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Who owns their property


Who owns their property  

46 members have voted

  1. 1. Who owns their property

    • Who owns their property outright-no mortgage or loans
      19
    • Own property with a mortgage or loan
      18
    • Rents social or private
      6
    • Lives with Mam & or Dad
      5


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Im pretty ashamed to say I live with my parents.. I could move out and pay someone else's mortgage for them in rent, But I really dont want to do that if i can help it (in a few years I will have no choice but I am looking at other options than renting),

 

wanting to own my own place is what got me into stacking in the first place..apart from a token gesture all money i get either goes into Pms or the business, save save, grow grow and hopefully one day I will make it.

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I am in an unusual position. I rent as it is the cheapest and most convenient option because I move around too much with work. If I bought I would need to deal with the buying and selling process a lot (solicitors/EA fees, taxes and the messing around that goes with moving every 2-3 years). The rent is discounted by around 30% of market rate by my employer and everything gets fixed by the landlord at request. If I owned, that 30% saving would be going to the bank as interest on top of the capital repayment commitment and I would have to fork out for the repairs myself.

 

For example, last year a new boiler worth a few grand was installed in the place I am in now at no cost to me. If I owned that would have come out of my pocket. 

 

Before I retire I want to own outright as this will cut living costs massively even with repairs factored in. Taking on a mortgage now though, when I have this rent discount and still need to move around, would be inconvenient and would equate to paying interest to the bank for nothing much....

 

Actually, what I am basically trying to say is - I need the money to fund my gold stacking addiction more than I need a house  :D

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Im pretty ashamed to say I live with my parents.. I could move out and pay someone else's mortgage for them in rent, But I really dont want to do that if i can help it (in a few years I will have no choice but I am looking at other options than renting),

 

wanting to own my own place is what got me into stacking in the first place..apart from a token gesture all money i get either goes into Pms or the business, save save, grow grow and hopefully one day I will make it.

There is no shame in being debt free. Most people I know are up to their eyeballs in it because that is the norm and most of them do not have the choice. Security of tenure comes at the cost of mortgage for most so you should consider yourself lucky I think!  

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There is no shame in being debt free. Most people I know are up to their eyeballs in it because that is the norm and most of them do not have the choice. Security of tenure comes at the cost of mortgage for most so you should consider yourself lucky I think!  

 

I do consider myself lucky to be in the position to have a choice :)

 

Me and my fiance are looking into all options, a mortgage does not really suit us due to both being self employed sole traders (well partnership) our income changes from month to month and is not guaranteed. Saving and buying a house outright it unrealistic. Also we are not sure we like the idea of being tied down in one place. (that is one thing I do like about rent it the option to move easily) 

 

First we considered buying a nice campervan and living in that..being able to go where the wind takes us and park up in whatever beautiful location takes our fancy , but after some thought realised that we was seeing through rose tinted specs and that winter would be horrible.

 

what we are now thinking is a static caravan on a holiday park - 15 grand buys a fairly nice one and site fees are about 2 grand a year, vastly cheaper than rent. usualy locations are good and sometimes even sea views! you also get whatever perks the site offers like gyms/saunas ect. , the downsides are no fixed address, (not to much of a problem for us as we use a postal holding service) and sites generally shut for one month of the year so we would have to use a B&B for that time. But its still looking like a genuine option that is quite easily reachable.

 

To rent would cost us a minimum of £8400 a year, So buy living in one we figure we can save at least £6000 a year, that can go into savings and investments and should there be a massive property crash in 15 years who knows maybe then we could actually afford a bricks and mortar house lol.

 

I have stayed in static caravans and could quite happily live in one permanently, regardless of any social stigma attached. 

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There is no shame in being debt free.

I was chatting to the lads at the garage last summer (I was swapping my engine which had died) and talk got around to loans/HP/mortgages.

There was practically a coffe-splutter event when I told them I had no debts!  :lol:  It's such an old-fashioned way to be I guess.

 

Static caravan : my Dad bought one of those chalet things (similar) near Thirsk Racecourse and loved it for the few years he was there.

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Being debt free is the best feeling ever, I might not have the best house in the world or the best car or phone or biggest TV but what I own is all bought and paid for, I can sleep at night and I never have to dread whatever mail the Postie delivers.  I've been in that situation and never want to be there again.

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Working on getting rid of the mortgage in next few years. Looking to fix a decent rate soon and make overpayments. We will have to sacrifice a few things, however it will be worth it in the long run.

It is a lot easier to save both on a practice level and psychologically when you are free of debt. I also am suppressing the urge for the bigger house and a nicer car. Buying PM's helps with the spending itch and saving all in one.

