Jump to content
House Price Crash Forum
undecided

You're Renting, Tell Us How You Feel About It

Recommended Posts

Notwithstanding the obvious benefits other more worthy commentators have made about renting I have found the experience has been fantastic for my relationship with my wife.

No worries about the future, a bright clean modern house (just crap design), a good landlord, a garden for the kids, etc.

In a few years we will have enough to buy back into the market two or three rungs up from where we were.

Share this post


Link to post
Share on other sites

We STR about 3 years ago. Perhaps 1 yr too soon but hey we ploughed the proceeds into a really nice apartment in the city centre in South East Asia. We've lived in 3 rentals in the last 3 years. The current place is a 5 yr old 'executive apartment'. The first day in the landlord noticed the oven was not working so he handed back £100 for our inconvenience for 2 weeks until it was serviced. The LL said paint it if you want and give him the bill, which we did, another £100 for paint etc. The washing machine gone wrong, one of these fancy ones built into the kitchen unit, so we called in the service guy and hate to say it another £450 off this month rent. Another thing, there is a gardener that comes round every 2 weeks or so, bonus. Every weekend is free time unlike when we had our house constantly decorating, maintenance, hemorrhaging money.

Share this post


Link to post
Share on other sites

three kids under 4 , keyworker , wife cant work because need to bring up the kids ,totally unrealistic to buy a 2/3 bed property in my area,no choice but to rent , i even have people say to me it would be cheaper to get a mortgage! some people have no idea.

Share this post


Link to post
Share on other sites

I have always rented - don't plan to buy until I retire (my job means I move every 3-4 years, and will do for foreseeable future, so just no point buying except investment property)

Present house is great. We have dogs, garden, the works. Every year when we renew the rent we negotiate list of improvements (e.g. this year, had bigger bath tub installed in one of the bathrooms), repaint the house etc (and it is our choice what colour the rooms will be)

I do pay one year's rent up front for this though. Rent has stayed same for last 3 1/2 years.

Share this post


Link to post
Share on other sites

im happy renting as the landlord pays for the recent leak in the bathroom and its not my concern that the roof needs 3K of work.

plus its cheaper and im not prepaired to fuel the labour debt driven economy

yesterday a friend said 'it's easy with hindsight to look back and think when i should have bought'

'no, its easy with perception to realise when not to be an idiot'

Share this post


Link to post
Share on other sites

To further the comments about renters being regarded as lower class people I thought I'd give some anecdotes about people in my age group who own vs rent.

It has become clear over the last couple of years that, out of my friends and acquatencies, those who are renting a considerably wealthier than those who have recently bought.

Most who have bought in the last couple of years live in undesirable areas, they cannot afford to go on holiday very often, some have to rent spare rooms, making living with a partner difficult. They have to chase the best paying jobs, often travelling a long way to work. They are more likely to fear losing their jobs and describe their jobs as "a means to and an end". They spend the weekends in B&Q trying to get the best deal on wood laminate flooring.

By contrast out of the renters I know, most are happier in their jobs, describe them as 'careers' and work locally to where they live. We live in nice houses in desirable areas and many more have recently had babies (we're at that age!) We take more holidays and go out socialising more. We spend the weekends persuing our interests like sports or going for pub lunches, away breaks etc.

The mortgagees console themselves by saying 'my house is my pension' But most of us renters are saving and investing towards our pensions every month. If we continue to save at the rate we are, even if house prices don't crash, we'll be able to buy a house outright before we retire. We'll have just had a good time on the bank's interest payments in the mean time.

If house prices really have reached a "permanently high plateaux" the perception about renting will change. Even amongst the boomer's generation. Anecdotally, a friend's mother recently commented that "The smart ones seem to be renting these days".

