Is Rent "Dead Money"?
Apr 14th 2013, 9:52 am
#106
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Is Rent "Dead Money"?
I put my current rent and what I might spend on a house in that calculator thing and it shows that buying would pay off for me after six years. If I put in the value of the house I rent it would make more sense to rent it for over 30 years.
Well I don't see rent as dead money, it is just part of my cost of living, I have nothing to show for the money I spent on food or petrol or holidays after the fact either, but it doesn't mean I didn't get anything for it.
I would like to buy something in the next couple of years though. Just to have somewhere to call our own and be in control. We have been fortunate in that we have been renting the same house since we got here, so nearly three years now.
Well I don't see rent as dead money, it is just part of my cost of living, I have nothing to show for the money I spent on food or petrol or holidays after the fact either, but it doesn't mean I didn't get anything for it.
I would like to buy something in the next couple of years though. Just to have somewhere to call our own and be in control. We have been fortunate in that we have been renting the same house since we got here, so nearly three years now.
Apr 14th 2013, 10:01 am
#107
Banned
Joined: Aug 2008
Posts: 22,348
Re: Is Rent "Dead Money"?
I put my current rent and what I might spend on a house in that calculator thing and it shows that buying would pay off for me after six years. If I put in the value of the house I rent it would make more sense to rent it for over 30 years.
Well I don't see rent as dead money, it is just part of my cost of living, I have nothing to show for the money I spent on food or petrol or holidays after the fact either, but it doesn't mean I didn't get anything for it.
I would like to buy something in the next couple of years though. Just to have somewhere to call our own and be in control. We have been fortunate in that we have been renting the same house since we got here, so nearly three years now.
Well I don't see rent as dead money, it is just part of my cost of living, I have nothing to show for the money I spent on food or petrol or holidays after the fact either, but it doesn't mean I didn't get anything for it.
I would like to buy something in the next couple of years though. Just to have somewhere to call our own and be in control. We have been fortunate in that we have been renting the same house since we got here, so nearly three years now.
One idea that I currently have is to buy or build something more affordable near the coast somewhere and rent that out as a residential or holiday let. That way we have something for when we retire but without having to shell out every time our circumstances change accommodation needs-wise.
Apr 16th 2013, 12:19 pm
#108
Daffyd Duck
Thread Starter
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Is Rent "Dead Money"?
OMG I just signed the contract. Deposit taken. I have 5 business days to change my mind. 
Apr 16th 2013, 12:23 pm
#109
has lost The Game
Joined: Apr 2005
Location: Chippendale, Sydney
Posts: 8,735
Apr 16th 2013, 5:54 pm
#110
Banned
Joined: Jan 2011
Location: The REAL Utopia.
Posts: 9,910
Re: Is Rent "Dead Money"?
Absolutely rent is dead money, there is no spin you can possibly put on, if you are happy to pay someone elses mortgage or have no choice then thats fine. I hated renting.
Apr 16th 2013, 7:02 pm
#111
BE Forum Addict
Joined: Aug 2010
Location: Not Brisbane
Posts: 1,210
Re: Is Rent "Dead Money"?
all depends on what your rent is vs mortgage costs and the rate at which house prices rise vs interest made on savings
on a 95% mortgage over 25 years you'll typically pay the mortgage again in interest, that's equally as dead as renting.
Curious why all these pompous twats who "hate renting" consider renting from a bank to be any better?
Why don't you all just save up for 12 years and buy outright?
Apr 16th 2013, 7:58 pm
#112
BE Enthusiast
Joined: Jul 2011
Posts: 337
Re: Is Rent "Dead Money"?
why does having a different opinion from you make anyone else a "pompous "twat" ? Aren't people allowed to have a different opinion from you, you pompous twat yerself 
Apr 16th 2013, 8:33 pm
#113
BE Forum Addict
Joined: Aug 2010
Location: Not Brisbane
Posts: 1,210
Re: Is Rent "Dead Money"?
bingo (who's done both on several occasions)
Apr 16th 2013, 8:42 pm
#114
BE Enthusiast
Joined: Jul 2011
Posts: 337
Re: Is Rent "Dead Money"?
I blame Mrs Thatcher . Nobody ever had the ambition to own their own till she came along & gave them ideas above their station 
Apr 17th 2013, 1:15 am
#120
Daffyd Duck
Thread Starter
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Is Rent "Dead Money"?
yeah. it's not too bad as i'm single and spend a lot outdoors. its a forced saving plan so to speak. i have approx 15 months to save a additional 10% deposit plus buffer to avoid the lenders mortgage insurance.