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Is renting when you're young REALLY a waste of money? Watch

  • View Poll Results: Do you think renting is a waste of money?
    Yes, I'm saving for a mortgage
    365
    62.39%
    No, I prefer it
    220
    37.61%

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    (Original post by Ladbants)
    Why would someone want to rent from someone else when they could buy their own house? And live on their own land
    Because lots of people renting CAN'T buy a house or flat. It's not an option for large numbers of people.
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    If youre a recent working professional graduate working in London/Edin etc its not feasible to not rent if you dont have family already there so you can live at home. Trying to save up while working in these cities when youre single is bloody hard and it could take years.

    I chose to do my graduate scheme up north on purpose and didnt even apply to firms in London because I knew I will never have savings there so better to rent a a bit cheaper up north and save up more!
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    Both is a waste of money in London
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    (Original post by Airmed)
    I don't really have a choice whether to rent or not. I am banned from moving back home once I graduate, so I will be renting for quite some time. But, yes, I'd rather have the freedom, because I have no clue where I want to settle. I like the idea of perhaps travelling around the UK and Ireland with whatever work I end up doing.
    your avi's a bit sexually suggestive, no?

    I mean that cleavage is poppin out the screen so much it almost hit me in the face
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    (Original post by Snufkin)
    I'm surprised so many people think renting is a positive, life affirming thing. I don't think spending half your income on rent (and paying someone else's mortgage), having to deal with landlords, not being able to decorate your home and having no security is a good thing, not if it can be in anyway avoided.

    I would rather spend my 20s living at home and saving for a deposit than still be renting in my late 30s.
    You cant live at home in your 20s if youre a guy. Girsl wont sleep with a guy still living with his mum in his 20s, unless potentially she is also still living with her parents - but there;ll probably be more than enough guys who arent still living at with their parents for her to choose from
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    This is such a silly question, as if it's one or the other.

    I'm on like 24k, rent a 1 bed apartment, £395 on rent and save £500 a month.

    I'm doing both.
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    (Original post by Black Hand Path)
    You cant live at home in your 20s if youre a guy. Girsl wont sleep with a guy still living with his mum in his 20s, unless potentially she is also still living with her parents - but there;ll probably be more than enough guys who arent still living at with their parents for her to choose from
    Yes they will.
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    No one would rent if they didn't have to but you have to.
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    (Original post by Yaboi)
    No one would rent if they didn't have to but you have to.
    I don't agree. Not everyone, especially when they aren't settled or know that they won't be living in the area for a long time, wants to buy. There are costs to buying and selling, e.g. stamp duty, and a risk that it will be less easy to sell when you need to. Buying was much less common until the 1980s.

    Long-term, I expect that most people would want to buy. Governments seem to want to tax it though, so it is made even more expensive. Stamp duty is daylight robbery IMO - why should buying a house be taxed?
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    If you're smart you can find a place to rent for much lower than mortgage repayments, maintenance costs, taxes, etc.

    The art of becoming wealthy is more to do with living below your means, investing across a diverse portfolio and making sure you only make risky investments with money you can afford to do so - e.g. not your fund for the next 6 months.

    I have been renting for a long time, mostly a room, and I'm happy with that arrangement as I can save a hell of a lot of money whilst also enjoying meeting and living with other people, connections I'd probably never have made if I was stuck in one place. Also, its a lot easier if I decide to just up and leave on a work transfer to another country.

    If your parents already have a house paid off for that you're going to inherit, I really don't understand why you would put yourself through the same ordeal of debt and risk. I understand people want to be financially independent but they did all of that so you wouldn't have to do so. It makes more money to inherit the property and invest your money elsewhere whilst enjoying your life, as they wanted.

    At the end of the day, as long as you have somewhere to put shelter over your head, and a place you can call home with loved ones, that is all that matters.
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    (Original post by Black Hand Path)
    your avi's a bit sexually suggestive, no?

    I mean that cleavage is poppin out the screen so much it almost hit me in the face
    Only to you
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    Renting is fine when you're young but what about when you are older? Paying rent as a pensioner can't be fun.
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    (Original post by SmallTownGirl)
    Because lots of people renting CAN'T buy a house or flat. It's not an option for large numbers of people.
    Ah, I see
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    (Original post by abc:))
    I don't understand people's obsession with owning a house? Can someone please put me straight on this, maybe it's cause my Mum rented the whole time I was little. I'm 24, and I rent, and have no plans to save for a mortgage any time soon.

    I just don't see why people care. Especially young people (i.e. most on TSR) - why do you want a house to tie you down? Why do you care about it?

    Someone help me out - convince me!!
    Forgetting the concept of housing being an asset, it's security. What else are you supposed to do when you retire?

    Think about it, there are so many people out there who are in insecure, low wage jobs spending over half of their take home pay on rent. We're seeing a whole host of sectors cost cutting & outsourcing, jobs being lost to automation and the growth of the zero hour contract and the "gig economy". It's only going to get worse over the next 10-20 years. None of these people have a hope of ever owning their own home, they don't have any money left over to save and their pension contributions will also be next to nothing. They are going to have to work until they die.

    An ageing population is already causing a whole host of issues right now, just imagine what state things like housing, the state pension, the NHS, social care etc will be in 30-40 years down the line when we're all retiring. It's why i'm taking things like saving, pension contributions & home ownership incredibly seriously.
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    And the rent will keep going up. Will wages in a 0-hour job go up to keep up? I wouldn't think so. I can see these folks lose their rented place and end up living in their car, like in America. What happens when they get too old/too sick to work & haven't got a pension?
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    (Original post by fat_pam)
    A house is an asset, a liquid asset.
    When you own things like property, gold, stocks or bonds, you know there will always be a buyer ready to buy.

    It's a form of security in a way, when **** hits the fan, you can always sell the house and downsize, free up some money in a way. Though selling the house for that would be the last resort.

    For example I currently have £30,100 in shares, I'm a finance phd student so I can invest without getting burnt in the market. I keep shares because they have great income and growth potential and are extremely liquid. I can find a buyer straight away as long as the market is open.

    Gold is similar and so are bonds, people are willing to buy them in the future.

    So all in all, it's good to own appreciating, liquid and productive assets.

    p.s. gold isn't a productive asset but is very liquid and generally appreciating. I avoid gold for that reason of it's lack of productivity.
    A house isn't typically defined as being a liquid asset but I see your point.
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    (Original post by HamzahPatel)
    Both is a waste of money in London
    No it's very good to own property in London, you are certain to find people to rent it and it'll fetch a great price.

    if you bought a house 10 years ago here you'd be pretty happy.
 
 
 
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