Originally posted by AtW
You do not own a house, it owns you.
Somebody or other
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You do not own a house, it owns you.
Somebody or otherLast edited by AlfredJPruffock; 24 October 2005, 16:46. -
Are you sure that it's more expensive to pay mortgage then renting? If you can prove that, you are right.Originally posted by AtWI've seen much of the rest of the world. It is brutal and cruel and dark, Rome is the light.Comment
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The economist calculated that you would be several grand better off if you were to rent for 5 years based on the price of a two bed flat in London and its equivalent rental.
...so renting rules
I'm alright JackComment
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Of course, those economist need somebody to pay for their houses too.Originally posted by BlasterBatesThe economist calculated that you would be several grand better off if you were to rent for 5 years based on the price of a two bed flat in London and its equivalent rental.
...so renting rules
I've seen much of the rest of the world. It is brutal and cruel and dark, Rome is the light.Comment
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Case in point: the house I live in a very nice quiet part of Brum.Originally posted by Francko
1) Rent for 3 bed room house with front and big backgarden, big living room etc - £630 a month.
2) Morgage on the same house whose prices is no less than £250k, interest only at 5.5% - £1,145
What's worse is that if its a rented house then I can share it, so my costs are actually 50% off, plus bills are shared. If I own the house then I would be damned if I shared it the way I can share rented house, thus even looking at interest only rate it follows that right now living in a rented house is 3 times cheaper, or 2 times if you have family in it.
But what about growth in capital you may say? What growth dude? Its all gone -- the only way for houses is right down.
Naturally paying interest only morgage is no different to renting - so you have to overpay, and with reasonable overpayment I'd say you have to pay £2000 a month for my house - £24k a year - that's AFTER TAX (thanks to NL I believe).Comment
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It's interesting that those with mortgages think the money they spend on interest is money well spent whilst that same money spent on rent is money down the drain.
Think about it. If you pay £500 in interest on a mortgage, at the end of the term you still owe all the capital same as £500 rent per month.
No, you might say "ah, I pay £500 interest and £200 repayment, so I'm paying it off", but the smart renter will be investing their £200/month in something that isn't about to lose 20% of it's value in the next few years....
PS. I don't have a mortgage - paid it all off.
PPS. I'd like to add it IS better though to "own" a house due to the stupid restrictions many landlords place on their tenants, the fact that any equity you do build up can give you cheap finance for other projects and so your friends don't look down on you as a scummy tenant.Last edited by DimPrawn; 24 October 2005, 17:36.Comment
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Exactly my sentiments -- people got into 30+ year morgages and if you are 25 when buying house then you will own it at 55, what gives? I mean WTF is so great at owning your own house at 55? I'd rather have disposable income now when I am young than at 55.Originally posted by DimPrawn
The only issue I have with rent right now is that I can't have a pet
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I prefer to have a nice pussy cat nearby who is always happy for me to stroke her.Comment
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Too bad for you as I will be young even at 55. The stallion getting close to 40 and looking forward for his fantastic 50s.Originally posted by AtW[...] I mean WTF is so great at owning your own house at 55? I'd rather have disposable income now when I am young than at 55.
The only issue I have with rent right now is that I can't have a pet
p.s. I can't have a pet too, it's in the lease regulations.
I've seen much of the rest of the world. It is brutal and cruel and dark, Rome is the light.Comment
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