How important to you is it to own a house?

[Pearls18]

My husband has life insurance, incase anything happens to him; we'll be able to pay off the mortgage and debts and be able to survive financially. I wouldn't expect any inheritance from my parents though. My grandparents have been told to spend their money and they have been, on cruises .

Important for you to have it too even if you don't work, think of how much you contribute to the house in regards to childcare, could he work the same hours, housework etc x

 

[JessyG]

There is a difference from what I expect from my parents and what I want to do as a parent. Yes i dont think you should expect a wad of cash but i also think you have to make sure your funeral expenses can be paid from your estate and not expect others to pay for that.

My sister is in her 30s. Her father in law recently died. After the sale of his house split 4 ways they will have a deposit for their dream home. Yes it was unexpected and yes they are adults and can manage fine without it but they are always your children regardless of age and I will try and ensure i have something to pass on to them to help them.

That being said i wont live on the breadline to give my children everything i hope it wouldnt come to that.

 

[Pearls18]

I will have a funeral plan, I wouldn't want them spending their inheritance (whatever is left) on my funeral, my mum sells them so I don't have a choice anyway lol. Plus it means you can plan it all so no stress to your family.

 

[zorak]

It's very different leaving a young family vs inheritance to grown children, my life insurance is £350,000, that would pay the mortgage and leave my husband money to raise the kids, he would need that money. But they won't need that as adults, my life cover is until they are 21. If I die after that husband gets the house, when we both go it'll depend how far into retirement we have got as to what is left to leave.

This exactly. There is a difference between making provision for a young family and expecting an inheritance as an adult.

 

[.Mrs.B.]

It's important to me for financial reasons as well as being settled and in control. We've owned our home nearly 7 years now and it's almost doubled in value, our mortgage is about 2/5 of what rent would be, it's scary to think how much we would pay in rent. I've built playhouses and climbing frames in the garden which I'm hoping will last the kids the next 10 years.

 

[stephx]

Not that important to me. I have a council house so tenancy is secure, and I can decorate the way I like. If I ever lost my job (god forbid) I wouldn't have to worry about losing the house. All repairs are paid for etc etc.. It's also a new build so I am the only person to have lived here so it does feel very much like my home.

I am due inheritance so will buy at that point, but I would never actively save for a deposit.

 

[cleckner04]

It was more important to me than being married is. For me it's stability and somewhere for my kids to always be welcome and they can someday have it if they want. Not that being in an apartment or rental isn't stable. Just for me it always felt like we were throwing away money on something we don't get to keep. I will own my house outright in the next five years and that's a good feeling. But I was fortunate enough to have a parent loan me the money and I bought a fixer upper so we are slowly making it our own while I pay my dad back as well. It's not perfect or even totally pretty yet but it's home and we are having fun with each improvement.

 

[jd83]

Extremely important. We're on our 3rd home now, and it just makes more sense than renting where you are gaining nothing from all those payments. You're building someone else's equity and credit, while just basically throwing away all those years of payments since you have nothing to show for it in the long run, as far as ownership. With my DH being a farmer, equity is a huge thing for us. We can use the equity and credit built from that when we need to get land loans for farming, or to get loans for building more barns, or buying/fixing tractors and equipment, etc.

 

[Midnight_Fairy]

I don't see it as thrown away money. Its just living. Same as I pay for shopping,fuel etc.

 

[Pearls18]

I suppose because you could spend £500 a month for 25 years in rent, or you could spend £500 a month towards a mortgage and after 25 years you own your house outright so you never pay rent again, or you sell and have for example have £200,000 especially with the way house prices increase and the fact that in many parts of the country mortgage repayments can be cheaper than rent for the same property you have more to show for the monthly payment. I don't see it as wasted money in that it's a roof over your head and that's pretty important lol, but I suppose it feels better to be paying back yourself with an investment rather than effectively someone else's equity/mortgage. My rent is very low so doesn't really bother me, but if I paid more than say £400 I would be thinking a mortgage may be more sensible, but that said I will be paying a lot of interest too. I think it's the rental prices in this country that makes buying more attractive.

 

[jd83]

I don't see it as thrown away money. Its just living. Same as I pay for shopping,fuel etc.

More futuristically speaking, than in the here and now. Right here and now, its just living and normal. But in the future, we will own our home and not have those payments anymore. We are paying towards that, so that when we retire, we don't have to worry about making payments on a place to live. Renting doesn't ensure that stability in the future, to be able to own something without having constant payments, even when you are too old to be able to work to make the money for payments. most people don't get enough money back from retirement funds and social security to cover all of that when they are old. This could be another one of those differences between US and Europe, I don't know. I know in the US, social security payments are pretty minimal. If you haven't been able to save a ton in retirement funds (like many people who live paycheck to paycheck), then this can really be a burden when you retire and no longer have that income to make housing payments and pay other bills. The last thing I want to worry about at that point in my life is how to pay for a place to live. I want that to already be paid for, so all we have to worry about is the smaller bills, and food, etc.

 

[Geebug x]

Hugely important to both of us, we currently rent and are saving for a deposit, even though we aren't getting anywhere fast (mostly my fault for just spending a chunk of our savings on Disneyworld!) its something that we will be defiantly doing within the next 2-3 years. I feel inferior paying someone else's mortgage, my landlady calls all the shots, she can decide when we have to move out, when the rent goes up etc. etc. I don't want someone having that much control over mine or any future children's lives.

