Butkus

Well for you it sounds like more of a moral stance rather than anything else. Saving up for a whole house is a hell of a feat especially with the way prices have been rising.

Matteeboy

Probably a bit mad but hey, in the meantime we're living in a nice house with a proper office by the sea for fairly minimal rent. We'd love to buy it one day but it's market value would be pretty steep.

hodgy0_2

You better hope that your landlord is not financing the house with a mortgage mattee

Otherwise you are simply paying his interest, and getting no capital gain

Matteeboy

The last three houses (and this one) have been owned outright for decades.
A mortgage on this place would be at least double the rent.

For now they have a reliable tenant, we look after the place, they plan to rent it us us long term - just like most do abroad, without a slightly bizarre obsession to "own" (or in 99% of cases - own a small fraction of) property.

Not many understand our way of thinking but we're happy with it and couldn't ask for a better lifestyle (okay a lottery win would maybe help slightly... ). And we just love not being part of the "system" or being controlled by interest rates. Or paying anything to those banking w4nkers.

hodgy0_2

If you have a landlord that values a long term tennant, that's great (and hopefully you have some security) - and a win / win for both of you

We have rented a one of our properties in London to the same tennant for the last 14 years, and another for 7 (with not a single break in rent). - I like to think we are good Landlords too - it can work for both (but I would rather be the landlord - lol)

nik52wrx

Do you not pay the bank any 'fees' for your business account?

nik52wrx

I'm in a similar position although grateful for the revenue I can't understand long term renting, I see it as money down the drain but others don't. I had a request lately from a tenant asking if they could re decorate at their own expense

Anyway, as mentioned earlier, we are all different both in circumstances and priorities, it would be boring if we were all alike

Nik.

Butkus

Mattee, I think we have had a similar discussion before because I remember you saying that you had certain freedoms in your rented house regarding redecorating and making any changes, but that isn't the reality for most renters. You are stuck in a place you can't make any changes to, with the constant worry that you might be given notice at any time.

Whatever you think about people trying to ride the property price rises, or paying interest to greedy bankers, the reason most people buy a house is because they simply need somewhere to live.

And again your situation is fairly unique because in most cases now, especially in crowded parts of the country, rents are more expensive than mortgages.

Butkus

Mattee, I think you should blow the house money on a 991 Turbo S! Live the dream!

Matteeboy

I might get in trouble...

But yes, as mentioned we don't do "normal" renting. Otherwise we may have bought somewhere.

TBH a pair of nice vehicles, a house overlooking the surf (and I never miss good waves), loads of time with the kids and so on hardly feel like a hardship.

Anyway, massive digression as usual; it's quite nice to be a bit different even if most think its wrong.

But the lease deals, like those on the M135i, seem to have gone.

ditchmyster

iTrader: (7)

At the end of it all we're back to horses for courses, I prefer to own an older car that does the same job as a new car, every so often I crawl underneath it and get a certain amount of satisfaction and enjoyment from servicing or fixing it.
I prefer to own a house than rent one, I sometimes wonder if I should have bought a 911 and a few other toys or this house especially since I have spent the last few years humping all manner of building materials, but then I just look at the view and think nahhhhhhhhh, it would be nice to still have £200k in the bank though but that's a distant memory now.

It's only money and it's made for spending.

Luckyscoob

iTrader: (2)

Turned into quite an interesting thread this. Its always good to hear peoples views and choices when it comes to buying/renting/loans whether its cars or houses. It sounds like most on this thread are a similar ish age and we are all trying to make the best of everything, all be it in different ways.

Despite owning my house and renting my cars, I can still see Mattee's point as well.

At the end of the day though, we cant take it with us so we need to enjoy it now as the very sad recent events with Simon (JGM) have shown.

john banks

I can also see Mattee's point and shared it when I thought the economics suited it for five years. For the last 3 or so years I feel that central banks, rightly or wrongly, are encouraging asset price inflation through debt and will play that side of things for longer. Clearly I am not much good at making money as a GP, but I seem OK at this bit to make up for it.

Matteeboy

IF I tried investing our savings, I bet it would go pear shaped.
The business is our relatively "safe" income; for now.

I do wish I was a stock market whizz but I'm not. Maybe one day.

scoobyboy1

iTrader: (16)

Somtimes I wish I rented a house, I bought my house at quite a young age, and even though people say its great to own your own house, and that its good to be on the property ladder etc, yes in theory it is, But personally I find it a burden.

Im for ever paying out on the house, something always breaks, and its never cheap, Yes my mortgage will be paid off when im in my 40's, but in reality the missus would have found somewhere else(a upgrade) and then we will just end up starting again, so the cycle goes on, and then when were to old the government will take it off us to pay for our nursing home fees!!

ditchmyster

iTrader: (7)

Stick it in your kids name and wait 7yrs then they won't be able to touch it.

Matteeboy

Wow; how incredibly refreshing not being completely lambasted for our rather unusual way of doung things; cheers guys!

hodgy0_2

Very few areas in life have simple right / wrong answers, including how to finance a car


(apart from kite surfers propensity to wearing shorts over wetsuits, always wrong)