View Full Version : Mortgage or Renting?
I have a friend who believes renting is the best option as he has no worries about losing anything, should he get evicted for non payment. It's more stress free he says...
But my other friend argues it's wasted money and you have nothing at the end. But she agrees it can be stressful...
So what are your thoughts on this...
Angel...
I have a friend who believes renting is the best option as he has no worries about losing anything, should he get evicted for non payment. It's more stress free he says...
But my other friend argues it's wasted money and you have nothing at the end. But she agrees it can be stressful...
So what are your thoughts on this...
Angel...
If your at an age when you might die-yes I know-who knows. ... Sell up, rent and enjoy the cash.
Somehow forgot about this thread... just found it lol... Any...
Moving on... Lots of people rent houses in Caithness despite being well able to afford a mortgage... I own mine outright and was wondering why the big rental market... I want to leave something sellable for my old age or for inheritance purposes... what makes people decide which is best...
Angel...
One advantage renting has is that in times of unemployment/poverty you can at least get housing benefit to cover most if not all of the rent. You can't get it to pay your mortgage even though a mortgage is often cheaper than renting...
I have often argued that if they where prepared to pay for mortgages through housing benefit then not only could you cut the housing benefit bill, you could also boost the housing market at the same time...
They won't do that though as they don't want to appear to be giving the unemployed/poor free houses though they have no qualms about lining the pockets of landlords just because they happen to have a house to rent. If the unemployed/poor could get mortgages there would be less demand for rental properties, rents would drop, it would be less profitable to rent a property, more properties would just be sold instead, the unemployed/poor could buy those properties thus spreading the wealth a bit more fairly.
Bobinovich
03-Apr-12, 23:35
Having someone to leave a property to can be a big influence in the decision whether to buy or rent. Along with that the knowledge that you will only be paying a mortgage for X years and after that will have something of significant value should circumstances change - ideal if you're raising a family and are not likely to move for a while.
On the other hand renting offers an easy option for those who:-
- have no-one to leave a property to
- don't want to be tied to anything long term - maybe due to being a contract worker, etc.
- are not earning enough to get a mortgage
As someone who is renting but thinking of buying, the one thing that worries me right now is what if nothing replaces Dounreay when it closes. I worry that there might be a lot of people leaving the area which could drive house prices down. Not a problem if you plan to stay here but if you moved you might end up with less than what you paid. Im probably worrying a bit too much though!
As someone who is renting but thinking of buying, the one thing that worries me right now is what if nothing replaces Dounreay when it closes. I worry that there might be a lot of people leaving the area which could drive house prices down. Not a problem if you plan to stay here but if you moved you might end up with less than what you paid. Im probably worrying a bit too much though!
Just my opinion, but it's the people who are coming into the area that have pushed prices up. Not much hope for young uns to get on the housing ladder now in Caithness.
Bobinovich
05-Apr-12, 20:16
As someone who is renting but thinking of buying, the one thing that worries me right now is what if nothing replaces Dounreay when it closes. I worry that there might be a lot of people leaving the area which could drive house prices down. Not a problem if you plan to stay here but if you moved you might end up with less than what you paid. Im probably worrying a bit too much though!
I think this is probably true. Though I reckon there will inevitably be an exodus from the area, I'm sure there will also be others moving in to escape the rat race & who will take advantage of the lower house prices. The big question will be what jobs will be available to keep those that remain/move here busy.
Just my opinion, but it's the people who are coming into the area that have pushed prices up. Not much hope for young uns to get on the housing ladder now in Caithness.
Of course any younger ones who can make a living here and decide to stay may benefit from the reducing house prices as others move away
weezer 316
05-Apr-12, 21:00
No brainer, buy every time. You woudlnt buy me a pint in the pub, or pay for my shopping would you? Why on earth would you buy me a house then???
Plus, its wholly possible to make your mortgage go DOWN every few years if you move it/threaten to move it and haggle. when was the last time your rent went down?
Oh and your mortgage stops one day. Your rent never will.
