Originally Posted by
Alrock
I'm in social housing, paying about £70 per week rent...
So, over the life of an average motgage of 25 years I would have paid about £84000 in rent for a house worth less than £50000 & would still have to continue paying rent...
So, extrapulating from your figures, a £50000 would cost in total abot £71000, a saving of £13000 with no more to pay once paid.
Most 25 year mortgages result in a payback of 2.1 times the amount borrowed. So on your £50,000 property you would pay £105,000.
Add the maintenance costs, say £1000 a year for heating repairs, new windows etc and the total cost would probably be £130,000 for the £50,000 property.
Inflation and appreciation/depreciation would obviously skew these figures.
The big advantage of social housing, for me, is the knowledge that any repairs are at the cost of the council/housing association and knowing if I lose my job I don't lose my house.
Patriotism is when love of your own people comes first; Nationalism, when hate for people other than your own comes first.
- Charles de Gaulle
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