Who doesn't own a property?

GIBURROWS · 10 Apr 2022 at 17:16

Puzzled said:
Councils look at that sort of stuff now, if they think the house ownership has been moved to avoid paying care costs then they will go after it.

And of course they will be very competent there but getting a pot hole filled or a bin collected that had a bag slightly on show it'll take forever!

Spook187 · 11 Apr 2022 at 11:34

GIBURROWS said:
I will keep renting. Owning a house when you don't want kids seems daft, what will happen to the house?

How is it daft lol :confused:

can always sell the Equity later in life if one wants to do that. renting is dead money end of

dave28 · 11 Apr 2022 at 11:41

i wish, but the goal posts keep moving and wages stay still

GIBURROWS · 11 Apr 2022 at 12:10

Spook187 said:
How is it daft lol can always sell the Equity later in life if one wants to do that. renting is dead money end of

It's not dead money to me, it goes back to my council for local services and what not.

Scam · 11 Apr 2022 at 12:20

GIBURROWS said:
It's not dead money to me, it goes back to my council for local services and what not.

Assuming you have a council house then? Most people rent from private landlords who are merely enriching themselves at your expense. Council tax is what is used for local services etc. that's why renters and homeowners both pay it...

Beerbaron · 11 Apr 2022 at 13:33

Rented for a 1 year with mates after uni and then moved back home for 7 years. Managed to buy a new build flat with the wife with some inheritance and never looked back. Sold that for a big profit after 6 years and then purchased the current house. Its crazy to see how expensive renting is to buying. We started a children's ISA as soon as our daughter was born to help with uni/house when she is older.

dlockers · 12 Apr 2022 at 07:28

GIBURROWS said:
I will keep renting. Owning a house when you don't want kids seems daft, what will happen to the house?

Lol.

Jimbeam3678 · 12 Apr 2022 at 07:50

sja360 said:
Usually gets sold for your care home services
That said by renting i understand your getting a service ie a house or apartment to live in to a standard. But you are paying someone else who owns it and at some point they will want to 'retire' and can pull the rug from under your feet. (Selling up).
You'd then be left chasing the next property and likelihood is paying more. At least if you decided to sell your own property generally it goes up in price.

Interesting topic as we have bought our own house and don't have kids or plan to.

Surely there must come a time where it makes financial sense to sell the house and enjoy the cash from the sale? This has bothered me for quite a few years, am I missing something?

chrcoluk · 12 Apr 2022 at 08:16

I dont, given been a private tenant is only going to get worse and worse, I am looking into ownership myself. Even if shared.

Reuben klang · 12 Apr 2022 at 10:23

radderfire said:
We do not have true capitalism in the UK, in fact it is much more akin to communism. The reason for this, is that money itself is a monopoly, controlled by the private banking sector, which has managed to capture the UK government. The root cause of the ridiculous price of houses is that money can be printed at a whim, out of thin air and not associated with real economic activity, by the private banking sector. Just look at how much money has been printed by the Bank of England in recent years. They literally have their own magic money tree where they can print money at will (or create electronic money in a database), which gets transferred to the major UK banks, for them to make loans, the most important of which are mortgages, because these can be collateralised on the property itself, so are the safest loans for them to make. The money printing causes the eye-watering pump in house prices which we are seeing, and prices become totally detached from economic realities of what "normal" essential workers can manage to earn, i.e. what people working outside the financial sector can earn. People working in the financial sector contribute no real value to society, they are just parasitic on the people doing the real work.

If real workers don't like this, they should call for the UK to return to a "hard" money system, where money is "hard" to produce and cannot be printed out of thin air by the financial controllers (i.e. central bankers at the Bank of England). This means backing Sterling by either gold, or better in my opinion, by Bitcoin. This would mean an end to the financial sector's secret weapon of infinite money printing, and the real economy would see its real value, and people doing real work would be rewarded properly, and would be able to afford houses. This would also mean a return to true capitalism, where real work generating real value would generate enough money for people to buy a house, and we would no longer have the phoney capitalism we have now (more like state communism with central credit controlled by the Bank of England).

The more workers understand this, the better, so spread the word.

I was getting into this post until the nonsense about backing up our currency with Bitcoin.

GIBURROWS said:
I will keep renting. Owning a house when you don't want kids seems daft, what will happen to the house?

So 20 years of monthly payments to own a property is daft but paying rent for the rest of your life isn’t?

Later in life you can remortgage the house, retire and use that money to do what ever you want and just pay the interest.

Rent is generally higher than a mortgage as well.

