How important to you is it to own a house?

[LoveCakes]

Funny I was thinking of this today. There are 10 houses in our cul de sac, I think most are owned. One is rented and the removal van was there today because the owner sold up and the new owner wants to do it up. They have 3 kids, one may have to move school and only got 2 months notice. She is friends with a few other kids in the street the same age. This for me is a good reason to want to buy, for the future stability.

 

[emyandpotato]

It is important that we do it at some point, but it isn't realistic at the moment. Our income isn't high enough for us to put aside much money a month and even if we put £100/£200 a month aside, which is really pushing it, it'll be years before we can buy.

 

[Scout]

It was very important to me. I have mine paid off, so it's nice to not worry about mortgage or rent payments. I like being able to decorate and do things in the yard that I want. It also makes me feel a bit more secure. I think all the homes in my neighborhood are owned.

 

[Midnight_Fairy]

Not very.

 

[highhopes19]

We rent through a housing association, only reason we got this house is because the village only rent to people with local connection which oh had. Our rent is low compared to private renting here for a 2 house here your looking at anywhere between 800-1000 a month ours is £425. We can decorate how we want to and make changes to the house such as kitchen and bathroom....... and the lease is 99 years and can be passed on to !y daughter

I would love to own but here is so expensive, it used to be big priority to me but I feel secure here so doesn't bother me now x

 

[Midnight_Fairy]

Im shocked I am in the minority. Its just not important to me at all.

 

[Pearls18]

I was interested to hear because we don't really need to buy, not at the moment anyway, we live in accommodation provided by my husband's employer which is only £160 a month for a big 3 bed semi, we are pretty secure in that so long as my husband stays employed here we are housed with no threat of eviction but we are still in the process of buying, I want my own house, I grew up in owned houses not renting and I want it to be mine. But I'm scared paying out for a mortgage is unnecessary for us?? But that said my husband will leave in 10 years, house prices will probably continue to rise and it's really helped me to read about people talking about retirement I had forgotten about that. Our mortgage is much less than what most people would pay in rent but more than we would pay, but I suppose it's money we will potentially see again unlike rent. Just having a few pre exchange wobbles lol, but reading this thread has made me feel better.

 

[Tasha]

Definitely think it's the right thing to do for you. House prices aren't going to go down so really the sooner the better. Plus you'll have it paid off earlier which can only be a good thing. It's also an investment for your child/ren future too.

 

[highhopes19]

Im shocked I am in the minority. Its just not important to me at all.

Your not alone id like to own but to be honest I'm not that bothered it's not a huge priority to us... As long as you feel happy safe and secure with wherether your living that's what matters... Renting or buying ... Well to me anyway xxx

 

[catty]

I think for me id like to have something to pass to my children when were gone. but the main thing is that is half the price of renting for me

 

[Midnight_Fairy]

When my dads mum passed, her care in the last years was so pricey the sale of the house made no financial difference to my dad. He obviously didnt mind, but it wouldnt have been the way my Nan would have wanted. It made me think prehaps savings in childs name have more purpose.

 

[Pearls18]

To be honest my main aim isn't to have something to pass on to my children, although that would be nice, we are more likely to sell the house and downsize in retirement and live off the equity alongside our pensions. I need to think about our retirement first and foremost really, weve managed without inheritance and have life cover should anything happen while they are young. But if there was something for our children/grandchildren to inherit that would be a bonus, but I know it can often end up going on care. Depends how long you live I guess! I'm not sure how we would cope with rent prices as they are now on our pensions, although we will have public sector pensions they aren't what they used to be.

 

[Midnight_Fairy]

Our money goes on rent. But the fixtures and maintence is not our responsibility, which is nice. Plus we can decide whether to settle in suffolk or the new forest lol x

 

[Pearls18]

It took us a while to know where we wanted to settle, it was the hardest part for us, living in our home town isn't an option, we would have loved to live in South Wales near my brother, SIL and niece but it wasn't an option at the moment due to our jobs so we've settled somewhere we never thought we would but it means we can stop moving around (due to my husband's job) the hardest thing is being so far from our families especially my niece and it was hard making a "permanent" decision but we need to get our boys settled, if we stayed renting we would be moving every few years due to the job. I'm fairly confident it's the right decision for us...but keep wobbling!

 

[catty]

Thats very true sometimes your property ends up going on your care home!!
I feel im too young to really think that far down the line. I know i should but for me i wouldnt mind renting if it was considerablly cheaper but thats just not the case at all here

 

[Pearls18]

That's my problem catty, if I don't look down the line then it doesn't make sense to buy as our rent is so cheap! But I think in many areas rent outstrips mortgages by a far bit, I'm assuming it's one of the main reasons why Britain has higher ownership (and desire to own) vs other European countries, I believe tenants have better rights in other countries too.

 

[Tasha]

See if we are ever in the position that we own then we will have signed the house over but as sitting tenants way before it gets to the point of selling for care homes. My DH grandmother did this and it works perfectly.

 

[LoraLoo]

See if we are ever in the position that we own then we will have signed the house over but as sitting tenants way before it gets to the point of selling for care homes. My DH grandmother did this and it works perfectly.

This is our plan too.

 

[Midnight_Fairy]

Yes something was the plan though the law changed and had o be done several years prior, and in our case we didnt know so early.

 

[JessyG]

I could probably rent a 3 bedroom house in the surrounding area for about what i pay on mortgage, if anything rent would be slightly higher. I just always felt uneasy as if we could be asked to leave at any point. It suits for some folk though. My OHs dad has never bought a property but lived in his rental flat for 10 years and has been given permission to redecorate as he chooses.

With regards to leaving inheritence, my OHs mum died and left them all nothing, thats not ok with me but everyone is different.