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Thread: Buying or renting a House/Flat ?

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    Registered User stewart38's Avatar
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    Buying or renting a House/Flat ?

    Id been interested in peoples experiences or preferences

    I appreciate people will be at different phases in life and their personal circumstance will be different but…

    I always assume id buy another house (im selling mine) but then I think why ??

    With no kids /ties and no one to leave anything to, why not rent and the way house prices are shooting up its often cheaper then a interest only mortgage (with endowments or what ever you have to cover that).

    If I don’t like my neighbours I just rent elsewhere

    Lots of draw backs I guess (moving fish tanks every 6 months). Not having your own home at 65 ??

    I could rent detached in Hemel ,or buy detached 60 miles north in Peterborough (where its still cheap)

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    The Gobby one! WittyBird's Avatar
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    Re: Buying or renting a House/Flat ?

    Here we go again....

    Is this where you ask for loads of advice, tell everyone your problems to get sympathy then do naff all about it and stay in the same situation until the 'Next MidLife crisis?

    Just curious

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    Registered User stewart38's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by WittyBird View Post
    Here we go again....

    Is this where you ask for loads of advice, tell everyone your problems to get sympathy then do naff all about it and stay in the same situation until the 'Next MidLife crisis?

    Just curious


    Do you want me to dig up some threads you have posted on here *** Sake

    Its a genuine query

    You rent as thats all you can do thanks for the 'input' move on to annoy someone else seems to be your 'hobby' at present

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    Registered User Twirly's Avatar
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    Re: Buying or renting a House/Flat ?

    Well if you rent, you are letting your landlord have money in exchange for use of the property – and you’ll never see that money again. If you buy, even though you have to pay a mortgage, you can in x years time, sell that property and (barring negative equity) have that money to do what you want with. Be it buy another property, a yacht and sail the world, go travelling, gamble it all away… whatever. The landlord isn’t going to give you your money back!

    As for being tied – you can always sell the house/flat or rent it.

    Why the importance of detached? (From a flat-dweller!)

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    Registered User stewart38's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Twirly View Post
    Why the importance of detached? (From a flat-dweller!)

    Bloody noise from Polish tenants

    just noise, could never live in a flat

    its that or semi with thick walls, or Victorian terrace cottage with 300ft thick walls

    my house (1950s) have very thin walls

    find me a quite flat id live in that with somewhere to sit out i.e. balcony

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    The Gobby one! WittyBird's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by stewart38 View Post

    You rent as thats all you can do thanks for the 'input' move on to annoy someone else seems to be your 'hobby' at present
    You know nothing

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    Registered User FirstMove's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Twirly View Post
    The landlord isn’t going to give you your money back!
    Neither does the bank give you back your interest

    On a 25yr mortgage at current interest rates you'll pay the bank about 2.5 times the original loan (accounting for inflation). So on a £200k loan (typical 3bed semi where I live), you'll pay interest of £300k in 25 years (in today's money). The bank doesn't give that back and it's equivalent to a big rent.

    The best strategy is to be the bank

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    Registered User Beowulf's Avatar
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    Re: Buying or renting a House/Flat ?

    Well.. when I moved out from my Ex's in Jan I had two options rent again or buy my first flat. I chose the latter. (although there are times when I regret it.. however.. those times are few and far between.. and usually just before pay day!)

    I have a modest 1 bedoom flat which set me back £96,000 but I know in the end it's my flat, my property and that alone makes me feel warm and fuzzy inside
    Last edited by Beowulf; 7th-September-2006 at 05:35 PM.

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    Registered User Twirly's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by FirstMove View Post
    Neither does the bank give you back your interest

    On a 25yr mortgage at current interest rates you'll pay the bank about 2.5 times the original loan (accounting for inflation). So on a £200k loan (typical 3bed semi where I live), you'll pay interest of £300k in 25 years (in today's money). The bank doesn't give that back and it's equivalent to a big rent.

    The best strategy is to be the bank

    True - but who's going to work out the difference between the rent they pay and the interest they would've paid and put it away for a rainy day? Besides which, although you may be paying interest, the chances are that the value of the property will have increased substantially over the 25 years. Not sure if that will negate the interest you've paid, but it'll certainly counterbalance some of it.

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    Registered User Twirly's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Beowulf1970 View Post
    which set me back £96
    What a bargain!!!

  11. #11
    Registered User Beowulf's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Twirly View Post
    What a bargain!!!
    drat.. i thought I'd edited that before anyone spotted it...



    I did of course mean £96,000

    oops !

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    Registered User Isis's Avatar
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    Re: Buying or renting a House/Flat ?

    I intended to rent for a few months after I sold my last house but 2 years on I'm still here and its driving me nuts! I can't decorate the place to my own taste (why do rented properties always seem to have a psychedelic 60's style bathroom???). Half my stuff is still in boxes since I don't see the point in unpacking if I'm not settled here. The other half of my stuff is scattered around in people's garages. I'm always worried that the landlord might decide to sell and I'll be turfed out. Meanwhile the house prices keep climbing, making it more difficult for me to get out of this.

