Feb 20, 2021

We bought our first house back in 2016. 4 bedroom in a lovely little community about 50 miles outside of London. Things didn't quite work out the way we had hoped with work so we never actually moved in. We kept it as our holiday home for a year, hoping we would eventually move in but alas...

Now I am renting it to others. So I'm paying the mortgage on it and someone pays me to live in it. Rental fee is nearly 3 times the value of the mortgage so I'm making a nice little packet out of it. Although the tax-man takes a f---ing huge chunk. c----. But I'm still left with the mortgage covered and a bit for a "rainy day".

Oh yeah, forgot to say. I'm lucky enough to be able to afford to buy a house and live somewhere else because accomodation is part of my employment package. Not the nicest place to live to say the least but it's free so we ain't complaining! Too much.

 

Feb 20, 2021

Renting rn, but looking into buying next year.

 

Feb 20, 2021

Renting, but in the middle of process of buying my first crib. Hopefully I'll have my own place in the next 2-3 months. Mortgage > Rent.

 

Feb 20, 2021

Renting but currently saving up to buy something in the next 2-4 years. Also don't know if I want to stay in the same area so weighing that out as well since property taxes where I currently live are insane.

 

Feb 20, 2021

I've bought 5 condos in cash and briefly (3 years) financed a 4-plex.

 

Feb 20, 2021

I rent an appartment and don't think I will ever own a house tbh.

The price of houses are crazy nowadays. Back in my parents and grand parents generation you could get a solid job with a high school diploma and afford a house in your 20s.

These days the cost of houses and living in general is just too disproportionate to the salaries most people are making. 30 year olds are deep down in dept and paying off their education.

Even renting is expensive. Especially in the city. I make a decent salary which I think is considered average where I live but you need at least twice that salary to afford a house.

I'm probably gonna stick to renting unless there's a major change in my life where i'm making a lot more money.

Most people who buy a house end up paying a mortage well into retirement So what's the point of owning if you're going to spend the rest of your life paying it off anyway.

 

Feb 20, 2021

Depends what country and city you live in, but generally your first house will be cheaper than your next house (unless you live there forever). Your house will most likely appreciate and you'll make money off of it when you sell it. When you rent you're just paying someone elses mortgage and living by their rules and forced to pay increases when they decide. You get tax deductions by being a home owner, and if you can't afford the mortgage you can rent it out yourself and have someone else pay your mortgage... I rather pay my own mortgage

 

Feb 20, 2021

Pretty good bro. Yeah Im renting a house with a few friends, the house is definitely something I wont ever be able to afford in my lifetime but the dream and goal is to own one myself.

 

Feb 20, 2021

For sure. There are clear advantages in owning and I would go that route if I had the salary and was a more responsible person.

But renting sometimes is just more convenient and easier for people who want to avoid the headache. No need to worry about mowing your lawn, shoveling snow, spending hundreds or even thousands on a plumber or an electrician to fix some s--- etc..

 

Feb 20, 2021

I have rented because of the frequency I've moved. I am actually moving again in the next few months and would love to buy but it doesn't seem to be in the cards. It is a sellers market and people are coming in with offers 50k over asking price in some cases. I have no interest in bidding to that limit so I'll probably continue renting in the short term and look to buy once I get there and understand the area better. I see the pros and cons of both but I think a home is a long term investment that generally works in your favor to own.

 

Feb 20, 2021

I live in an insanely expensive town in relation to average salaries. Demand outweighs the house supply right now. Hoping it cools off in 3 years or so so I can buy. 400k is my max price point. Renting a nice place right now but expensive.

400k will get you a 2/3 bedroom 2/3 bath condo with a little yard 1300-1500 sq feet.