never own a house at this rate but I am a single person now, I guess it is easier when there's two of you. I do agree landlords charge ridiculous prices sometimes, there's really affordable houses in my city (£350-£450) but the cheaper ones are in the East side of town and I'd rather chew my own foot off than live on the East side. I am hoping to move soon out the flat but the fees even to do this are a lot

Apparently renting is throwing money away anyway so I guess we should just live on the streets

 

[ProphecyGirl]

Apparently renting is throwing money away anyway so I guess we should just live on the streets

I guess some people don't want to own their own home though and have the freedom of moving location every so many years, I know somebody who likes doing this.

Nobody in this life HAS to buy a house, it's a choice. We're not playing the game of life - destined to have kids and a house so it's not really throwing money away to an extent? I agree in my situation it is because I do want to own my own house but without renting I wouldn't have a place to call home so it makes no sense for anyone to say that does it

 

[under the ivy]

I’ve been brought up in a council house and I have no shame in renting at all. This is just my own personal want in life to buy a home - it might not work out due to the economy post-Covid (if we ever have a post-Covid situation) and due to job locations, I don’t know where I’ll end up (aiming for a career in academia post-PhD). But I’m set on saving for a deposit for the next few years and can’t see my mind being swayed.

 

[Bleurghgram]

I guess some people don't want to own their own home though and have the freedom of moving location every so many years, I know somebody who likes doing this.

Nobody in this life HAS to buy a house, it's a choice. We're not playing the game of life - destined to have kids and a house so it's not really throwing money away to an extent? I agree in my situation it is because I do want to own my own house but without renting I wouldn't have a place to call home so it makes no sense for anyone to say that does it

No sense at all. Like you I can’t afford to buy by myself. I really, really wish I could and I’m trying (not easy when my rent is more than a mortgage would be) but the suggestion that in the meantime I’m wasting money is so insulting. The whole system IS flawed and the last thing we need is to be shamed for it.

 

[LinaLamont]

I think there will always be a need for private landlords but the rental market needs to be regulated massively. A single landlord shouldn’t be able to rent out multiple properties, making a fortune, while some of their tenants want to buy but can’t afford to save because their rent is so expensive. It also drives up house prices so it’s a horrible cycle that will continue until there’s an overhaul of the whole system. I’m a huge believer in social housing though and I wish there was a. more available and b. less of a stigma around it.

 

[RenataL]

I think it depends on your desires, your plans. I thought about buying a house, but I understand that it is not profitable. The price of real estate is only falling, I'll wait a bit. Besides, I'm not sure I want to live in this town. If you're sure, then that's fine.

 

[cosmo girl]

I've rented in the past. I now own my own home. I did live with my in-laws to save up for the deposit. Also had some money from a flat I had. For me buying my own home has given me a nice nest egg for the future. My mortgage is £250 per month. My neighbour who rents her home which is the same as mine. Pays £1.000 per month. When I did rent I never felt like I was living in my own home. You couldn't decorate it or do the things you can do to your own home. Maybe council and housing association let you decorate? I had a private landlord who was really lovely. The one good thing about renting was when the boiler broke. The landlord got it fixed straight away. When you own your own home you need to get things fixed yourself. I do feel private landlords are charging too much. My daughter rents a room in a house with 6 others. She pays £650 per month. That's nearly 3 months mortgage. For me owning is better.

 

[anything at all]

If you have the deposit I defo recommend buying. Even if it takes 20-25 years to fully own the property at least anything you do to the place is yours. It can be a scary process but so worth it if it's what you really want.

We rented privately for 7 years and moved twice in that time (out of own choice). The third house we lived in they sent us our notice right in the middle of last lockdown. Thankfully we had already started the process of buying this house so we had somewhere to go!!

I don't know about social housing (or if you'd even be accepted) but I know in private rented landlords are hit and miss. The guy who ran the letting agency of our second place ended up going to prison because he was stealing money from security deposits and it was a battle to get ours back!!

I do agree that rented can still feel like home, I know our last rented house did. We were so lucky to have a lovely landlord for 5 years. They never upped the rent (a 2 bed house for rent in that area went up by at least £200 or more over those years), they allowed us to paint and have a pet (most private don't allow either!). They only wanted to move back in as they had split up with their partner and wanted to move back in - otherwise I don't think we would've got notice to leave.

 

[Yel]

I don't think people are saying no body should be a landlord. But instead the sector shouldn't be filled with these amateur landlords that are taking away homes from owner occupiers. There should be landlords, but they need to be regulated better. It's a risky investment, especially with covid where people have been living for a year after not paying rent and unable to be evicted. But that's a risk you take on. If you want guaranteed returns put it In a savings account. It's killing the economy, making it uncompetitive and diverting money away from investing in something productive.

