Buying a Home and/or Land vs Renting
- Thread starter Jason76
- Start date
I'm a home owner with no mortgage so I consider myself lucky but I've been to hell and back in order to achieve that and it's taken the best part of 40 years.
In an ideal world I would have bought land and built a property that suits my needs but that's a rare thing for a potential home owner to achieve in the UK. That said I'm now finally in a position where I'm about to move into a property that will satisfy all my requirements, a home, a recording studio and a large outdoor area.
Most of us have to rent property at some point in our lives and for many it's the only option but getting yourself on the property ladder is a must if you can manage it, especially if you have dependents.
In an ideal world I would have bought land and built a property that suits my needs but that's a rare thing for a potential home owner to achieve in the UK. That said I'm now finally in a position where I'm about to move into a property that will satisfy all my requirements, a home, a recording studio and a large outdoor area.
Most of us have to rent property at some point in our lives and for many it's the only option but getting yourself on the property ladder is a must if you can manage it, especially if you have dependents.
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Deleted member 49125
It depends on a person's individual needs. I personally love owning my own home. You have more options with what to do & you don't need to ask for permission. The downside is, you have to fix any problem that comes up unlike renting.
I grew up on 19 acres & living in a city, even suburbs, with the noise & crowds is not for me. We live rural on 10 wooded acres & I love it!
We have no debt, no mortgage. Don't use credit cards. It's a nice feeling. We are also older & child-free by choice so we worked hard to get to this point.
I grew up on 19 acres & living in a city, even suburbs, with the noise & crowds is not for me. We live rural on 10 wooded acres & I love it!
We have no debt, no mortgage. Don't use credit cards. It's a nice feeling. We are also older & child-free by choice so we worked hard to get to this point.
We're mortgage free now too and that's very relaxing, especially during times of inflation right now where having to pay a mortgage payment would be an extra burden.
We only rented an apartment for 3 months and it was dreadful. The place itself was new and I had no problems with that, it was the neighbors that were a nightmare! We complained a few times in the short amount we were there and kept getting told to report more so they can build a case against them for eviction.
If having a mortgage is the same amount as renting an apartment, then go for the house and build equity!
We only rented an apartment for 3 months and it was dreadful. The place itself was new and I had no problems with that, it was the neighbors that were a nightmare! We complained a few times in the short amount we were there and kept getting told to report more so they can build a case against them for eviction.
If having a mortgage is the same amount as renting an apartment, then go for the house and build equity!
I've just bought my first home with my partner. I am 31 and she is 29! We exchange on the 1st April, so a couple of weeks. We rented for a long time prior to this, but rental payments are crazy amounts in the UK, plus everything else you have to pay through the estate agent! The home we bought is a 3 bed, with a mortgage payment of £680/month. I have looked on sites like rightmove and zoopla, to see what the rental amounts are for the house we have bought and it exceeds £900/month+. So we are already £200 better off per month.
We also got a good mortgage rate, luckily with the result of the pandemic, having a 5 year fixed rate at 1.5%, hence why our payments are so low - and its a 25 year mortgage. We have worked out that without over payments, we can pay back £30,000 in 5 years due to having such a low interest rate, so when we remortgage we are already in a far better situation. At least its got us on the "ladder" which is the hardest part over here. We had to stay at my partners parents house for two years to save the deposit though!
We also got a good mortgage rate, luckily with the result of the pandemic, having a 5 year fixed rate at 1.5%, hence why our payments are so low - and its a 25 year mortgage. We have worked out that without over payments, we can pay back £30,000 in 5 years due to having such a low interest rate, so when we remortgage we are already in a far better situation. At least its got us on the "ladder" which is the hardest part over here. We had to stay at my partners parents house for two years to save the deposit though!
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