Do you currently rent or own a property?

Psypher5 said:
student, renting.

45 a week O.o (£10pw over summer hoorah)

when i get a job (hopefully, after masters) ill rent untill the gf has finished her medical degree or I / we have enough for a deposit.
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You what?

£180 p/m - £40 p/m? You must be living in an utter dive...
 
Renting with 1 other colleague, £900 each pcm excluding bills.

The place is fantastic but that's the problem. I can rent and live in a great place but the flat would cost over half a million to buy so it's impossible to buy anywhere near this standard. Think I'll stick to renting.
 
Jez said:
Blanket yes, but its true. You will never upgrade long term and i can only assume that you are waiting for a large inheritance or something come retirement time? Seriously, what's the long term plan? Fair play if you can save enough money from salary on top of your rental payments to afford to buy a decent house for your retirement when you stop working.
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You're right to an extent but Im about to come up to 5 years since graduating and Im glad renting to an extent has given me massive freedom with where I can work. Had I bought in Bristol I doubt I would have been able to move back to the Midlands working on some of the best stuff in the automotive industry doubling my take home pay.

At the moment renting is perfectly sensible in a lot of situations, mine included. Maybe the saving from my salary is actually going towards a deposit rather than something 40years away? I also have 2 small children, with my partner at home. Mortgages can wait when they are my priority with their Mother bringing them up.

Silver spoon was a bit low I guess but its pretty rare to have the sort of cash for a deposit lying around... let alone for 3 houses.
 
I am 19 and will hopefully be putting a deposit down for rental property next year. Renting really does seem so pointless, my sister lives at home and is considering moving out to rented accommodation and somehow thinks she will be able to save up for a deposit. Madness, you are burning money..

As much as it would suck, I don't think I would leave home till I had a deposit on a house.
 
int said:
You what?

£180 p/m - £40 p/m? You must be living in an utter dive...
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um, no. Its a perfectly fine house. 3 big bedrooms @ 45 (all have double beds and room for desk/wardrobes etc) and one smaller room which is 35 a week.
This includes water bills too.

Kitchen is a bit small but perfectly fine, living room is big (2 sofas, big tv, fireplace).

Garden is quite roomy, shame half of it is paving slabs though.

Its a student house, not something amazing, but defo better than most we viewed. Few niggles, could do with "updating the decor", and a new bathroom suite etc but perfectly fine to live in day to day :)


The house nextdoor is £70 a week per person without water bills. (5 bedroom house, no living room) and its basically the same.


The summer rate is what I got charged last year, makes sense as I'm just acting as home security for the landlord.



saying this, my gf has just found a house in leicester, 5 room, semi detached. £50 a week.

'spose you just gotto find the right place :)
 
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Jonnycoupe said:
You're right to an extent but Im about to come up to 5 years since graduating and Im glad renting to an extent has given me massive freedom with where I can work. Had I bought in Bristol I doubt I would have been able to move back to the Midlands working on some of the best stuff in the automotive industry doubling my take home pay.

At the moment renting is perfectly sensible in a lot of situations, mine included. Maybe the saving from my salary is actually going towards a deposit rather than something 40years away? I also have 2 small children, with my partner at home. Mortgages can wait when they are my priority with their Mother bringing them up.

Silver spoon was a bit low I guess but its pretty rare to have the sort of cash for a deposit lying around... let alone for 3 houses.
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:) I have never doubted that renting serves a short term purpose and can be very convenient. The issue is that it is not long term, i truly don't know how people that have rented for extended periods of time plan to get out of it unless they start earning so much that they can afford to save up and buy outright eventually. Even in this scenario its unlikely that they will be in the market for anything even close to what they may have achieved through capital gain over the years in a mortgaged property.
 
SideWinder said:
Just looking around on the internet trying to avoid writing an essay and decided to look at the houses around my area and how much they cost to rent. I rent at the moment with 5 others and its stupidly expensive as its a 4 bedroom converted to a 6 bedroom with a greedy landlord. We're only staying due to its great location and also we all wanted to stick together - not many 6 bedroom places around.

I looked around at properties in Central, just thinking about the future and i was surprised at what i could get if i moved in with the girlfriend.

Anyways, what do you do and how come? So do you regret getting a mortgage? Prefer renting? Discuss.

Edit: Currently paying £390 a month, excluding bills. Location is close to Putney, SW15.
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I'd say that's good for renting.... particularly when you are friendly with co-inhabitants. I was paying about that for a room in a shared house 10 years ago. Surely you're saving a shedload - depends how much your income and saving attitude is though.
 
soon to be mortgage of 420pm with only 10% deposit the joys of working for the bank! would cost at least 750 to rent....

