Tuesday, June 10, 2008
Slightly more balanced article from the Fool
The ups and downs of renting
In the spring of 2005, I sold my family home, having moved into rented accommodation in late 2006. In other words, I leapt off the property ladder three years ago and have yet to return. My decision to exit the property market was driven by my worries about the UK's twin booms in house prices and personal debt. I feared that Britain was in the grip of an unsustainable housing boom which would, in time-honoured fashion, turn to bust.
Posted by crutchley @ 09:14 PM (815 views)
5 thoughts on “Slightly more balanced article from the Fool”
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renting2 says:
Nicely balanced article, of which I agree. My only worry with renting is what happens when I retire? That’s when I want to own a property outright. Or am I wrong?
crutchley says:
Renting2,
You’re right… The last thing you want in retirement is pesky housing outgoings stoping you from taking coach tours to Belgium.
By purchasing at the bottom of the cycle, you will be free earlier and have a chance to save more of your net earnings over your life to spend when you finally hang up your work boots.
renting2 says:
[email protected]
Belgium? Far too adventurous and racy!
crutchley says:
renting2,
You’re right…. Sheffield it is then
drewster says:
Or you could spend all your money now and never buy a house. When you retire you can have your rent paid by Housing Benefit. That won’t protect you from the tyranny of Assured Shorthold Tenancies though, so make sure you get an indefinite rental contract – you don’t want to be house-hunting at 90!