I also hate the fact that we could be evicted and then have no-where, least when you have a house and a mortgage its yours, you can move only when you choose to. I get that you can just rent somewhere else but what if there isn't anywhere within budget? Or nowhere we like?

I wouldn't be comfortable renting forever, we are quite lucky that I earn £40k a year plus 15-30% annual bonus. Our combined income is £65k whilst OH is training so we know if we stopped the holidays/eating out etc. we could buy soon We are waiting for OH to come out of training so his money increases and we can get a bigger mortgage therefore nicer place.

xxx

 

[DCS]

We would love to own one day. We just have enough time money atm to save for a deposit. If I hadn't pissed away all my money pre kids we would have a decent deposit or bought a house but I rebelled and did everything my mum told me not to. Our rent is good the area, we rarely see our landlord, unless something needs fixing, he has said on neumourous occasions he wouldn't ever sell this house, the family own multiple houses that they rent out, so this house is just another in their collection. I guess in a way it's dead money because long term we don't get anything out of it, but right now it's a roof over our heads. I'm 27 oh is 28. If I'm correct the average age for first time buyers is mid thirties. Once I go back to work, saving for a deposit will be easier, but for now, I'm grateful that we have a roof over our head, and I can stay home with the kids.

 

[R_x]

Very important. Mainly because it's the kids inheritance and to enjoy x amount of years mortgage free. Although I used to be more for renting.

 

[hundredage]

It's very important to me because it signifies stability. If it so happens that I lose my job, at least I have a place I can call home and won't have to worry about paying rent. It's something that I can pass on to my kids too.

 

[mummylove]

I would love my own house but probably never happen. Ive never worked cus of my disability, im no 32. My oh is on a low income. Even if i managed to get a job still probably wouldnt be able to afford it

 

[Elli21]

I would love to own my own home, but for us with 3 dependants, its not possible until all of ours have grown up.
I have resigned myself to that fact, and im okay with it.
Being a young mum and dad, when all of ours are 18 we will still have 20-25 years of working life in us (all going well, touch wood.) So we can still get a mortgage then.
A home is what you make it, rental or owned

 

[DreamCatcher_]

It is very important to both myself and my OH. We have recently bought a new build through the Help to Buy (Scotland) Scheme. Between our mortgage and deposit we own 85% of our house and the Scottish govt have the other 15%. We have the option of buying the further 15% back (and we will make some headway with that) and on selling to upgrade (it's a 3 bed semi but you can't swing a cat in bedroom 3 so not practical for a growing family) we repay the 15% (or whatever is outstanding) to the govt.

Many people don't see it as us being homeowners, but we have the highest equity and are responsible for all mortgage repayments etc. We will own it out right one day, or repay the money and own another home somewhere down the line. Without this help we'd be renting for at least 5/6 years to save enough for a 10% deposit in our area. Help to Buy sped up the process.

 

[LoraLoo]

It is very important to both myself and my OH. We have recently bought a new build through the Help to Buy (Scotland) Scheme. Between our mortgage and deposit we own 85% of our house and the Scottish govt have the other 15%. We have the option of buying the further 15% back (and we will make some headway with that) and on selling to upgrade (it's a 3 bed semi but you can't swing a cat in bedroom 3 so not practical for a growing family) we repay the 15% (or whatever is outstanding) to the govt.

Many people don't see it as us being homeowners, but we have the highest equity and are responsible for all mortgage repayments etc. We will own it out right one day, or repay the money and own another home somewhere down the line. Without this help we'd be renting for at least 5/6 years to save enough for a 10% deposit in our area. Help to Buy sped up the process.

I think this is a great idea and really helps get people on the ladder. It's so hard these days, im glad I bought when we did. And let's face it, nobody actually owns their home until the end of the mortgage term anyways so you're definitely as much a home owner than anyone else with a mortgage.

My eldests coming up 16 and thinking about an apprenteship scheme which is pretty good money if she gets in, ive told her if she takes that path that half of the money should go into a savings acc for a mortgage. Probably sounds a little early at 16 but they need it these days with the desposits etc x

 

[DreamCatcher_]

It is very important to both myself and my OH. We have recently bought a new build through the Help to Buy (Scotland) Scheme. Between our mortgage and deposit we own 85% of our house and the Scottish govt have the other 15%. We have the option of buying the further 15% back (and we will make some headway with that) and on selling to upgrade (it's a 3 bed semi but you can't swing a cat in bedroom 3 so not practical for a growing family) we repay the 15% (or whatever is outstanding) to the govt.

Many people don't see it as us being homeowners, but we have the highest equity and are responsible for all mortgage repayments etc. We will own it out right one day, or repay the money and own another home somewhere down the line. Without this help we'd be renting for at least 5/6 years to save enough for a 10% deposit in our area. Help to Buy sped up the process.

I think this is a great idea and really helps get people on the ladder. It's so hard these days, im glad I bought when we did. And let's face it, nobody actually owns their home until the end of the mortgage term anyways so you're definitely as much a home owner than anyone else with a mortgage.

My eldests coming up 16 and thinking about an apprenteship scheme which is pretty good money if she gets in, ive told her if she takes that path that half of the money should go into a savings acc for a mortgage. Probably sounds a little early at 16 but they need it these days with the desposits etc x

It's definitely a good idea. If we were to save for a 10% deposit of our home we would be saving for years! My LO, although only 6, has savings accounts where he puts some birthday and christmas money each year to help him get on the ladder too, as it just seems to get worse every year!