debtisbad

I live in Reading in the south-east, and I feel trapped by the extortionate property prices. About 10 years ago when prices were a bit lower I bought, on the advice of my dad, a property with the intention of letting it out, paying for itself. Apart from a year or so of sharing with friends/lodging I have been stuck since then living with parents. I had intended to buy a second property to live in, by borrowing equity from the first property, but it's looking like I will only be able to afford a small studio flat which I don't really want. My first property as I said was intended to rent out and even though its currently empty I don't fancy living there, so am having to decide whether to rent it out again or sell it. During the time I've had it I've had numerous problems with damp, a shortening lease (knocking 20k off the market value) and dealing with and cleaning up after tenants leave which I don't enjoy. I have no other debts apart from this one mortgage and I am starting to question whether all debt is bad, why is a mortgage so accepted? I am a single person I don't need a stable house for a family, so why am I bothering to pay the bank so much interest every month? I am starting to question whether I'd be better off renting and saving for example £500 a month. Then one day in the future I could put a large amount down and only have a small mortgage. I just feel really angry that an essential thing (a roof over your head and warm environment) is so unnaffordable in this society! I still, however, have a concern over renting, I feel like many, why should I fund somebody elses mortgage or income by renting a property? I cant seem to find an answer to this dilemma I have with not wanting a debt to anyone, but feeling like why should I indirectly pay another persons mortgage (and interest) by renting? Is there a solution, maybe I should just buy a tent and gear, quit work, sell my property and go travelling LOL any advice/views most welcomed

I live in Reading in the south-east, and I feel trapped by the extortionate property prices. About 10 years ago when prices were a bit lower I bought, on the advice of my dad, a property with the intention of letting it out, paying for itself. Apart from a year or so of sharing with friends/lodging I have been stuck since then living with parents. I had intended to buy a second property to live in, by borrowing equity from the first property, but it's looking like I will only be able to afford a small studio flat which I don't really want. My first property as I said was intended to rent out and even though its currently empty I don't fancy living there, so am having to decide whether to rent it out again or sell it. During the time I've had it I've had numerous problems with damp, a shortening lease (knocking 20k off the market value) and dealing with and cleaning up after tenants leave which I don't enjoy. I have no other debts apart from this one mortgage and I am starting to question whether all debt is bad, why is a mortgage so accepted? I am a single person I don't need a stable house for a family, so why am I bothering to pay the bank so much interest every month? I am starting to question whether I'd be better off renting and saving for example £500 a month. Then one day in the future I could put a large amount down and only have a small mortgage. I just feel really angry that an essential thing (a roof over your head and warm environment) is so unnaffordable in this society! I still, however, have a concern over renting, I feel like many, why should I fund somebody elses mortgage or income by renting a property? I cant seem to find an answer to this dilemma I have with not wanting a debt to anyone, but feeling like why should I indirectly pay another persons mortgage (and interest) by renting? Is there a solution, maybe I should just buy a tent and gear, quit work, sell my property and go travelling LOL any advice/views most welcomed

I live in Reading in the south-east, and I feel trapped by the extortionate property prices. About 10 years ago when prices were a bit lower I bought, on the advice of my dad, a property with the intention of letting it out, paying for itself. Apart from a year or so of sharing with friends/lodging I have been stuck since then living with parents. I had intended to buy a second property to live in, by borrowing equity from the first property, but it's looking like I will only be able to afford a small studio flat which I don't really want. My first property as I said was intended to rent out and even though its currently empty I don't fancy living there, so am having to decide whether to rent it out again or sell it. During the time I've had it I've had numerous problems with damp, a shortening lease (knocking 20k off the market value) and dealing with and cleaning up after tenants leave which I don't enjoy. I have no other debts apart from this one mortgage and I am starting to question whether all debt is bad, why is a mortgage so accepted? I am a single person I don't need a stable house for a family, so why am I bothering to pay the bank so much interest every month? I am starting to question whether I'd be better off renting and saving for example £500 a month. Then one day in the future I could put a large amount down and only have a small mortgage. I just feel really angry that an essential thing (a roof over your head and warm environment) is so unnaffordable in this society! I still, however, have a concern over renting, I feel like many, why should I fund somebody elses mortgage or income by renting a property? I cant seem to find an answer to this dilemma I have with not wanting a debt to anyone, but feeling like why should I indirectly pay another persons mortgage (and interest) by renting? Is there a solution, maybe I should just buy a tent and gear, quit work, sell my property and go travelling LOL any advice/views most welcomed

I live in Reading in the south-east, and I feel trapped by the extortionate property prices. About 10 years ago when prices were a bit lower I bought, on the advice of my dad, a property with the intention of letting it out, paying for itself. Apart from a year or so of sharing with friends/lodging I have been stuck since then living with parents. I had intended to buy a second property to live in, by borrowing equity from the first property, but it's looking like I will only be able to afford a small studio flat which I don't really want. My first property as I said was intended to rent out and even though its currently empty I don't fancy living there, so am having to decide whether to rent it out again or sell it. During the time I've had it I've had numerous problems with damp, a shortening lease (knocking 20k off the market value) and dealing with and cleaning up after tenants leave which I don't enjoy. I have no other debts apart from this one mortgage and I am starting to question whether all debt is bad, why is a mortgage so accepted? I am a single person I don't need a stable house for a family, so why am I bothering to pay the bank so much interest every month? I am starting to question whether I'd be better off renting and saving for example £500 a month. Then one day in the future I could put a large amount down and only have a small mortgage. I just feel really angry that an essential thing (a roof over your head and warm environment) is so unnaffordable in this society! I still, however, have a concern over renting, I feel like many, why should I fund somebody elses mortgage or income by renting a property? I cant seem to find an answer to this dilemma I have with not wanting a debt to anyone, but feeling like why should I indirectly pay another persons mortgage (and interest) by renting? Is there a solution, maybe I should just buy a tent and gear, quit work, sell my property and go travelling LOL any advice/views most welcomed

I live in Reading in the south-east, and I feel trapped by the extortionate property prices. About 10 years ago when prices were a bit lower I bought, on the advice of my dad, a property with the intention of letting it out, paying for itself. Apart from a year or so of sharing with friends/lodging I have been stuck since then living with parents. I had intended to buy a second property to live in, by borrowing equity from the first property, but it's looking like I will only be able to afford a small studio flat which I don't really want. My first property as I said was intended to rent out and even though its currently empty I don't fancy living there, so am having to decide whether to rent it out again or sell it. During the time I've had it I've had numerous problems with damp, a shortening lease (knocking 20k off the market value) and dealing with and cleaning up after tenants leave which I don't enjoy. I have no other debts apart from this one mortgage and I am starting to question whether all debt is bad, why is a mortgage so accepted? I am a single person I don't need a stable house for a family, so why am I bothering to pay the bank so much interest every month? I am starting to question whether I'd be better off renting and saving for example £500 a month. Then one day in the future I could put a large amount down and only have a small mortgage. I just feel really angry that an essential thing (a roof over your head and warm environment) is so unnaffordable in this society! I still, however, have a concern over renting, I feel like many, why should I fund somebody elses mortgage or income by renting a property? I cant seem to find an answer to this dilemma I have with not wanting a debt to anyone, but feeling like why should I indirectly pay another persons mortgage (and interest) by renting? Is there a solution, maybe I should just buy a tent and gear, quit work, sell my property and go travelling LOL any advice/views most welcomed

has anyone read Sacred Economics by Charles Eisenstein?