So many landlords speak as if the property will cease to exist without them and theyre a philanthropist

Homes under the hammer and Kirsty & Phill have a lot to answer for.

 

[TheScarletgirl]

I know a lot of people who rent and are happy to do so . Is renting throwing money down the drain ? Of course not you need somewhere to live . I rent at a good price buying a home is not on my to do list this year or attainable.

I somewhat get frustrated when i get told i am wasting money renting buy some home 'owners' who are mortgaged up to their eyeballs. You are not a home owner the bank owns it.

 

[Ghostpumpkin]

I’m moving into my first rented property today! I’ve lived at home all my life so far so I can’t wait. I am slightly apprehensive as the tenancy agreement has a lot you can’t do but I knew this and a lot of it is standard things anyway. I would have loved to afford to buy my own place at 23 but it’s just not achievable in my opinion, unless you’re kindly gifted or have inherited money from family or you absolutely do nothing and don’t have holidays or go out anywhere then I honestly don’t know how people afford to save up for a deposit. I’m not prepared to spend my late teens/ twenties in every night, with no treats just to say that I’ve bought at house at a young age. I know everyone is different and has different priorities but I’ve always loved going out, having my holidays and yes you can’t have both. It’s got to the point now where my job requires my to work from home, something I’m finding difficult with a house full so since Covid happened it’s really pushed me to move out. My dad has the opinion of its “dead money” but they relied on his wife’s family for a deposit when they bought their rented house years ago! Owning a property isn’t the be all and end all of life, and the other argument is renting that the landlord is responsible for the majority of repairs, as a homeowner you have to fork out for a new boiler etc, you wouldn’t have that issue renting.

 

[Rippedjeanmaybe]

I’m moving into my first rented property today! I’ve lived at home all my life so far so I can’t wait. I am slightly apprehensive as the tenancy agreement has a lot you can’t do but I knew this and a lot of it is standard things anyway. I would have loved to afford to buy my own place at 23 but it’s just not achievable in my opinion, unless you’re kindly gifted or have inherited money from family or you absolutely do nothing and don’t have holidays or go out anywhere then I honestly don’t know how people afford to save up for a deposit. I’m not prepared to spend my late teens/ twenties in every night, with no treats just to say that I’ve bought at house at a young age. I know everyone is different and has different priorities but I’ve always loved going out, having my holidays and yes you can’t have both. It’s got to the point now where my job requires my to work from home, something I’m finding difficult with a house full so since Covid happened it’s really pushed me to move out. My dad has the opinion of its “dead money” but they relied on his wife’s family for a deposit when they bought their rented house years ago! Owning a property isn’t the be all and end all of life, and the other argument is renting that the landlord is responsible for the majority of repairs, as a homeowner you have to fork out for a new boiler etc, you wouldn’t have that issue renting.

I didn’t do any of those things and I bought my house when I was 21. Basically I was at uni and living at home, I worked full time in between uni and a had another part time job as well. I did go on holiday, I went to Majorca, Berlin and Florida while saving for my deposit. I had no help from family, no inheritance, no winnings ect. I saved 16k for my deposit just though working while at uni. I was paying rent too to live at home with my mum (£250) a month. I’m not saying it’s always achievable, it depends where you live, house prices, ect ect, but it is achievable without help and without missing out in some cases. This isn’t a brag by the way, it’s just a lot of people assume I had help to buy and I do like to make the point that I didn’t.

I bought young because of my circumstances, but I’d also happily rent and I’d live in council too, I don’t have an issue with any. A roof is a roof.

 

[LinaLamont]

I’m moving into my first rented property today! I’ve lived at home all my life so far so I can’t wait. I am slightly apprehensive as the tenancy agreement has a lot you can’t do but I knew this and a lot of it is standard things anyway. I would have loved to afford to buy my own place at 23 but it’s just not achievable in my opinion, unless you’re kindly gifted or have inherited money from family or you absolutely do nothing and don’t have holidays or go out anywhere then I honestly don’t know how people afford to save up for a deposit. I’m not prepared to spend my late teens/ twenties in every night, with no treats just to say that I’ve bought at house at a young age. I know everyone is different and has different priorities but I’ve always loved going out, having my holidays and yes you can’t have both. It’s got to the point now where my job requires my to work from home, something I’m finding difficult with a house full so since Covid happened it’s really pushed me to move out. My dad has the opinion of its “dead money” but they relied on his wife’s family for a deposit when they bought their rented house years ago! Owning a property isn’t the be all and end all of life, and the other argument is renting that the landlord is responsible for the majority of repairs, as a homeowner you have to fork out for a new boiler etc, you wouldn’t have that issue renting.

