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Why own a house?

It feels like slavery to me. There's an old quote: 'Buying a house doesn't mean you own it, it means it owns you' It severely restricts your mobility and experiences in life, there's so much freedom to be had from just renting.

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It's worth it just to avoid regular landlord inspections.
Original post by whorace
It feels like slavery to me. There's an old quote: 'Buying a house doesn't mean you own it, it means it owns you' It severely restricts your mobility and experiences in life, there's so much freedom to be had from just renting.


You can always sell it and get another one if you're bored with it....
I like the idea of having a place that I can call home and always come back to and is always there and it's constant in my ever changing life.

Moving away for uni has been the hardest thing.
Yeah keep renting then.

Regards
Landlord
Reply 5
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Original post by Imperion
You can always sell it and get another one if you're bored with it....


Not really, there's too many factors that will limit you, you'd have ages just to get someone to sell it to for a start.

It's too much money for most people to just leave it to rot while you go elsewhere.
You have to pay to live somewhere, if you have the option you may as well be paying for something that ultimately is yours and you don't have to pay any more once the mortgage is paid off whereas with renting you have nothing to show for it once the rental period is over.

Plus buying can work out cheaper as renting is essentially paying someone elses mortgage (plus some profit) for them.

Plus if prices go up your house can be worth more than you paid for it so you make a profit.

Plus if you really want mobility you can always just rent out the house and use the income from that to keep paying the mortgage on it.
Because each month you are paying towards owning the house. And then one day, the property will be yours?

Renting is money down the drain in comparison.
(edited 8 years ago)
Reply 8
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Original post by Potally_Tissed
You have to pay to live somewhere, if you have the option you may as well be paying for something that ultimately is yours and you don't have to pay any more once the mortgage is paid off whereas with renting you have nothing to show for it once the rental period is over.

Plus buying can work out cheaper as renting is essentially paying someone elses mortgage (plus some profit) for them.

Plus if prices go up your house can be worth more than you paid for it so you make a profit.

Plus if you really want mobility you can always just rent out the house and use the income from that to keep paying the mortgage on it.


And if prices go down your house is worth less. Then there's also inflation to take into account.

As for mobility you could do that but it's clearly easier to just rent, seems like a lot more hassle.
well as someone who owns his own home mortgage free i can say this.

It is great security, unless i do something stupid like take out a loan with the property as equity or something happens to the house, myself and the dogs will have a place to live till the day i die. I wont be made homeless or ever have to pay rent again.

However the OP's point is a fair one. My house is perfectly sound structurally wise but it needs a massive facelift thats going to cost a fair bit before i can ever sell it on for a decent amount. However seeing as i have no plans to do so (as frankly i love it) or move from my home town the point is moot.
(edited 8 years ago)
Reply 10
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Original post by Twinpeaks
Because each month you are paying towards owning the house. And then one day, the property will be yours?

Renting is money down the drain in comparison.


What if I want a flexible life where I move a lot?
Original post by whorace
What if I want a flexible life where I move a lot?


Rent the house out whilst you move. You'll get your mortgage paid and a bit extra.
Reply 12
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Original post by Twinpeaks
Rent the house out whilst you move. You'll get your mortgage paid and a bit extra.


I still risk having dick tenants who damage it
Original post by whorace
And if prices go down your house is worth less. Then there's also inflation to take into account.

As for mobility you could do that but it's clearly easier to just rent, seems like a lot more hassle.


Still preferable to paying the same amount in rent resulting in owning no house at any value. You have to spend the money one way or another, may as well own something out of it.

Don't know how much trouble it is, not in a position to do it :tongue:
Original post by whorace
I still risk having dick tenants who damage it


Deposit lad?
Reply 15
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Original post by Bill_Gates
Deposit lad?


Where I used to live some drunk plebs massively damaged the property a few streets down, I doubt the deposit was enough to cover it.
Because its like saving your rent money
You put it into a pot minus mortgage interest. Say you paid 1k per month for 20 years, Thats 240,000. Even if you halfed that to account for massive amount of cost and interest etc youve still got 120 to spend. Which you would not have if you spent it on rent
Original post by whorace
I still risk having dick tenants who damage it


Similarly there's risks with renting. Having a dick landlord who refuses to get any issues fixed, and refuses to return your deposit?

You just sound like for whatever reason you are against buying a home, and whatever anyone says you're either just going to ignore or say 'but this'. Have you got a lot of friends buying first homes lately or something? :tongue:

I bet one day you'll buy a house. Yes there's risks, but there's risks with buying anything. Most people think the reward of owning your own house outweighs the risks.
Completely agree, especially in London where you pay for the value of the land. When you rent you are far more mobile and pay less money, you also don't have to worry about the upkeep of a property and if the value crashes you have lost nothing. House prices in Tokyo has still not recovered above the levels of the last crash
Reply 19
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Original post by Smilin’ Knight
Because its like saving your rent money
You put it into a pot minus mortgage interest. Say you paid 1k per month for 20 years, Thats 240,000. Even if you halfed that to account for massive amount of cost and interest etc youve still got 120 to spend. Which you would not have if you spent it on rent


In return I stay in the same place for 20 years. Is that worth it?

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