That will go up when rates do, but still very reasonable. £53 per percentage increase. variable at whatever base rate is forever, no tie ins or fee's.

I definitely see renting as dead money, but each to their own!
 
I have a mortgage because I'd been indoctrinated into home ownership by my father and so when I wanted to live with my partner it seemed like the natural move to make. At the time the property market was also booming so losing money on the value of the property didn't seem overly likely.

In hindsight this was probably a mistake as I had pretty poor job and should have anticipated needing to move when a better job was found. So we lived in our old property for under 2.5 years before part exchanging it for a new home closer to where my next job was. When I take into account the fall in property value, fees, legal expenses, money spent on the old house etc I reckon had we rented we'd probably be at least £10k better off.

On the plus side switching to a fees free tracker around 15 months ago has given me a fairly cheap loan (1.09%) which allows me to invest and get a better return. So as it stands having a mortgage is no bad thing as it lets me make some money from the banks by playing them off against one another. Obviously one regret is that I went for a fairly short mortgage term (7 years) with the intent to get it paid off quickly, now I wish I'd gone for something much longer like 25 years so I'd have lower payments and more money to invest.

One thing people really need to grasp is that you can't simply compare the monthly cost of mortgage payments against what it would cost to rent the same/similar property. Just because one figure may be less than the other doesn't mean to say that it's inherently better in the long term, there's a whole host of other factors to take into consideration like length of mortgage term, equity in the property etc (people with a large deposit have an 'artificially low' monthly payment, coversely people with a short mortgage term have a 'high' monthly payment).
 
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HangTime said:
I have a mortgage because I'd been indoctrinated into home ownership by my father and so when I wanted to live with my partner it seemed like the natural move to make. At the time the property market was also booming so losing money on the value of the property didn't seem overly likely.

In hindsight this was probably a mistake as I had pretty poor job and should have anticipated needing to move when a better job was found. So we lived in our old property for under 2.5 years before part exchanging it for a new home closer to where my next job was. When I take into account the fall in property value, fees, legal expenses, money spent on the old house etc I reckon had we rented we'd probably be at least £10k better off.

On the plus side switching to a fees free tracker around 15 months ago has given me a fairly cheap loan (1.09%) which allows me to invest and get a better return. So as it stands having a mortgage is no bad thing as it lets me make some money from the banks by playing them off against one another. Obviously one regret is that I went for a fairly short mortgage term (7 years) with the intent to get it paid off quickly, now I wish I'd gone for something much longer like 25 years so I'd have lower payments and more money to invest.

One thing people really need to grasp is that you can't simply compare the monthly cost of mortgage payments against what it would cost to rent the same/similar property. Just because one figure may be less than the other doesn't mean to say that it's inherently better in the long term, there's a whole host of other factors to take into consideration like length of mortgage term, equity in the property etc (people with a large deposit have an 'artificially low' monthly payment, coversely people with a short mortgage term have a 'high' monthly payment).
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Well, it sounds like you have a sound attitude to money. Especially compared to those living on the credit line. Personally I don't think you've made a mistake - even if you think you have, at least your are more financially aware as a result. I've lost money in casinos through stupid flights of fancy.

I would not regret your intention to buy - you are a property owner, albeit at the mercy of the lender. There's safety in numbers - you're in the 40% of the adult population with a mortgage, and we'll be in a better position in 20 years time than those delaying the decision through continuous renting.
 
I rent, but it is with company money. Ive not been in a position to buy a house during my post university career, but I intend to possibly buy at the beginning of next year. I considered buying in 2007 but I am pleased I decided not to!
 
Renting a North Sydney 1 bed apartment for $1820AUD per month (around 900UKP). Very expensive...but it's a very nice area and 5 minutes walk to an amazing beach so swings and round-abouts.
 
This is going to sound strange to some of you but here goes....

We are in the middle of selling our house (to the father in law who is going to rent it out) and have secured a lovely 4 bedroom cottage to rent for £550 a month.

The reason for this is simple....the house value is the same as the mortgage we have on it, it isnt really big enough for the 4 of us to live in so we had to make the decision.

The house we are moving into is huge, it suits our needs perfectly, not just for now but for the future too.

Our mortgage payments were £500 per month, our rent will be £550 per month for the next 5 years and then negotiate after that.

The father in law is buying it as he's quite a wealthy man and needs somewhere to put some of his excess money/time into.

My wife and i decided a fair while ago that we really are not bothered about owning our own house, there is no way we would be able to afford to buy the type/size of house we are going to rent for anything close to what we are going to be paying.

I suppose what im trying to say is that although owning a home is an amazing thing, in some circumstances it just doesnt make sense.


Oh i should add that we are not renting from a private landlord, it is an established property letting company in the village we live in, they have owned over 150 property's for over 100 years.
 
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