BG

Share this post


Link to post
Share on other sites

All,

just a quick survey of the renting community that I'd like to understand.

yesterday I came back home after reading many stuff on this cite and told my partner: maybe we should sell as the market is likely to crash. What she answered is the following:

We have lived here for 5 years, we made this house look eactly like we wanted. When we come back from work and get in our house, it feels like home, it feels good and I feel proud about what we've achieved in it. If we'd been renting, we would have been in someone else's house, we could not even paint it the way we wanted, let alone changing the kitchen or bathroom and we would have people coming to check our place regularly to make sure we did not make too many holes in the wall or made the ugly carpet dirty.

I though she had a point and I wondered. That's true, people have now been waiting for 3 years if they followed the economist and the prediction now seem to be that it's going to take 4-5 years to really go back to lower affordable prices assuming that it does. That means renting for 8 years in a place that's not yours, that you can't change and make at your taste and where people are allowed to come and check on what you're doing whenever they want ... not sure I could have that. So, my question, what is it like to rent then. Do you feel the same as her, do you feel a lot better renting that buying ? Are you happy renting (not on a financial level, on an emotional level) ?

Cheers

I am more happy than unhappy renting. Every now and then I get a twinge of the old "I want my own place", but it has always gone away. The reasons I am happy renting are:

1/ I have an excellent landlord. This year there were problems with the taps and with leakage from the flat above- in both cases, sorted in two days.

2/ I have a great housemate. I like living with her, and sharing really keeps the bills and rent down.

3/ I am saving a lot of money. I know that this may seem to you to fall more under "financial" than "emotional" but believe me it makes me very emotionally satisfied to see my bank balance increasing the way it is every month. I have lived in this flat for two years and in that two years have saved several thousand pounds which is making my deposit look a lot bigger.

I'm not very stylish and probably have no taste so I don't much care what the place looks like as long as it's not unhygenic and doesn't leak. Some of my friends don't share this view and ask me how I can bear to live in rented- I'm not sure why it doesn't bother me, but it doesn't. It might be because I grew up in Asia and we never had a very fancy place there anyway. Also where I grew up, it is normal to wait to buy your first property only after you get married, so I'm used to the idea of renting and it doesn't bother me.

In my five years living in rented accomodation in London I have never had any landlord come over especially to check on whether we were wrecking the place. I guess it depends on where you are maybe? At any rate I wouldn't want to wreck the place I lived in.

The reasons I am unhappy renting are:

1/ I want my own place. I'm not denying this.

2/ I want a cat and I can't have on in a rented flat.

Looking at the above, neither of them are insurmountable. I will get my own place some day and then I'll get a cat. But this will not happen until it makes financial sense to do it. I'm not going to trade one set of unhappiness for another, which would then be worrying about negative equity, worrying about losing my job, etc.

Anyway the last two years have passed very quickly. I am happy with my life and my job on balance, and another two years will have passed quickly before I know it.

Lastly, I think I am an anomaly because most of my age-mates would be very unhappy in rented accomodation and have all endeavoured to buy as soon as possible. I mind my own business and don't try to change their minds, but I don't necessarily agree with the way they've done things. To each their own.

Edit: WHY IS THIS PUTTING RANDOM SMILEYS WHERE I DIDN'T ADD ANY

These are all great answers and make renting very appealing.

What really surprises me is people saying that they are very happy renting, that it's the best thing they've done and then, saying that they want to buy. Why is that ? why renting can stop one of you from having a dog, this is still a house ? in today's world were job security is more of an insecurity than anything else, being mobile is a plus and opens many doors. I strongly believe that, slowly, the UK society will stop considering people who rent as lower class people, these are just people who decided to use their money for other things like holidays, cars, going out, etc... and that's great. We should just learn to respect anyone for the choices they make in life. House prices may not fall as planned but they will not rise. Therefore, if owning a house is important to you and it costs a lot of your monthly income, do it but if, for you what's important is holidays, going out then rent and keep renting. I am sure that long term rents will develop where, as mentioned about Germany, people will change the house the way they want and stay for 5-10 years. After all, as a landlord, if you let someone invest in your house and change it the way they want, they are more likely to stay, that's a win-win situation. Stop feeling bad about renting, happiness is important and I am sure your neighboor owner will be looking at you and say: how come they're going on holidays again, how can they afford it ?

food for thought ...

