Is there anything wrong about renting?
It just seems impossible to ever save £60K + for a house deposit. Flats are £475K where I live so even saving £40K just for a flat seems extortionate
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
There are both pros and cons to being a long term renter of residential accomodation.
Renting private accomodation from a landlord over the medium to long term is pretty much paying someone else's mortgage or pension instead of your own in exchange for the right to occupy for a set duration.
I think that average property prices in many parts of England and Wales are likely to decrease over the next 6 months- 3 years.
Maybe consider reducing your grocery, booze and social life budgets trying to maximising your potential amounts of cash saving each month
Ask yourself whether you are can broaden the range of possible areas where you are willing to buy.
Renting private accomodation from a landlord over the medium to long term is pretty much paying someone else's mortgage or pension instead of your own in exchange for the right to occupy for a set duration.
I think that average property prices in many parts of England and Wales are likely to decrease over the next 6 months- 3 years.
Maybe consider reducing your grocery, booze and social life budgets trying to maximising your potential amounts of cash saving each month
Ask yourself whether you are can broaden the range of possible areas where you are willing to buy.
Original post by Amydesigns1104
It just seems impossible to ever save £60K + for a house deposit. Flats are £475K where I live so even saving £40K just for a flat seems extortionate
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
You'll need to look at living somewhere more affordable. You can get houses in the south east at far less than £475K ..
Nothing embarrassing about it exactly, but sooner or later you will probably find it limiting in terms of decoration, renovations & privacy, plus landlord can change their plans or sell. Also when you move out, all that money is gone forever (My last flat I prob paid about £40k+ in rent over a decade, I could have bought a small flat outright for that so that's what I did next.
But if flats where you are are half a million then you prob can't afford to live there.
But if flats where you are are half a million then you prob can't afford to live there.
I'd wager that most people would struggle to save enough deposit for a £475k property, especially as a FTB.
There's nothing inherently embarassing about renting, (unless you have very snobby family & friends, and that's more their problem than yours), but it's just a waste of money in the long term.
Most Londoners are in a similar pickle, which is why so many either get fleeced on rent or are resigned to a long commute. As above, house prices elsewhere are a lot more manageable. I recently bought a 3 bed for practically a quarter of your target price.
There's nothing inherently embarassing about renting, (unless you have very snobby family & friends, and that's more their problem than yours), but it's just a waste of money in the long term.
Most Londoners are in a similar pickle, which is why so many either get fleeced on rent or are resigned to a long commute. As above, house prices elsewhere are a lot more manageable. I recently bought a 3 bed for practically a quarter of your target price.
Original post by Amydesigns1104
It just seems impossible to ever save £60K + for a house deposit. Flats are £475K where I live so even saving £40K just for a flat seems extortionate
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
All my parents and their friends own their houses but things were different back then. I want to raise my family in my OWN home but is there anything embarsssing about renting?? It seems like it might be the only option
Embarassing being not able to acquire an own flat? nope. The prices on real estate market are exorbitant according to the wages people earn and the conditions for a loan. Your family had the priviledge to live in a period in which flats were affordable. Today, it is a luxury.
Original post by Kallisto
Embarassing being not able to acquire an own flat? nope. The prices on real estate market are exorbitant according to the wages people earn and the conditions for a loan. Your family had the priviledge to live in a period in which flats were affordable. Today, it is a luxury.
Is it that much of a luxury? One in four 25-34 year olds own a home. One in three 35-44 year olds do.
You have to go with what you can afford and it’s good to rent for flexibility early in your career too. But put aside some regular saving in a good investment, work hard to develop your career and vote wisely and hope for the current government to be replaced by a more competent one. Also keep a watch out for an adorable life partner with great prospects. Never give up
Original post by black tea
Have you considered moving somewhere cheaper? There are parts of the UK where you can buy a house for less than a quarter of that.
We have and obviously if we migrated to the midlands / further north/ to wales it would be more affordable but we both work in London ( we don’t even live in London btw we live in South Buckinghamshire) which is still notoriously expensive but I really like it here and would love to bring up my family here. But yes very expensive! Even the Cotsworlds looks cheaper but again it would probably mean changing jobs (with a lower salary since not being in London) it seems so tricky!
Original post by TiBFS
Is it that much of a luxury? One in four 25-34 year olds own a home. One in three 35-44 year olds do.
How much of these people paid it completely? people in these ages have to pay the houses and flats off nearly 65 years. I don't consider a house or flat as an own one until it is paid off.
Original post by Kallisto
How much of these people paid it completely? people in these ages have to pay the houses and flats off nearly 65 years. I don't consider a house or flat as an own one until it is paid off.
Supposedly 1.5% and 3.5% respectively.
You wouldn't consider a property with a fully offset mortgage as owned then? Barclays for several years in my early 30s were paying me £5/month to have a mortgage with them, once fully offset I considered the mortgage effectively paid off.
Original post by TiBFS
Supposedly 1.5% and 3.5% respectively.
You wouldn't consider a property with a fully offset mortgage as owned then? Barclays for several years in my early 30s were paying me £5/month to have a mortgage with them, once fully offset I considered the mortgage effectively paid off.
You wouldn't consider a property with a fully offset mortgage as owned then? Barclays for several years in my early 30s were paying me £5/month to have a mortgage with them, once fully offset I considered the mortgage effectively paid off.
Offset mortgage seems to be different what I am used to know in my country in which such a mortgage loan has to be paid back. Seems that British has not such a high risk to acquire an own house as the Germans. The prices for real estates in turn aren't so different.
Original post by londonmyst
There are both pros and cons to being a long term renter of residential accomodation.
Renting private accomodation from a landlord over the medium to long term is pretty much paying someone else's mortgage or pension instead of your own in exchange for the right to occupy for a set duration.
I think that average property prices in many parts of England and Wales are likely to decrease over the next 6 months- 3 years.
Maybe consider reducing your grocery, booze and social life budgets trying to maximising your potential amounts of cash saving each month
Ask yourself whether you are can broaden the range of possible areas where you are willing to buy.
Renting private accomodation from a landlord over the medium to long term is pretty much paying someone else's mortgage or pension instead of your own in exchange for the right to occupy for a set duration.
I think that average property prices in many parts of England and Wales are likely to decrease over the next 6 months- 3 years.
Maybe consider reducing your grocery, booze and social life budgets trying to maximising your potential amounts of cash saving each month
Ask yourself whether you are can broaden the range of possible areas where you are willing to buy.
I agree.
See if you can get anything slightly cheaper house wise.
Also look into ways of saving money, making extra money (e.g. side hussles etc).
Theres nothing wrong with renting, but i do think its dead money in the long term. Plus you are at the mercy of the landlord if they want to sell etc.
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