Is renting a waste of money?

[clairealfie]

It's definitely not as cheap as that in the uk! Wow buying is cheap in USA. In a lot of places I imagine renting is cheaper but yes we need to do something about the security of renting over here

 

[Twister]

I believe that before the issue with purchasing your first house and it's cost is addressed the rental system in the UK needs a serious overhaul. In Europe secure tenancys of 10+ years are common place unlike the poxy 6 months here. If you rent through an agency the fee's are atrocious, not only when entering but at renewal and exit too.

This countries so material and money obsessed, isn't the most important thing that there is a sage and secure roof over your head?

Totally agree with that. Thats one of our fav sayings "at least we have a roof over our heads"

Totally agree with you, if you don't have lots of money in this country you really don't stand a chance, it's quite sad really

 

[Pixoletta]

I wish i lived in Australia, mainly because if you buy/rent a property i think it's cheaper than here and you get much more space.

 

[jackiea85]

I would love to buy but we just cant afford it. In this village there is a bungalow, just like the one we rent, for sale for £250,000. We could never afford that! House prices are ridiculous around here x

 

[LPF]

Haven't read all the replies but i've always thought that with mortgage repayments, to a certain extent, when the mortgage is payed of you get a lot of that money back in the value of the house (not the interest though!!) and it's a good retirement option too and takes the sting out the repayments. Renting is just giving that money to someone else for their furture gain.

However, i've no idea how anyone gets on the housing market these days. Deposits are so high it would take years to build it up.

To a certain extent I would live for today and be happy. Set up your own home even if it is a rented house and not your own. Try and put a small amount aside if you can and one day you'll get your own place, especially if the economy changes.

 

[nomadlife]

Renting isn't as bad as people think.

I have a mortgage, 60% of which is just interest to the bank and 40% pays off the actual mortgage and this is pretty much normal. So if you think about it I'm basically paying rent to the bank, it's just dead money. If your rent is cheaper than the bank interest then actually it's cheaper to rent.

Unless you own your own home outright, you are still renting. But instead of renting the house, you are renting the money (the interest part of the mortgage). Try and save a certain amount each week/month that is untouchable with the view to investing it when it has grown enough, and you may find you end up better off long term than your "home owning" friends who pay heavy amounts of interest, property taxes, maintenance, house potentially lose value, and are tied down in a way you are not when you rent.

Millionaire mommy next door (blogger) rents despite being net worth over a million dollars.

Just putting another point of view out there

 

[ferens06]

I rent and I really don't see it as a waste of money. We are fully furnished so haven't had to buy anything, our landlords are fantastic, accept our cats and the location is good. We're not committed, and are on a rolling contract which means we only need to give a months notice to leave.

perfect!xx

 

[Twister]

Since making this post I've found out I'm pregnant. So me and oh are going to have to rent as there simply isn't space here for us and baby. I wouldn't want to put that on my parents either. We will hopefully be moving out before Xmas. The only problem is I was having a look on rightmove and there really isn't a lot out there within our price range in the area at the moment. Hopefully more flats/houses will become available over the next few months.

If you don't mind me asking you ladies how much rent do you pay a month? Me and oh are looking to spend £500 maximum per month (not including bills), do you think that's realistic? Not sure if we'd be able to afford much more than that really.

 

[kirst1805]

Congrats hun, I pay 480 a month for a 2 bed house.

and before that I paid 395 a month for a one bed fully furnished flat.

xxx

ETA: Check any local papers etc, my nan found my house in the back of a paper.

 

[moomin_troll]

Since making this post I've found out I'm pregnant. So me and oh are going to have to rent as there simply isn't space here for us and baby. I wouldn't want to put that on my parents either. We will hopefully be moving out before Xmas. The only problem is I was having a look on rightmove and there really isn't a lot out there within our price range in the area at the moment. Hopefully more flats/houses will become available over the next few months.

If you don't mind me asking you ladies how much rent do you pay a month? Me and oh are looking to spend £500 maximum per month (not including bills), do you think that's realistic? Not sure if we'd be able to afford much more than that really.

depends what area u are looking in but £500 a month rent is more then do able in alot of places

congrats on ur bfp

 

[ferens06]

CONGRATS!! good luck with the house hunting!

I pay £650 for a gorgeous 2 bed semi, but it all depends on where you live in the country I think! I've tried to find cheaper but nothing compares around here :/ this is my only worry about renting.... would we be able to fund this house with a baby? Only time will tell I guess!! £500 is a realistic budget, around here you would only get a flat (Cheshire!), but if your market is good then you should stand a good chance!

You'll be just fine!!!! xx

 

[puppycat]

Totally do-able in my area. I pay £495 for a 3 bed terrace

 

[ferens06]

Totally do-able in my area. I pay £495 for a 3 bed terrace

ooo jealous!!

 

[puppycat]

Heh well if you fancy a change of scene there's 3 more for rent in this street!

 

[ellie27]

Of course rent is not a waste of money - if you cannot afford to buy, then you have no option but to rent!!

While renting, if you do have spare cash then try put some aside each month to build up a deposit so that you can buy in the future.

Good luck and congrats!