I'm one of those people who is happy renting but still wants to buy.

For me I'm sure it's the old "nesting" thing again, also because I have moved around a lot and lived in many places and I just want to settle down somewhere. Don't know about other people.

However, I won't do it until it makes sense.

Edited by Mog

Share this post


Link to post
Share on other sites

I quite like it. No DIY, far fewer immediate worries about losing my job (which means that I've left the safety of my current employer and got another job), and the opportunity to invest on a large scale. Weekends that are spent reading rather than painting or gardening are a big boon.

My wife hates it. No DIY (for me), or gardening (for her) and she doesn't feel quite as middle class.

We also rent a smaller place than the one we'd buy. I think that this is a great advantage of renting - being able to cut your clothe when you want to save money. She thinks of it as a smaller house.

We did agree to rent after we sold, and we drifted into an STR mindset over the last two years. However if you are going to STR to take a few years off your mortgage, make sure that you are both agreeable to this. This is your home and not a financial instrument. If she starts to hate renting, she'll blame you.

We live in nice houses in desirable areas and many more have recently had babies (we're at that age!)

That certainly seems to be more realistic for renters compared to mortgagees. I have friends who decided that the schools were rubbish and that they would educate their (four) children at home. This would have been impossible if they had recently bought, as they could not have gone without her income, but they can cut their cloth far more easily with renting. Having four kids is obviously also easier.

One other thing I'd add, there are far, far more people where I work who are in their thirties and still renting than I remember in my (admitedly short) working history.

The fact that it is impossible for some to buy where they'd like means that a lot of their friends find it socially acceptable to rent when perhaps they would not have done ten years ago.

Share this post


Link to post
Share on other sites

very happy renting, got a good job but i choose to live in a shared house, no bills no hastle and very interesting living :) I did look to buy, just over a year ago but decided not too, before that i tried to buy with a girlfriend just before houseprices started to take off, but that never happened. I dont mind renting and i wouldnt mind buying, however im going to do the option that is most economically sensible, i guess thats why i am on this site as it helps me monitor how economically sensible buying/renting is.

Share this post


Link to post
Share on other sites

My boiler just broke for about the 5th time this year.

I rent, so I just call the landlady and she pays for repairs.

Renting does supply a security in terms of cost of housing - it's fixed, nomatter what goes wrong in the house - if something leaks, breaks or just needs reapir, it doesn't change my housing cost one iota.

Share this post


Link to post
Share on other sites

For me renting is pretty crap.

The things I don't like are:

1. Huge cost. For the tiny working-class home we rent in the rought end of a tired pronvincial shouldn't be more than about £400. It's double that.*

2. Unresponsive letting agents/landlords. You have to battle for small repairs all the time. Sometimes you'd rather just do it yourself and get it sorted.

3. Nagging fear of being turfed out at an inconvienient time.**

4. Inability to drill holes in the wall.

5. Botched amatuer DIY efforts all around you.

* However, as buying the same place would mean a £1000 mortgage payment, and the loss of savings, and then buildings insurance and maintenance costs on top there's no real way to avoid this expense.

** Being stuck in a house you can't sell with NE would be worse though.

Share this post


Link to post
Share on other sites

I have to say that I am lucky that i'm in a position to buy now. I have plenty for a deposit etc however a number of factors are actually stoping me fom buying rather than continue renting this 2 bed home in a decent area

1. Interest rates..will go up, rental costs will not due to BTL desperate landlords

2. I'm very happy where I live, its near work, and low crime etc

3. If property prices fall...which they will I'm in an even greater position to cherry pick an even better area when landlords have to sell to recover losses

either way I'm in no rush to buy until my mind (not heart tells me otherwise)

renting is great with a good landlord but annoying with a bad one. If you dont like the area you rent find another, its a renters market and as stated landlords will jump through hoops for you to recover their costly mistakes...sorry mortgages at the moment :)