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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I am in an unusual position. I rent as it is the cheapest and most convenient option because I move around too much with work. If I bought I would need to deal with the buying and selling process a lot (solicitors/EA fees, taxes and the messing around that goes with moving every 2-3 years). The rent is discounted by around 30% of market rate by my employer and everything gets fixed by the landlord at request. If I owned, that 30% saving would be going to the bank as interest on top of the capital repayment commitment and I would have to fork out for the repairs myself.

 

For example, last year a new boiler worth a few grand was installed in the place I am in now at no cost to me. If I owned that would have come out of my pocket. 

 

Before I retire I want to own outright as this will cut living costs massively even with repairs factored in. Taking on a mortgage now though, when I have this rent discount and still need to move around, would be inconvenient and would equate to paying interest to the bank for nothing much....

 

Actually, what I am basically trying to say is - I need the money to fund my gold stacking addiction more than I need a house  :D

 

Like yourself, I seem to have managed to get accomodation included in the majority of jobs I have done. From having a 4 bedroom flat, (all to myself), in the nineties for £50 a week, to free accomodation in the pub I ran, (one bedroom flat), or todays arrangement, a room in a shared flat for £50, which includes Gas, electric, council tax, Wifi, free meals etc,

 

The one house I did own, had to go after the divorce.  Yes, greed and ex's are often to be found in the same sentence. 

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I've got nine years to go on my house and just under four years left on my holiday home in Croatia. At the time I remortgaged for the holiday home I was thinking; 'Do I need another millstone around my neck?' Don't regret it now though.

My grandad as well as my dad ever only rented but my mother hated the fact that they had the money to buy a house but never bothered, considering my dad was brought up in Clapham. A missed opportunity!

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Its true divorce makes you feel whats the point of buying a house and more and more men are realizing it.  If you buy one buy 2 or 3 then you can share the debt too,

 

I wouldn't buy now anyway, with the baby boomers starting to die off, the next generation will be calling for more houses to be built and cheaper.  

 

Lets say say Average wage is £26,000 + 20% deposit £18200 total = £109200 and that will be for a normal house not a starter house.

 

It just makes sense if you have young professionals up to the age of 40 having to house share, a large proportion of them will become angry and resentful towards the political class and the elder generation who as they see it got property on the cheap through government policy, then voted for government to hike up housing prices by not building enough property and immigration policy.

 

We will have to wait and see what happens to Tory and Labour policy over time.  

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I work all over the place so rent wherever I am working.

I have a mortgage on a two bed house which I rent out for cash.

I rent it to a mate so charge well under (£400) the market rate and £200 under my mortgage payment.

It's worth it to keep my tax bill down and helps my mate and his misses save a deposit of their own rather than getting stripped up by the rents round here.

Also it is nice knowing the place is in safe hands :)

And because he is my mate he looks after the place and does bits and pieces that need doing,

If anything big needs doing I sort it out.

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I have 10 years to go on the mortgage. Mrs wants a bigger house but i keep telling her not to be so bloody stupid. We dont need the extra room, and buying in the midst of a price bubble seems ridiculous, as we'll end up with more debt and a mortgage stretching off into the future once again.

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I was lucky enough to buy my house before the sharp rise.  There's no way I could afford one of this size now.  The mortgage is the only personal debt I've ever had and with hard work it was paid off early.  That was always my original plan as I wanted to be able to spend as much time with my children as possible before they started school and not have to worry about bills.  Once they're in school full time, I can start the hard graft for my retirement.

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@motorbikez Nice idea for a poll.

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I know we have had a very small response to the poll but I was interested to see if the SF resembled the overall UK housing position the above chart was compiled by ONS in 2011.No conclusions can be drawn from our sample it is too small, but approx 77% own their property 23% rent as against the 2011 stats approx 64% own their property 36% rent.From what I have seen elsewhere renting is increasing & owning property is decreasing. 

The problem with common sense is, its not that common.

 

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Interestingly the Economic and banking power houses of Europe, Germany and Switzerland, have some of the lowest home ownership rates in the world. with 53% and 44% respectively.

 

And these two countries are in the top 6 countries ranked by living standards.

 

Maybe buying your own house is not as important as banks make you believe. After all, where would banks be, without mortgages to boost their profits. I wonder how much they make on loaning out their £200-£400 Billion per year on mortgages. 

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Interestingly the Economic and banking power houses of Europe, Germany and Switzerland, have some of the lowest home ownership rates in the world. with 53% and 44% respectively.

 

And these two countries are in the top 6 countries ranked by living standards.

 

Maybe buying your own house is not as important as banks make you believe. After all, where would banks be, without mortgages to boost their profits. I wonder how much they make on loaning out their £200-£400 Billion per year on mortgages. 

 

Germany has low property prices compared to most other European countries & as such people who rent their properties pay a sensible/reasonable rent.

The problem with common sense is, its not that common.

 

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