FabSwingers.com forum: Renting vs buying a home

By (user no longer on site) OP
over a year ago

What are the advantages.

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By (user no longer on site)
over a year ago

You don't pay for repair/maintenance (the landlord will seldom do any maintenance though).

You're more flexible with moving places.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

None that I can see. If we'd rented we'd still be paying rent now but we're mortgage free.

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By *parkle1974Woman
over a year ago

Leeds

Wasted money renting...

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By (user no longer on site) OP
over a year ago

Is it true that when you are renting its only for 1 year or 2 year periods at a time and you can get kicked out at anytime?

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By (user no longer on site)
over a year ago

"Wasted money renting..."
quite right by buying your are investing your money for yourself

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By (user no longer on site)
over a year ago

"Is it true that when you are renting its only for 1 year or 2 year periods at a time and you can get kicked out at anytime? "

Nah, some people rent for decades.

And also no, they have to give you 30 day notice I believe.

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By *emini ManMan
over a year ago

There and to the left a bit

These days, there is very little difference between the cost of renting somewhere and buying, and in fact arguably you can get more for the same money buying.

Buying you're effectively paying money into a savings scheme - renting you're paying money into someone elses savings scheme.

If you can afford the deposit or can get a mortgage I'd recommend buying every time.

Appreciate that earning enough to get a mortgage or having that deposit is the key though

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

The problem nowadays is getting the deposit together to buy as far as I understand. I always say if you can, buy. All too soon you'll be nearly retired and either looking at continuing to pay rent for the rest of your life or if you're lucky finishing yourself mortgage. Although with the way things are going I can see people paying mortgages well into retirement.

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By (user no longer on site)
over a year ago

Just sold our house in Hertfordshire after 20 years in the house we made over £200.000 profit moved to Derbyshire bought house of similar size for just over £100.000 so it’s been a life changer for us. Told both our daughters make all the effort you can to buy a house not rent. If we rented all the time in last house we would have nothing to show for twenty years.

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By (user no longer on site)
over a year ago

I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

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By (user no longer on site) OP
over a year ago

"I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

What is social housing and mid market schemes?

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By (user no longer on site)
over a year ago

I've only just bought my own house after renting for the last 15 odd years and I'm very happy. My mortgage was only 45k as I put down a 100k deposit as I want it paid off as soon as possible. Although the costs after the purchase was something I didn't expect. Spent 2k in a day just having to buy new stuff and the bills and then council tax that hits you at the same time, ist a bit of a blow. You don't really think about all the extra costs on top of the purchase.

I still think buying is the best thing to do if you can afford too.

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By *r TriomanMan
over a year ago

Chippenham Malmesbury area

Depends on your circumstances; I'm a home owner; if I sold up, I could keep all the money (mortgage is paid) and use it to pay rent on a small place somewhere reasonable (currently considering the Scottish Highland) - at £800 pcm I'd have enough for 40 years or so.

Given my age and no desire to be doing my own repairs, this sounds like a good option.

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By (user no longer on site)
over a year ago

"I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

What is social housing and mid market schemes? "

Social housing tends to be local authority and housing association

It's cheaper rents but hard to get one and you dont necessarily get a great house or location.

Midmarket is usually housing association or private companies. They tend to be slightly less money every month than private rent but usually have an income cap so if you earn over a certain amount you may not qualify to apply. They are good schemes. Usually tend to be one or two bed properties so not great for those who need a family home

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By (user no longer on site)
over a year ago

"I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

What is social housing and mid market schemes? "

Social housing is basically a house share for people that don't have much money. Next door to me is social housing. They are usually ok but can be noisy at times. I would go down that route if I were you.

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By *idzguyMan
over a year ago

coventry

Rented for 8 years it is dead money but it does give you greater choice where to live. The area I live in at moment I couldn’t afford to if I i was buying. Both buying and renting have their pros and cons I guess

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By (user no longer on site) OP
over a year ago

"Depends on your circumstances; I'm a home owner; if I sold up, I could keep all the money (mortgage is paid) and use it to pay rent on a small place somewhere reasonable (currently considering the Scottish Highland) - at £800 pcm I'd have enough for 40 years or so.

Given my age and no desire to be doing my own repairs, this sounds like a good option. "

I see. £800 a month though!

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By *rAitchMan
over a year ago

Diagonally Parked in a Parallel Universe

I've rented for 5 years after owning houses for 30 years. I had to sell up to pay the wife off, but I chose to rent necause I had been made redundant four times in ten years, and the older I get, the harder it is to find a job, and I can have the freedom to move around the country if I need to.

I live in a grade 2 listed building, so the landlord keeps on top of all repairs, he's never increased the rent, he subsides the electricity, pays for the garden maintenance and window cleaner. My part of the building has been valued at £250,000, and I pay less than £500 per month. I think I am lucky to live here.