Share this post


Link to post
Share on other sites

very happy renting, got a good job but i choose to live in a shared house, no bills no hastle and very interesting living :) I did look to buy, just over a year ago but decided not too, before that i tried to buy with a girlfriend just before houseprices started to take off, but that never happened. I dont mind renting and i wouldnt mind buying, however im going to do the option that is most economically sensible, i guess thats why i am on this site as it helps me monitor how economically sensible buying/renting is.

Yes living in a shared house is interesting, and if you are with good people it beats living alone I think. Although if I had a serious girlfriend I'd like to rent a house or flat with just her I think.

There are many people I know still living at home or renting a room and earning well above the national average. Hopefully our stubbornness will bring prices down to sensible levels again.

Share this post


Link to post
Share on other sites

Obviously some people could buy if they wanted mainly STR. However for most FTB's on this site the question is irrelevant i live in the South East and don't earn over £60,000 therefore can't buy.

so true! I am in the South east too. we are (or we will be one day) ftb and even on £30k can not afford to buy anything..

so until house prices are half (or more) the rediculus prices that they are now, we will be renting. we are renting a lovely 2 bed house in a beutiful village @ £385 a month, so what we would have wasted on buying we will be saving for a deposit.

oh and we have decorated the whole house how we wanted to.. can do quite alot with this rented house, providing we ask permission for big changes ie new kitchen bathroom etc..

Share this post


Link to post
Share on other sites

To further the comments about renters being regarded as lower class people I thought I'd give some anecdotes about people in my age group who own vs rent.

It has become clear over the last couple of years that, out of my friends and acquatencies, those who are renting a considerably wealthier than those who have recently bought.

Most who have bought in the last couple of years live in undesirable areas, they cannot afford to go on holiday very often, some have to rent spare rooms, making living with a partner difficult. They have to chase the best paying jobs, often travelling a long way to work. They are more likely to fear losing their jobs and describe their jobs as "a means to and an end". They spend the weekends in B&Q trying to get the best deal on wood laminate flooring.

By contrast out of the renters I know, most are happier in their jobs, describe them as 'careers' and work locally to where they live. We live in nice houses in desirable areas and many more have recently had babies (we're at that age!) We take more holidays and go out socialising more. We spend the weekends persuing our interests like sports or going for pub lunches, away breaks etc.

The mortgagees console themselves by saying 'my house is my pension' But most of us renters are saving and investing towards our pensions every month. If we continue to save at the rate we are, even if house prices don't crash, we'll be able to buy a house outright before we retire. We'll have just had a good time on the bank's interest payments in the mean time.

If house prices really have reached a "permanently high plateaux" the perception about renting will change. Even amongst the boomer's generation. Anecdotally, a friend's mother recently commented that "The smart ones seem to be renting these days".

BG

That's exactly what I wanted to say. This week end, I was calculating how much one would save by placing the money in a pension fund or high return saving account or even shares and it's amazing how much you can save for your old age that way.

Great comment

The reasons I am unhappy renting are:

1/ I want my own place. I'm not denying this.

2/ I want a cat and I can't have on in a rented flat.

1/ what will having your own place will give you. Is this because you feel you're not like your friends. if you can rent and decorate as you wish, do you really need to buy ?

2/ just watch this space, it won't be long before dogs and cats are allowed in rented properties ...

Share this post


Link to post
Share on other sites

I would imagine that the people on this website are not a good representation of the overall UK population in terms of what they think about renting but, apart from a few of you, most actually enjoy renting and only small disadvantages seem to be showing as opposed to huge ones towards buying. I am sure that pets and kids or even smokers will soon be allowed in rented properties (or at least most of them). It looks like renting is going to be the new trendy thing to do while buying will be a stupid move, our society is changing.

