To Buy or To Rent

[Superdonk]

Hi folks.

 

Me and my family live in the UK and we bought our house 6 years ago with a mortgage. It was tight and we bought at the top of the market therefore the prices have come down and we lost out a little bit.

 

Due to various circumstances we have been really eager to move, spiritually, mentally and emotionally we would be better off moving - as we cant afford to move (we need about £15,000 for a deposit!) we have no other choice but to sell and go into rented accommodation which also comes with its down points.

 

Its something that has a massive effect on our lives and I was wondering what all your thoughts were? do you rent/buy? what would you do in this situation?

 

many thanks for your help

 

DK

[Áine]

Hi folks.

Me and my family live in the UK and we bought our house 6 years ago with a mortgage. It was tight and we bought at the top of the market therefore the prices have come down and we lost out a little bit.

Due to various circumstances we have been really eager to move, spiritually, mentally and emotionally we would be better off moving - as we cant afford to move (we need about £15,000 for a deposit!) we have no other choice but to sell and go into rented accommodation which also comes with its down points.

Its something that has a massive effect on our lives and I was wondering what all your thoughts were? do you rent/buy? what would you do in this situation?

many thanks for your help

DK

I live in Southern Ireland and I would say that 95 % off my congregation rent a house. I remember the talks given on keeping your eye simple, many,many took note of the advice and now rent instead. In the hard economic times that Ireland finds itself in I think it was a wise decision.

[blue-jay]

It depends on the area and your own circumstances.

In my area it's cheaper to pay a mortgage than rent. Our house in this neighborhood we could never afford to rent!

But for the last few years it has been really hard to get a mortgage.

Still, I would say that the majority of friends from my congregation own. In fact, I can think of only three families right now that rent.

[Allabord4Jah]

The cost of owning your own home is ridiculous here in my state.  Certain areas are more influential then most.  The influential neighborhoods, are now reporting more robberies, break-in's.   More homeowners are also selling, due to the high property tax bills they get every year, plus the Governor has added something called "the rain tax" which simply means when it does or does not RAIN, you must pay on your yearly property tax bill a tax.  This (supposedly) goes to help clean up this body of water called the Chesapeake Bay, (I believe it goes into the pockets of the one who made up this tax for election purposes for the White House).   Everyone who lives in the State pays this new RAIN TAX.  Some pay more, some pay less, business pay even higher, cause they have more pavement, gutters, and off drainage sewers.   I remember (learning in school) that 100 years ago, no one paid Property Taxes.   If you purchased a home or a home and piece of land, it was yours, unless you borrowed money from the bank, and had to pay it back. But, once the loan was satisfied, the property was yours and your heirs.    Then something strange happened, like over night, a CHANGE, popped up, and people were sent these property tax bills.  Another scam in this greedy ungodly world.  

 

What, you own the property, but yet, you now are leasing till you die or you sell it and the next person, picks up the tab for the rest of their lives too.   So, what's my point.  As for me and my household, in this system, I'd rather rent, it may not be the greatest place to live, but I'd rather rent.  After all, aren't we all alien residents, biding our time, keeping spiritually strong, putting faith in our King, Christ Jesus, and relying on Jehovah for his Holy Spirit in whatever bothers us!   I see more n more friend in my neck of the woods, selling their homes, and finding a place to rent.  The down side of renting here is the cost of the rent, as much as a mortgage on a house!  Nothing included. 

Edited August 7, 2013 by allabord4jah

[bohemian]

I am in London and private rents are just enormous, and coupled with the restrictions the government is putting on housing benefit help, private rental is so dangerous.

 

I am in Council accommodation - I have rented from the local authority all my life and have benefited from that.  No costly repair bills etc and a reasonable rent.

 

I have a small 1-bedroom flat with a small garden for £90ish a week rent (plus council tax etc) but it is ideal for my wife and me.  We get no help from the government regarding our rent and CT because we have a little saved and my wife is still working.  If you have owned your own home, I think you would be well down on any local authority waiting list.

 

In my area, private rents are about £200+ a week for 1 room in a shared house! 

 

Of course, I don't know if things are different in the area where you live.

[campanula]

As to me it's better to be rent free. 

Freedom!