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By (user no longer on site) OP
over a year ago

"I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

What is social housing and mid market schemes?

Social housing tends to be local authority and housing association

It's cheaper rents but hard to get one and you dont necessarily get a great house or location.

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By (user no longer on site)
over a year ago

"I've rented my current property for almost 5 years

I love it and never want to move .

Buying will likely never be an option for me due to the lack of a hefty deposit.

Sadly though, if my rent goes up much further I'll be forced to look for somewhere else . Likely miles away as the average in this area continues to rise.

Realistically unless you're in social housing or a mid market scheme renting is never a really secure long term thing.

What is social housing and mid market schemes?

It's not always a house share. Lots of developers for new homes are required to build so many affordable homes now too .

The best advice is to do the research about what's available in your area

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By *opsy RogersWoman
over a year ago

London

If you can afford a mortgage, don’t mind the logistics nightmare of being tied to one place and the cost of roof repairs/boilers/soffits/plumbing/decorating/leaks/improvements/fencing then get a mortgage.

I did, on a single income and utterly regretted it. After 18 years I came off the market and was left with 30 grand and a bitter taste.

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By *r TriomanMan
over a year ago

Chippenham Malmesbury area

Given my age and no desire to be doing my own repairs, this sounds like a good option.

I see. £800 a month though! "

I'm thinking small and in the the middle of nowhere so cheap. Even at double that id still be good for over 20 years making me almost 80 - then I'll commit a robbery, get caught, go to prison and live for free as a guest of Her Majesty the Queen (she's bound to still be ruling).

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By *evils-couple13Couple
over a year ago

Neath

We've just bought our first home, rented before and we just never felt settled.

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By *oyRoy06Man
over a year ago

leighton buzzard

[Removed by poster at 04/09/19 23:50:45]

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By *luebell888Woman
over a year ago

Glasgowish

I bought my house and although its a struggle im happy to know that when i die my children will be finacially better off.

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By *oyRoy06Man
over a year ago

leighton buzzard

"Is it true that when you are renting its only for 1 year or 2 year periods at a time and you can get kicked out at anytime? "

Most tenancies are tied to 1 or 2 years so that landlord doesn't have their property indefinitely occupied, especially with a problem tennant.

As long as you have a proper contract written up it should state a minimum period before either party can call time on the tenancy. Usually about 6 months. Had to leave my last property since landlord wanted it back ... 6 months after renewal, given 2 months notice to vacate ... this was just before christmas too.

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By *ENGUYMan
over a year ago

Hull

Though I have worked primarily in Hotel Management, I did rely on Live-in roles for the first 10 years.

Then, as I moved around the UK, as I progressed through my career, I chose renting as it suited me.

But once settled in my first Hotel GM role, I took the plunge & bought my own house in 1992. Then, I was able to secure a 100% mortgage. I've had a few redundancy issues over the years, with my Mortgage provider allowing me "Payment Holidays" whilst I sourced new work.

But when in work, I have never defaulted on payments; my Mortgage will be fully paid up in April 2021, 6 months before I retire.

Would I do the same again? Depending on the Mortgage options, I would. Having a home of your own is far better.

I did let the house out until a tenant Sub-let without telling me and the newest tenants all but trashed the house.

The agent I used, then did a bunk with a lot of Landlords deposits plus rents paid to them on our behalf. I was £3k out of pocket.

I'll not let again!

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By (user no longer on site)
over a year ago

If you rent your basically paying somebodys mortgage for them

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By (user no longer on site)
over a year ago

"If you rent your basically paying somebodys mortgage for them "

While having a roof above your head and the ability to move when it suits you

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By (user no longer on site)
over a year ago

"I bought my house and although its a struggle im happy to know that when i die my children will be finacially better off."

Are you sure about that?

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By (user no longer on site)
over a year ago

"What are the advantages. "

My advice is, buy something and rent to to someone else. Then rent where you want to be, you will need a cash cushion to cover mortgage / rent between tennants but if I had my time over thats what I would do.

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By (user no longer on site)
over a year ago

"[Poster removed by landlord at 04/09/19 23:50:45]"

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By (user no longer on site)
over a year ago

I hated renting. I was in a property I loved for about 5 years but then they decided to sell. I couldn't get the deposit together for it. I had been priced out the area too but needed to be there for my son. So I paid top rent for a house with no Central heating purely for location.

So glad I'm a home owner now

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By *good-being-badMan
over a year ago

mis-types and auto corrects leads cock leeds

"I bought my house and although its a struggle im happy to know that when i die my children will be finacially better off."

Not necessarily, I don't wish to put a spanner in that or be a doom monger, however with the extended ages we're all likelty to see, the cost of elderly care is often found by selling the home.

