£90k A Year, And Cant Afford A Cupboard

[DonnieDarker]

As someone else suggested, how long has this couple been saving?

On 90k a year to only have 30k savings is piss-poor if they have been saving for more than 3 years.

On 33k a year (in a good year) I can save £10k a year, pay 5% into a pension and £1200 into a share-scheme and I rent in London.

[bird101]

Genuine question: why not have kids while renting?

frugalista

Hi Fruga

Well, we are having kids while renting as it now happens, but we would have preferred to start a family in our own home because we could make it our own; decorate the nursery, put in fitted cupboards, build a nice big sundeck, tree-house, ponds, waterfalls, etc., personalise it to make it a fun environment for kids. That's the environment I grew up in so it's only natural I want the same for my kids. Also, after buying there's a degree of security and control of your home that you simply dont have in renting.

Although some people in this topic have said that there are plenty of affordable places in Cambridge, the fact is, having looked at the range on offer, we feel they're way too pokey for the money, claustrophobic little 3/4-bedroom houses with postage stamp gardens. If they were £150k they would seem reasonable, but we're on above average incomes and should be able to afford at least an average house. We cant, and we're not prepared to take on what we consider an above-average liability for a below-average asset.

[Given Up]

In response to what is wrong with having children & renting, the last three place I have rented (in London) have stipulated in the contract that no under 18s were allowed on the premises. I think it is to do with concerns of damages to the property (although that is where the deposit comes in) or causing problems with the neighbours with noise (they've all been flats). It would obviously be different if you have the income to be able to afford to rent a whole house which they would expect to rent to a family, but if you could only afford a flat and had to rent privately, it isn't that easy in London.

You could always forget to mention the kids until you get to the check in - not many landlords would turn you away if it was on the day! I'll bet they would quickly amend the tenancy.