The only main advantage of buying that I could see was the retirement advantage but as some of you have highlighted, if you save the difference in rent/mortgage, you'll have lots to enjoy your retirement.

we're gonna be working until we die soon anyway so it won't matter much.

As for the others I could see: redecorating, feeling at home, etc... a lot of you convinced me that this can be achieved. As the beginning, I though keeping my current flat made sense, I am not convinced anymore ... may well be telling you about my renting experience soon !

Share this post


Link to post
Share on other sites

Most who have bought in the last couple of years live in undesirable areas, they cannot afford to go on holiday very often, some have to rent spare rooms, making living with a partner difficult. They have to chase the best paying jobs, often travelling a long way to work. They are more likely to fear losing their jobs and describe their jobs as "a means to and an end". They spend the weekends in B&Q trying to get the best deal on wood laminate flooring.

I've found this too. The other types are the ones who seem to be in denial and are in debt up to their ears but still insists on spend, spend, spending. I shudder to think how things will pan out for them.

As for my feelings on it...hmmm.

I've never owned and I do feel mildly irritated that I "missed the boat" in the value of my house rocketing. Having said that, I was not in a position to do anything about it at the time, and the damage all this has done to the wider economy alarms me hugely.

Putting that to one side, from a purely here-and-now point of view, it's a mixed bag really. On the one hand I like the flexibility of renting. Recently I had a nuisance neighbour problem and if I hadn't rented I would have had to put up with that for a lot longer. I'm able to move to wherever I need to without any major problems, which has been hugely useful when changing jobs, I don't have to worry about maintenance, I don't have to do any DIY.

On the other hand I find letting agencies to be universally incompetent and many landlords need a boot up their **** for the attitude they show. Some of them forget that the renter is a person and not a convenient cash machine. This isn't usually a major problem though, just a minor irritant.

From an owning perspective, it would be nice to buy and to be paying off a place knowing I will one day own it - but not if the price is so high that I can barely afford to eat, like it would be if I bought now. It would be nice to be able to modify a property and make it mine too, but this is also not essential and only a minor issue.

At the moment, for me, renting makes the most sense. When that changes, I will buy - but that looks a way off yet, so I'm not too stressed.

Share this post


Link to post
Share on other sites

I just sold a nice 4 bed room detached house. To big for me and my wife and the garden needed at least 3-4 hours maintenance a week. As we do not want childeren we decided it was a good time to sell.

The place we are renting now is brilliant, nice balcony view of the sea, regency style house. The best thing is that the rent is much lower than the interest payments if you were to buy the place. Also maintenance on seafront flat/houses is horendous. At least £250 a month. Every 7 years the block needs painting.

I am loving renting, the boiler stopt working and just one ring to the landlord and it gets fixed. Plus no more trips to B&Q. If you want to enjoy life for a while and do not want to settle renting is the best thing you can do.

We used to own houses but at the rate we were moving we never felt it was our own. We never stayed more then 2 years. Renting gives us flexibility to be where we want to be. We just invest the money elsewhere for the moment. Something that give better return.

The way things are taxed in the UK house ownership is a good investment but not at the moment.

Edited by soldintime

Share this post


Link to post
Share on other sites

I really like renting. When something breaks I don't have to worry about the cost of getting it fixed, or try and do it myself on a free saturday. I just ring up the estate agent and it's fixed there and then, for free, leaving me to do what I want on Saturdays. Becasue it's not my house I don't have to worry about making sure it's painted nice colors and is up to date with the latest house fashion being pedalled on channel 4. It's just a place where I sleep and eat. I have lots of free time to do what I want. All my freinds moan about having to spend all their free time doing DIY and looking after their house. However if you like decorating then home ownership is definately for you.