MikeTheNative · 12 Apr 2022 at 10:38

Currently mortgage will be paid off by the time I'm 48, hopefully faster if everything goes well money wise. That should help me retire earlier than if I was still renting into my 60s.

MrRockliffe · 12 Apr 2022 at 10:58

I’m in a very lucky position. Mine and my other half’s combined income is sufficient to get us a 450k property in the area we live in. We’re currently in saving phase, and live in a property where the rent is quite reasonable, so we’ll be able to buy out first place at the age of 30.

joelk2 · 12 Apr 2022 at 15:13

have been a homeowner with my (wife - not ex wife yet) we split up and sold the family home so ive been renting for the past almost 2 years.

looking to buy again towards the end of the year/early next. shared ownership looks to be the only way it will happen for me

sja360 · 12 Apr 2022 at 16:04

Jimbeam3678 said:
Interesting topic as we have bought our own house and don't have kids or plan to.

Surely there must come a time where it makes financial sense to sell the house and enjoy the cash from the sale? This has bothered me for quite a few years, am I missing something?

This comes down to the individual and circumstances, some will sell up and go travelling or move abroad, some want security of payments and property paid off. Totally your choice. For me i want very low bill's so gas/electric and no mortgage. I suspect I'm the generation having to work to 60 at least (I'm 36 soon). Mortgage should be paid off in under 10 years hopefully £167k left. Obviously overpaying as much as possible.

What would you do with an example of £250-500k cash house sale out of interest?

SideWinder · 12 Apr 2022 at 16:30

sja360 said:
What would you do with an example of £250-500k cash house sale out of interest?

Some people sell up, move to a cruise ship and just sale around the world until they die.

93 nights, £10k:
https://www.rolcruise.co.uk/cruise-...-beauty-of-africa-the-indian-ocean-2023-11-19

So 4 cruises a year give or take hotels inbetween between them = £50k a year per person?

I guess there could be many discounts included plus pension income.

This is me googling for 5 seconds though.

sja360 · 12 Apr 2022 at 16:51

SideWinder said:
Some people sell up, move to a cruise ship and just sale around the world until they die.

93 nights, £10k:
https://www.rolcruise.co.uk/cruise-...-beauty-of-africa-the-indian-ocean-2023-11-19

So 4 cruises a year give or take hotels inbetween between them = £50k a year per person?

I guess there could be many discounts included plus pension income.

This is me googling for 5 seconds though.

I sailed as a crew member one trip and someone's partner died, they continued the cruise... Personally slightly tragic doing the constant cruises, maybe if you said its a 180 day world cruise as a bucket list one off I'd join you on that idea but to continually go on cruise's at the end of life... Hmm

SideWinder · 12 Apr 2022 at 17:04

sja360 said:
I sailed as a crew member one trip and someone's partner died, they continued the cruise... Personally slightly tragic doing the constant cruises, maybe if you said its a 180 day world cruise as a bucket list one off I'd join you on that idea but to continually go on cruise's at the end of life... Hmm

I see what you're doing here...look, ok we can go on a cruise together. :cool:

On a serious note, I see the appeal. Rather than being stuck at home watching Holly and Phil on This Morning, you could be visiting random countries around the world and meeting new people everyday.

Jimbeam3678 · 12 Apr 2022 at 18:24

sja360 said:
This comes down to the individual and circumstances, some will sell up and go travelling or move abroad, some want security of payments and property paid off. Totally your choice. For me i want very low bill's so gas/electric and no mortgage. I suspect I'm the generation having to work to 60 at least (I'm 36 soon). Mortgage should be paid off in under 10 years hopefully £167k left. Obviously overpaying as much as possible.

What would you do with an example of £250-500k cash house sale out of interest?

I have no idea, maybe move back to Taiwan. My thought process though is what would happen if you sold at 65 outlived your money, where would you end up? In a home in the UK?

I have thought about this far too much. How about running up a massive amount of credit if you have no depending on you

GIBURROWS · 12 Apr 2022 at 19:49

Reuben klang said:
I was getting into this post until the nonsense about backing up our currency with Bitcoin.

So 20 years of monthly payments to own a property is daft but paying rent for the rest of your life isn’t?

Later in life you can remortgage the house, retire and use that money to do what ever you want and just pay the interest.

Rent is generally higher than a mortgage as well.

20 year mortgage?!? My rent is cheaper than a mortgage and makes sense to me.

bainbridge · 12 Apr 2022 at 22:35

One benefit of home ownership is that it puts an end to other homeowners harping on about rent being dead money and how renters should get on the property ladder!