ChatterBank1 min ago
Selling up and going back to renting?
We're seriously thinking of moving mainly because I'm unsettled but renting instead of buying. Must admit my wife isn't 100% behind me on this one.
Any serious answers most welcome.
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Renting the property one day will never be yours i rented for 6 months and waisted 3000 quid
With a mortgage one day it will be yours(dont know if you have children) then you pass the house on to them to sell and leave them with a half decent bank account.
Its up to you but id never rent again i know its a pain trying to pay bills and doing work on your house. But your not alone. When i decided to have a new kitchen i lived of kebab for 5 months because i couldnt afford the kitcken in one go just take it easy theres no rush. good luck with what you decide.
It's a much closer comparison than you think.
"all the rent is wasted" - a common enough statement but when you have a mortgage 95% is wasted. the difference is merely what you are renting, in the one case you are renting the property in the other you are renting the money. Now you only have to benefit by 5% renting to make it worth doing. So no property maintenance necessary that's good but you don't get the capital appreciation but neither do you suffer the price drops so you have to factor all that in. You may eventually own the house and thats good but at what cost, what if the values fall? you lose even the little bit you have repaid.
The 2 cases are primarily paying for somewhere to live and in that context they are very similar.
from someone who rents point of view, we feel we're wasting money each month, we can't paint the flat, we cant make holes in the wall, we know our landlord can leave his property empty and rent else where due to the price we pay for rent, we have 6 monthly inspections (ahhhhhhhhh) no pets, no garden for us (we're 3 floors up) and with 6 monthly agreements it could go pete tong at any time
On the good side (and its only a small one) the landlord is responsible for reparing things eg boiler, cooker etc, which has saved us a little
Would much rather be in a place of our own, with a mortgage
Interesting question and as a generalisation it is not a good move to rent when one can buy especially for term. Other folk have covered the obvious but, depending on your circumstances downsizing might reduce your maintenance costs.
My wife and I(plus cat) have just moved into a 2 Bed Flat in the centre of a market town(Tavistock) and love the lifestyle it offers. OK no garden but the local area is fantastic. Plenty of coffee places/tearooms which we can walk to. Immediate parking is a problem. Even our ground rent and management fees don't come to more that �350pa. Also it was a lot cheaper than our previous 3 Bed house and so we have more money in our pockets. Even if the management fee was a bit more this has been offset by the lower council tax. Just a thought for you.
So there are alternatives. It all comes down to money and lifestyle doesn't it.