I was brought up to think renting was a waste of money.
I had my first mortgage at 21 and on my 2nd house now.
The mortgage payments were less than renting a house the size I had and the fact it was mine (and only mine)was reasurring when I bought my 1st house.
Now my house is a family home and the mortgage is ok, but we dont want to move for ages, but if anything happens like divorce (not likely) the house is part of the settlement and fought over....never nice!
Renting = never yours and if privately rented you could end up out if the landlord sells....if anything goes wrong though its the landlords problem to sort...so more pressue in one hand less in the other and handy if moving a lot and dont accumulate loats of stuff!
...and if privately rented...
The biggest problem with private renting in my experience is the fact that many landlords realise that by furnishing the property they can charge a far higher rent, so they go fill it up with old 2nd hand tat....
You then find yourself having to live with that since you can't throw the landlords stuff out to replace it with your own...
Once I ended up with the landlords couch upended in a cupboard in the hall just so I could get a decent one of my own in...
I have owned and rented and I think both are best for particular times in your life. When my marriage ended I moved out of the marital home and leaving with three boys I knew that I may not be able to buy a house big enough until the boys leave home. When I married again I worried because my darling husband had to also accept that it will be a long time until HE would live in a home that he owned. It was actually a difficult thing to come to terms with for me. I had always lived in my own bought house and to think that I might NEVER do that again was a bit hard to deal with for a while. I am lucky, I live in an estate house and its unlikely to be put up for sale, its unfurnished and the landlord is ok when repairs are needed. Its big enough for my rambling family and we are free to decorate and make it our home. Its draughty and chilly in the winter sometimes but I like living here and I am happy. If I had the money and the opportunity to buy again Im not even sure that I would.
People say its money for nothing but its actually money for a roof over your head and if the roof leaks I dont have to pay to fix it!!!
I was brought up to think renting was a waste of money.
I had my first mortgage at 21 and on my 2nd house now.
The mortgage payments were less than renting a house the size I had and the fact it was mine (and only mine)was reasurring when I bought my 1st house.
Now my house is a family home and the mortgage is ok, but we dont want to move for ages, but if anything happens like divorce (not likely) the house is part of the settlement and fought over....never nice!
Renting = never yours and if privately rented you could end up out if the landlord sells....if anything goes wrong though its the landlords problem to sort...so more pressue in one hand less in the other and handy if moving a lot and dont accumulate loats of stuff!
From the other end of the age scale :lol: I had my first Mortgage at age 20 for a horrible little Barratt Box. Now we are probably about to make our last move :eek: which will leave us mortgage or rent free for the rest of our lives. Its a long road but worth the journey.
I don't particularly see where the stress is. Apart from moving / finding a house, but rented or bought I'd imagine this to be comparable.
Buying is the only medium > longterm solution as far as I can see. We're on our 3rd house and now with a very small mortgage i.e. if we pushed we could be mortgage free within a couple of years, that would bring absolute security and free up cash.
If we were renting that would not be possible.
For what you pay in rent, you could pay two mortgages. I can understand where people see the benefit of repairs being someone else's problem, but you are paying for these in your rent.
The main problem with renting is the lack of security and when you retire you still have rent to find. Renting is more costly than buying because you buying the house for someone else and possibly paying them a wage for the privilege.
weezer 316
06-Apr-12, 12:36
As an addemdum to this I will be on the blower to santandder tommorow, my fixed rate deal runs out next month and I should be able to shave £34 a month assuming I have done my sums right off my monthyl payments. Never see that happening renting either privately or with the council. Its about a 12% saving for me as my mortgage aint big.
There's only one answer to this question..............
Get a girl pregnant, go to the council, be given a home and don't pay for it and don't pay any Council tax, bang out a few more kids and then live the life of luxury.
Of course to qualify for this golden handout you must not do any work, or at least if you do then don't get caught!!
Stress free and mortgage free and you can stay in bed till lunchtime everyday.
C3.............:roll::eek:
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