Share this post


Link to post
Share on other sites

Renting is currently the lesser of two evils. As soon as it's not I'm sure renters will buy. I should say, as soon as renters can afford to buy without putting themselves into ulcer-inducing levels of debt, they will buy. 'Undecided' I think you're a big old troll trying to be clever. :)

Share this post


Link to post
Share on other sites

I'm increasingly enjoying renting. I think so much of it depends on your landlord. My current one is very good. I happen to know that he has no mortgage on the house so I've no fears of him chucking me out for any reason. He fixes stuff when it breaks. The house is well-enough decorated that I don't have any burning desire to paint anything or re-install anything. He doesn't mind us putting up stuff on the walls so about the only thing I can't personalise about the house is the paint, carpets and fittings and they're all fine anyway.

For those of you that are renting and have a burning desire for a change of decor, he's an idea: just move house! It'll be less hassle and cheaper.

I was talking to a friend of mine who has recently bought. He was saying how glad he was to have his "own place" at last. Problem is, it's not his own place because the bank owns most of it, he's had to rent out two rooms so that he can afford the mortgage and he is spending a lot of time and money doing it up because the decor was so bad. I can't work out how that is a relief to him but good luck!

I plan to buy when the prices are sensible but we're saving money at a good rate and I'm not scared of the idea of renting until we retire (we're still in our twenties) if the market doesn't go back to sensible because we'll have enough savings to buy a house for cash (even if we have to move abroad) or live off the interest.

Share this post


Link to post
Share on other sites

Renting is really good for me! My house is great, I just made sure I rented one that was how I would want my own house to look and that was still cheaper than an interest only mortgage. I didn't have to spend money on changing the bathroom or time on painting my living room because it is a really nice house, much nicer that the one I used to owne many moons ago. The house feels like home and because my rent is significantly cheaper than an interest only mortgage I'm sticking some serous money in the bank. I should also point out that I have had no inspections or unwelcome visits from my letting agents in the 18 months I have lived in the property.

As far as I am concerned renting is actually a better financial investment than buying.

Lets assume that my IO mortgage on my house costs me £1000 a month and my rent on the same property costs me £700

If I rent I can put an extra £300 in the bank every month for a grand total of £3600 +interest.

If I bought I would have saved no extra money and because the house prices have dropped or at least stagnated since I started to rent this property (Still a drop in real terms when you take inflation into account) I would have actually lost money! Then you have to add the costs of buying the house, the fees etc and of course the repairs that may need to be done while you live there.

Bugger that, I'm renting until it is cheaper to buy than rent or I have a 50% upwards deposit. Ideally I will have a 50% deposit around the time the prices bottom out :D. Ahhh happy days.

Share this post


Link to post
Share on other sites

Well I'm glad to hear about all these happy tenants, especially as I've just arranged my first BTL, all thanks to buying a bargain 2 bed terrace in 2000 - but I'm sure you lot don't want to hear about that...

I can't help wondering what you will all do when you retire though ? Of course I will be living rent free by then but I suppose old people who rent get social benefit ?

I've been reading this forum for about a month now and sometimes the odd comment actually makes me think, but things like "financial suicide" and "can just upsticks and go" makes me laugh. My mortgage has never tied me down, I've lived abroad and rented my house out whilst doing so, returned to it, improved it some more, renting out again soon... rents have gone up since then too, then again I live in Southampton so maybe not feeling the pinch as bad as elsewhere ?

There seems to be a lot of negative views here generally but then again everything is half full from my perspective.

And yes I do have four nipples and no I am not a troll.

Share this post


Link to post
Share on other sites

Weve got a place we've been allowed to decorate, rip up carpet in shower & bog, get cats/cat flaps, drill tons of holes in walls, put down new lino in kitchen (just down to a taste thing), negotiated rent down if we stay at least a year, fitting bath instead of shower at landlords expense, planted garden etc. Renting can be a good experience too, I'm 35 & am renting for the second time in my life (18 months total) & would be terrified if I owned right now. We've spent a few quid on the place but no more than about 100-200 quid. I worry about not owning again esp. having owned before but try to keep the faith!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 315 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.