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Grimbo ♥ | Are you worried about not owning your own property? |
Hi
For those of who who aren't on the property ladder yet do you worry about not owning your own home?
I worry because i'm 26 my boyfriend is 27, we have a baby and we are privately renting.
I want to own our own property so that when we are old we can retire as we would have hopefully paid for a house by then.
We are paying so much money a month in rent but I personally think that house prices are just way too high at the moment.
They are only really bricks and mortar.
Property developers are building loads of 'affordable homes' but I think they are very poor quality, small and way over priced but they think because people are desperate to get onto the property ladder they will just buy any old crap.
Is there any one else out there in the same situation - are you worried about not owning your own house or do you think there is gonna be a crash soon (yes houses have gone down slightly but still not enough), or do you not have a problem with renting forever?
Many Thanks
Additional Details
cg 198431' you are right about the council house situation. Anyone who was lucky enough to get one are sorted for life. I would actually prefer a council house than to own my own property for the reasons you have stated. I am on the council list but it is very unlikely we will ever get one.
There are a few americans that have said now is the time to buy but I live in the UK and now is the worst time to buy as house prices are starting to go down. Still they will probebly never drop low enough for me to afford one! |
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Phantasm
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Yeah I agree with the above - I rent and at least I don't have any massive deb hanging over my head - most of the people I work with have to pay a staggering £1200 - £1600 a month in mortgage repayments - my whole bills - everything - my entire outgoings are just £950 a month (my rent is £400 including water rates) everyone who bought recently are finding themselves in negative equity and can't get anymore good deals with their mortgage lenders and now can't afford the repayments - there are so many re-posessions at the moment too - it all seems so stressful to own a house at the moment - the only ones who are sitting pretty are the ones who got a mortgage about 10/15 years ago or more
Owning your own house seems more like a luxury nowadays for most people and it is now out of a lot of peoples means.
I'm passed caring - I used to want to own my own house too because of the same reason as you but I don't care anymore
Maybe when you are old and retired the government will pay a lot of your rent anyway as we wont be getting a pension anymore so how else do they expect us to live - worry about it when you get older - who knows what's going to happen next ?? There might be a major crash in the market but then that wont be good for the current house owners either - no one wins!!
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cg198421
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I own my own property with my boyfriend and to be honest, we wish we had decided to rent.
We bought this one bed flat three years ago when we were 21 so we were quite young really. We had little to no savings but we desperate to get on the property ladder so we took out a big mortgage and a loan for the deposit and furnishing the flat.
Interest rates soared after our fixed rate deal expired after two years and we've both had to get new higher paid jobs to cover the increase.
Now with the down turn in property prices we find ourselves in negative equity. Due to the high interest on our mortgage we are only really paying off £200 a year so wouldn't have been much worse off renting.
Our mortgage on this one bed flat is £600 per month. In our area we could rent a brand new 3 bed house with a garden for that.
Because we physically can't sell the property, we are literally trapped and having to put our lives on hold hoping property prices will recover. I would love to have a baby after we get married next year but there is no way we could cope in this tiny place.
You mention that having a property can bring you security in your old age or retirement. I'm afraid I disagree! My grandad and grandma worked really hard and struggeled to pay off their mortgage. They also saved a lot of money for their retirement and as inheritance for my dad and uncle. But unfortuanltey my grandma got alzheimers disease and had to go into a care home. Then a year or so later my grandad had to go into a home as well. We have had to sell their home and hand over every penny of their savings to the council to pay for their care which is £1000 per week. We had no choice in the matter.
My boyfriends grandma however hasn't owned her own home and she now lives in a council house. She gets everything paid for and is very well looked after with her heating and electrics being checked regulalry, garden being mowed etc and even having her house decorated all for nothing.
So owning your own property doesn't neccessarily bring you any benefits in old age and in my opinion, you can get a lot more for your money renting and don't have to live with a huge debt around your necks. Beside you never really own your own house. Until you've made that final mortgage payment, the bank owns it. |
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dot
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i'm 25 and my husband is 28. We are having the same problem. We are paying such high rent, and you can only get a 95% mortgage. Saving money for a deposit is hard. We don't want to start a family till we own are own house, but that could take forever. |
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Well i Never!
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REally dont worry. The time will come when you can, but in the meantime enjoy your family the way it is, happy and healthy! There are so many people in the same position, me included, i was on the ladder when i was 25 witha partner, however, we split and he bought me out so at that stage i was unable to get on the ladder on my own. I still rent, but i realise that it is the option for me right now and i cant let it depress me as there is more to life, as you say, than bricks and mortar!! just enjoy each other chick and you will get luck!! fingers crossed for us all eh x |
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Han
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I am in a similar situation I'm 25, bf 32, we rent and would eventually like to own or build our own house.
Right now I am not worried - if anything I'm kind of relieved I didn't have the will or the way to buy a couple of years ago, cause I'd be regretting it now with the price of everything going up.
I know it will take a little time before house prices stabilise - my main concern is saving enough money for a deposit between now and then. And of course the other concern is the later you buy of course the later in life you end up paying it all off.
Renting sucks in that you can't really modify the property to how you want it, which is something I'd love to do. Really put our own stamp on it, decoration, extensions etc etc. But for now it's a case of beggars can't be chosers. We have to live somewhere, so renting is the only option. At least the maintenance is the landlord's responsibility.
I agree with you about all these new builds being too small and too expensive - and with all this shared ownership malarkey being the only affordable option for many, you don't even own the whole house anyway. It's all crap.
It makes me and bf consider building our own house. You're damned with mortgage re-payments anyway, we might as well be paying for a house we built and really love.... |
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Katrina
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I'm 29 and still live with parents. At this present time, I can't ever see myself owning my own home. My own way round that thought, is to just not think about the future, because otherwise it becomes depressing.
My parents house 30 years ago cost them £25,000. Its now worth at least £380,000!! Shocking.
Salaries haven't gone up either. It is worrying, but like I said, I try to block it out of my mind. |
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((LOON))
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Is now not the time to buy??? I do feel for you younger generations it's getting so much tougher and is so unfair! Most of the young lads i work with dont ever see themselves owning a damn house!! (ISN'T WORK ALL ABOUT BUYING WHAT YOU WANT????) It seems not these days!!!!!!
" Earning enough to live but not to play"
All the best to you two...LOON. |
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Astropox
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If you have any lego experience you could try building your own. |
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jwagner120787
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Honestly, I don't mind renting. It means someone else has to worry about the other stuff. The problem that might concern me is if the ownership changes. My landlord gives us permission to make any changes we want to the place, but if ownership changes, things would change, and we might be kicked out, losing the changes we make. |
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krusty1
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hi im 23 and my fiance is 25. we are living wiv parents at the mo but are hoping 2 b in a rented property by the end of the month. We were originally going to save 4 a deposit but i worked out wed b well in 2 our 30's before we had a decent deposit 4 a half decent house so we decided not 2 bother and jus hope the government come up wiv somethin to help us all!! |
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JR
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Now is the time to buy, the only trouble you have to buy now, is you got to have perfect credit, and make a ton of cash to get approved, hell I'm 28 and my soon to be husband is 28 we have 4 kids and he makes $1500 a week plus I make $ 200 a week and we can't get approved for a home because we were late on a few bill a few months ago, I think they do it just to add the extra stress in your life lol Good luck on owning your new home! |
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