    I think renting is ok in the short term but in the long term it's best to buy a place of your own.

  13. #13
    Senior Member Minnie M's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Beowulf1970 View Post
    .......I did of course mean £96,000
    still really cheap compared with the cost of property darn sarf


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    Registered User modchick's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Isis View Post
    I can't decorate the place to my own taste (why do rented properties always seem to have a psychedelic 60's style bathroom???).
    Would suit me to have a psychedelic bathroom!!

    Tricky question though, guess it depends on preference, personally would rather buy and try to invest my money (hopefully - not just lining Mr bank's pocket) rather than rent and line the ladlords pocket (and the banks as your rent usually covers their mortgage anyway) confused yet?

    Trouble with owning your own property you can't just call someone else to fix things - you have to pay for it!!

    Modchick

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    Lovely Moderator ducasi's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by Isis
    why do rented properties always seem to have a psychedelic 60's style bathroom???
    Cos doing up bathrooms always costs silly amounts of money, so they just get left?

    As for the rent vs. buying thing... To rent my flat would probably cost me almost twice what I pay for my interest-only mortgage. In the time I've owned it, it has doubled in value.

    Depending on circumstances, if I decide I want or need to move, I'll probably keep this flat and rent it out. The income would easily pay for the mortgage on it, and I'd still be making money as its value increases.
    Let your mind go and your body will follow. – Steve Martin, LA Story

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    Registered User Trousers's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by stewart38 View Post


    Do you want me to dig up some threads you have posted on here *** Sake
    Quote Originally Posted by WittyBird View Post
    You know nothing
    yes

    ok


    will this be like watching a car crash?






    why sell your place? why not rent that out - it should finance the rental you are looking for.

    think about how much you could get as a mortgage and see if you can get another property on mortgage as well as the original - maybe as interest only.. . . . .oh i sound like a financial advisor

    oh dear

    i think i'm . . . . yes i've been sick
    allkober th kyboooard alt he ketys are stiking
    beter gta clotth
    yu gt thee ide a thogh stew38

    whta mess!

    hey ho

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    Basically lazy robd's Avatar
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    Re: Buying or renting a House/Flat ?

    I sold a 3 bed detached house in Peterborough in March for 120k (it was a very basic place and needed kitchen and bathroom refurb) so I could move closer to Cambridge. Went into rented accom initially (paying rent that was double my prev mortgage per month ) on the expectation of jointly buying later this year. Plans have now changed so I find myself in the same predicament of keep renting or buy again. Prices have increased in the 6 months I have been renting so my equity is worth (relatively) less and the longer this goes on the worse that will be but Cambridge prices for a person buying alone are pretty scary

    As for moving to Peterborough S38, I had an OK time living there - it's got problems but where hasn't? Can't say I feel any great urge to return though.

    Robert

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    Omnipotent Moderatrix (LMC)
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    Re: Buying or renting a House/Flat ?

    I ended up buying (a year and a bit ago) because the monthly rent on tiny flats in dodgy areas was much higher than the mortgage on my terraced house in a nice(ish) one.

    Plus, I got a psychedelic bathroom alllll of my own!

  19. #19
    Registered User stewart38's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by robd View Post
    I sold a 3 bed detached house in Peterborough in March for 120k (it was a very basic place and needed kitchen and bathroom refurb) so I could move closer to Cambridge. Went into rented accom initially (paying rent that was double my prev mortgage per month ) on the expectation of jointly buying later this year. Plans have now changed so I find myself in the same predicament of keep renting or buy again. Prices have increased in the 6 months I have been renting so my equity is worth (relatively) less and the longer this goes on the worse that will be but Cambridge prices for a person buying alone are pretty scary

    As for moving to Peterborough S38, I had an OK time living there - it's got problems but where hasn't? Can't say I feel any great urge to return though.

    Robert
    If i could get a detached place in Peterborough for £120k id buy two tomorrow

    You get some great properties detached 3 bedroom on suite ect for £230k/£240k although I don’t know what the best places are and links to London are good. Although it is moving 60 miles further north away from my buddies like WB

  20. #20
    Basically lazy robd's Avatar
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    Re: Buying or renting a House/Flat ?

    Quote Originally Posted by stewart38 View Post
    If i could get a detached place in Peterborough for £120k id buy two tomorrow
    I lived in Werrington and in my square (which was close to the Centre which had had ASBO dispersal orders previously and which could put you off buying there but which in reality was very little problem) 3 houses were sold in quick succession for 120, 130 and 138 (different layouts and state of repair to all the houses). There's no universally great area as they either border the dodgier parts of town or have pockets of problems themselves but old Werrington's OK, Orton Longueville is noce but expensive (and been flooded before). Avoid Paston, Orton Goldhay, North Bretton, Stanground, Eastfield, Parnwell, Westwood, Millfield (or just stick a pin in the map to find an area to avoid )

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