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Source: (consider it) Thread: Two speeches
Marvin the Martian

Interplanetary
# 4360

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quote:
Originally posted by Baptist Trainfan:
quote:
Originally posted by Jane R:
Or (c) an unscrupulous landlord .

And I think the fear of that is probably the biggest factor that persuades people to buy.
Financial security in old age is a significant factor as well. Most pensions aren't enough to cover continuing rent payments, but if you've paid off the mortgage by the time you retire then the house is yours for no monthly cost. And if you then choose to downsize you can gain a nice profit to cover any future costs.

If you rent for your whole working life then you either have to have an amazing pension plan (very rare indeed) or an extra savings account that will cover the rent once you retire (which few people can afford). Otherwise, once you finally stop working it's going to be off to the old folks' home for you. And not even a nice old folks' home, given that most of the good ones are either as expensive as renting (if not more) or require your house as security.

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Hail Gallaxhar

Posts: 29953 | From: Adrift on a sea of surreality | Registered: Apr 2003  |  IP: Logged
Baptist Trainfan
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# 15128

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This has been a particular concern for us, as for most of my adult life I have lived in church manses. However by dint of careful husbandry, a couple of family legacies and my wife's pension lump sum, we were able to buy a house for the very first time at the beginning of this year. If nothing else it means that, when I retire, we can either stay put and not be forced to move to whatever church property might be available at the time; or think through our long-term options calmly and clearly. It also provides security for my wife "should anything happen to me".

[ 12. October 2017, 09:26: Message edited by: Baptist Trainfan ]

Posts: 9477 | From: The other side of the Severn | Registered: Sep 2009  |  IP: Logged
Doublethink.
Ship's Foolwise Unperson
# 1984

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quote:
Originally posted by Marvin the Martian:
quote:
Originally posted by Baptist Trainfan:
quote:
Originally posted by Jane R:
Or (c) an unscrupulous landlord .

And I think the fear of that is probably the biggest factor that persuades people to buy.
Financial security in old age is a significant factor as well. Most pensions aren't enough to cover continuing rent payments, but if you've paid off the mortgage by the time you retire then the house is yours for no monthly cost. And if you then choose to downsize you can gain a nice profit to cover any future costs.

If you rent for your whole working life then you either have to have an amazing pension plan (very rare indeed) or an extra savings account that will cover the rent once you retire (which few people can afford). Otherwise, once you finally stop working it's going to be off to the old folks' home for you. And not even a nice old folks' home, given that most of the good ones are either as expensive as renting (if not more) or require your house as security.

Once upon a time there was decent social housing, and rent control so this was a less omnipresent fear.

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All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome. George Orwell

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Leorning Cniht
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# 17564

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quote:
Originally posted by Alan Cresswell:

But, it's still very likely that the amount invested will be less than the gain on house price alone. If you add everything together, final sale price will almost always be less than purchase price plus all the maintenance work you'll have done on the property - ie: negative equity is the normal status for home owners.

If you're keeping accounts properly, you would have to put all the rent you didn't pay on the credit side, which would leave you rather better off than your assumption here.

You seem to be comparing owning a house with living rent-free under a bridge or something.

Posts: 4900 | From: USA | Registered: Feb 2013  |  IP: Logged



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