Steve2009

Renting is a pittance compared to mortgage interest. Renting is money well spent in the current market.

iamthecreaturefromuranus

I guess that depends at what point you are in that 'market'.

If I had to rent my home it would cost me more than it currently costs in mortgage costs.
I suppose I could sell up, bank any cash, and then move into a rental.... but my home is just that, my home. It's not an 'investment vehicle' and never has been.

Steve2009

My rental is also my home. I have the money, that would otherwise be tied up in this under performing asset, elsewhere paying my rent and accumulating. There are many things in life I value more than massively overpaying for my housing utility.

EDIT: For those who still have faith in the 'property is a long term investment, it might go down but it will come back up and beyond eventually'. Could you please drop in here and here and spread your christmas cheer, the sentiment is waning and could do with a shot in the arm. It's important to think of those worse off than yourself (currently) at Christmas.

asprilla

I just think that you need to stop constantly re-affirming your decision to rent (instead of buy) a property. We understand your point of view, so why do you find the need to constantly justify it?

The only possible explanation can be as follows: that you are worried for the future, and you are not sure that you actually are making the right decision.

Think of the flip side of the coin. There are lots of BE posters who own properties, but I can't think of any who constantly re-affirm their decision to purchase.

Amazulu

Do you post anything on BE other than about property prices?

ozzieeagle

I wonder what percentage of people that rent housing, put away money into savings and money earning investments.

Steve2009

There is always immense interest in these threads, even from people like Amazulu who have no interest in them. I'm not the only person who posts on them. I'm very happy with my decisions and continue to be, I certainly wouldn't be looking on here for validation. I'm sure there are plenty others posting on these threads who are equally happy to buy/hold property in the current, recent
and future market. Happy days for everyone!
It's arguable that they don't need to. They're entitled to do what they like with their money and enjoy it. There's nothing to say that they won't end up just as well off as the person who pours all their money into one asset class.

swmbo63

As a family renting through choice, we could be mortgage free.

To answer your question we invest approx 25% of earned income and also leave the interest on house proceeds to compound every month.

I think more people than you realise are making decision to do the same.In our case it is a no brainer as only need big house for a couple of years till kids finish uni.

Happy to rent till look at buying small apartment in 3 years.

geordiebloke

When I rented it never really felt like home though, having to ask permission to hang a picture etc. and not being able to make any big changes to my "home"
Also the fact that changes in landlords circumstances, brought about by a property price crash for example, could result in having to move on.
All in all, I've always believed that owning was the better/ more secure option, regardless of financial arguments

Kelli28

Rio Tinto are renting my house I imagine they have a lot of investments.

I hate renting though it never feels like 'home' so I will buy another house in Perth.

Steve2009

Renting gives you the freedom to move on depending on your changing needs or circumstances and gives you a lot more freedom than owning. This has been discussed on this forum before. I've never felt the urge to make major changes to a property I've lived in. If there's anything I want it's always been available in the stock on the market.

Kelli28

Or owning a house and letting it to Rio for large amounts of cash lets me own two houses.

swmbo63

This would work for me as long as it is you OWNING them and not paying the bank for a mortgage to own them.

ozzieeagle

It's either threads like these or threads detailing peoples experience in Aus/UK that I'm interested in.

When it comes to word game threads... well I personally would give up Bexpats if thats all there was. Seems like a lot of those around at present which is frustrating the crap out of me. I'd rather play sudoku..

So more power to you Steve, the more varied the views the more I enjoy this forum.

Steve2009

And likewise. Thanks.