Congrats on moving out! You’ll still be running a home, paying bills and having to be independent so it’s no less of an achievement than taking on a mortgage. I rented with an ex before moving back with my parents when we split a couple of years ago so I could save a deposit. I had to make a lot of sacrifices and I pay my parents digs obviously, but I was 25 and past my going out every weekend phase so it wasn’t mega difficult. I’m probably quite sad but saving became quite addictive once it started to build up .

 

[JLXRD]

Before I bought somewhere, I really hated the attitude towards renting of others. I felt totally looked down on.

I would always get comments about renting being ‘throwing money away’ when I was renting.

I would always think errrm okay but I need somewhere to live and don’t have 30k to hand right now so what do you suggest?

Attitudes in England are all wrong, owning a house seems like the be all and end all and it’s just not. People used to act like my husband and I couldn’t get married before we owned somewhere, crazy.

I live in the SW, in an area where a 2 bed terraced house is around 240k. The 2 bed flat I now own cost me 235k, it’s ridiculously expensive.

I don’t regret it because I like living here and I guess it was an investment but at the end of the day it wasn’t the amazing feeling everyone made out it would be. It feels the same as renting except I can paint and if tit goes wrong it’s my problem so a lot of that money that I would have put into rent I have to save anyway for emergencies!

also I now have a ton of debt in the form of my mortgage woo

 

[ChuckaBuckaBingBong]

We moved out at 18, moved back in with my parents at 20, saved hard and got a mortgage at 23.

When we are ready to move on I would like to hold onto this place too but it will depend on the financial situation at the time.

There's no shame in renting at all, whether it's by choice or necessity. There's no chance I could have bought a place in my 20s if we hadn't been able to live low rent with my parents, I fully understand how lucky we are. Buying can be stressful too so I understand why people may actively avoid it!

 

[Begborrowsteal]

If you can afford to buy a home, you shouldnt be applying for social housing.

 

[candycrush7596]

I’m moving into my first rented property today! I’ve lived at home all my life so far so I can’t wait. I am slightly apprehensive as the tenancy agreement has a lot you can’t do but I knew this and a lot of it is standard things anyway. I would have loved to afford to buy my own place at 23 but it’s just not achievable in my opinion, unless you’re kindly gifted or have inherited money from family or you absolutely do nothing and don’t have holidays or go out anywhere then I honestly don’t know how people afford to save up for a deposit. I’m not prepared to spend my late teens/ twenties in every night, with no treats just to say that I’ve bought at house at a young age. I know everyone is different and has different priorities but I’ve always loved going out, having my holidays and yes you can’t have both. It’s got to the point now where my job requires my to work from home, something I’m finding difficult with a house full so since Covid happened it’s really pushed me to move out. My dad has the opinion of its “dead money” but they relied on his wife’s family for a deposit when they bought their rented house years ago! Owning a property isn’t the be all and end all of life, and the other argument is renting that the landlord is responsible for the majority of repairs, as a homeowner you have to fork out for a new boiler etc, you wouldn’t have that issue renting.

Congratulations this is so nice to hear! It's so frustrating hearing people say renting during Covid is stupid & a waste of money! How is it a waste if you're working and get to enjoy the peace of having your own place? Hopefully I'll be moving out soon alone but the rent in London is so expensive!

 

[LinaLamont]

If you can afford to buy a home, you shouldnt be applying for social housing.

With banks now requiring a 15% deposit and a lack of job security, there’s no guarantee I will be able to buy. Not to mention the other costs involved in actually taking out a mortgage and the actual maintenance of a house, hence why I’m conflicted. It may not be affordable for me. I’m an admin assistant, I don’t make a fortune by any means. If I was to apply for social housing I would be put on a waiting list based on a points system which is in place to ensure that those most in need are prioritised.

 

[TheScarletgirl]

With banks now requiring a 15% deposit and a lack of job security, there’s no guarantee I will be able to buy. Not to mention the other costs involved in actually taking out a mortgage and the actual maintenance of a house, hence why I’m conflicted. It may not be affordable for me. I’m an admin assistant, I don’t make a fortune by any means. If I was to apply for social housing I would be put on a waiting list based on a points system which is in place to ensure that those most in need are prioritised.

I don't believe we have seen the last of the job losses from covid-19 . I think the next 5 years are going to be tough and we see a lot of high unemployment.

I do wonder how people are getting mortgages when they are on furlough .I know a few that have.