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By *luebell888Woman
over a year ago

Glasgowish

"I bought my house and although its a struggle im happy to know that when i die my children will be finacially better off.

Not necessarily, I don't wish to put a spanner in that or be a doom monger, however with the extended ages we're all likelty to see, the cost of elderly care is often found by selling the home."

I have a brother and a sister. My mother has signed 25% of her home to each of us all legally done through a lawyer. She now owns only 25% of her home. She done this so she would not have to throw it all away for her care. I will do the same in a few years time.

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By *good-being-badMan
over a year ago

mis-types and auto corrects leads cock leeds

"I bought my house and although its a struggle im happy to know that when i die my children will be finacially better off.

Not necessarily, I don't wish to put a spanner in that or be a doom monger, however with the extended ages we're all likelty to see, the cost of elderly care is often found by selling the home.

I've done similar, with the expanding social care funding crisis it would not surprise me if there were changes in legisleture.

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By *allySlinkyWoman
over a year ago

Leeds

I have just tried to do this and I can't find a solicitor willing to do it.

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By *sGivesWoodWoman
over a year ago

ST. AUSTELL, CORNWALL

"None that I can see. If we'd rented we'd still be paying rent now but we're mortgage free."

I'm in the same situation. Also a lot of the time rent is more expensive than a mortgage. I think rent payments should be taken into account as proof when applying for a mortgage too.

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By (user no longer on site)
over a year ago

Rent is higher than a mortgage but when you have a mortgage you have to have all the associated insurances to go with it.

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By *luebell888Woman
over a year ago

Glasgowish

I have just tried to do this and I can't find a solicitor willing to do it."

Maybe its easier in Scotland as we have different laws from down south.

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By *allySlinkyWoman
over a year ago

Leeds

I have just tried to do this and I can't find a solicitor willing to do it.

Maybe its easier in Scotland as we have different laws from down south."

They tell me it would be tax avoidance so unethical for them to do

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By (user no longer on site)
over a year ago

Think about one day being mortgage free when it's paid up.

You'll never be rent free.

It makes a huge dufference when you get to that point in life with zero big monthly outgoings for rent or mortgage and you can actually use more of you wages to have more fun.

I've actually a bit of money coming in too, from renting space in a big shed on my land.

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By *allySlinkyWoman
over a year ago

Leeds

I've actually a bit of money coming in too, from renting space in a big shed on my land.

How many Albanian families live in your shed ?

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By *gnitemybodyWoman
over a year ago

Onestepoutofthedoor

"None that I can see. If we'd rented we'd still be paying rent now but we're mortgage free."

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By (user no longer on site)
over a year ago

I've actually a bit of money coming in too, from renting space in a big shed on my land.

How many Albanian families live in your shed ?"

Hahahaha

actually there's half a dozen mint classic cars, so I tell anyone that sees them that they're mine!!

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By (user no longer on site)
over a year ago

I'm currently renting...but I need to get back to having my own house

The biggest issue I have is finding a mortgage lender who will help me out

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By (user no longer on site) OP
over a year ago

I was considering renting but the thought of being kicked out at anytime is worrying.

Thanks everyone for the advice.

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By *BWandhusbandCouple
over a year ago

Midlands

We'll be mid forties when our mortgage ends. I'm counting down the months now.

Luckily it was cheap to buy back in the late 90s. I wouldn't like to be a first time buyer these days.

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By *iss_tressWoman
over a year ago

London

I bought my house 20 years ago for £240,000, it's s three bed semi in south London.

I'm looking at a four bed detached house with two bed annex, double garage, workshop, two en-suites, study, conservatory, immaculate condition in Lincolnshire for £220,000.

I'll be able to be buy mortgage free plus give my daughters a life changing sum of money and still be comfortably off: no brainer for me, why pay someone else's mortgage?

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By (user no longer on site) OP
over a year ago

"I bought my house 20 years ago for £240,000, it's s three bed semi in south London.

I'm looking at a four bed detached house with two bed annex, double garage, workshop, two en-suites, study, conservatory, immaculate condition in Lincolnshire for £220,000.

I'll be able to be buy mortgage free plus give my daughters a life changing sum of money and still be comfortably off: no brainer for me, why pay someone else's mortgage?"

Maybe because some people havent got the money to put down or can't account for where the money came from, to the tax man.

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By (user no longer on site)
over a year ago

"I was considering renting but the thought of being kicked out at anytime is worrying.

Thanks everyone for the advice. "

What do you do currently?

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By *ed-monkeyCouple
over a year ago

Hailsham

We've spent the last 3 years renting whilst we each sorted our respective lives out.

Begrudged each and every rent payment as it's dead money.

We move into our newly built home in 9 weeks or so ... can't wait.

As others have said, if you can afford a mortgage ... do it. Biggest asset most will ever own

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