Renting or Buying

[Estreeter]

Your home ... Do you own it (or paying it off) or are you renting ???

Not sure I heard it right on the radio yesterday, it was just a talk radio segment and that was the topic, but the host said that in Europe a very big percentage of the people rent Why

We've a bit of an old saying and cliche here, It's the great Aussie dream too own your own home.... and most people go out of their way to do just that...
I can't understand not wanting too

I'm in a bit of a unique position where I once owned, sold it, banked the cash..found a job in Melbourne so forced too live away from hometown and rent .. But have since bought a property in hometown region and taken a smallish loan, have tenants in there .... Yep I'm renting and buying.

What do you prefer ?

[PJayBr]

Rented fromt he council until about 10 years ago when we took the opportunity to use the "Right To Buy" scheme to get a £100,000 house for under £40,000.

Sometimes I love having my own place, then when something goes wrong I regret not being able to ring the council to fix it....

PJayBr

[drjescocia]

I am nearly 50 and I have always rented. In the end my monthly rent is far less (sometimes 50% less) for what I would pay for a mortgage for the very same place. I have never been in the same place for more than five years and renting makes such mobility possible. It is true I have no equity, and in the future I would like to buy, but not yet having made a purchase I was not caught in the market collapse in 2008 and I was able to simply up stakes and move over seas when a great job came up. What I pay in rent, some people pay in interest on their mortgage. The wife and I live in an amazing place! As I say, we may try to buy it, but in the end it is great when some else will fix your boiler, repair the roof, pay the flood insurance, and fight with the council.

[Darth Joules]

Originally Posted by Estreeter

Not sure I heard it right on the radio yesterday, it was just a talk radio segment and that was the topic, but the host said that in Europe a very big percentage of the people rent Why

We've a bit of an old saying and cliche here, It's the great Aussie dream too own your own home.... and most people go out of their way to do just that...
I can't understand not wanting too

One reason behind the high percentage of people renting in Europe is previous history. War! Mainland Europe has seen so many land wars in the past, armies sweeping back and forth across territories, that renting has become preferable to owning. Not just because some warmonger might decide to drive his army through your land, destroying the home you own and thus your financial investment, but also because people were frequently being displaced by war. So renting is practical.

Another reason is the idea of a property-owning democracy. This is were the UK differs greatly to mainland Europe where the majority in the UK buy their homes. Through successive governments the UK has fully embraced the idea a property-owning democracy, the idea being that a populous that owns its own land and property is less likely to cause decent and revolt. It also helps that the UK hasn't had a major land war for about 300 years. So the present day social and market forces make home ownership a very desirable goal for UK citizens. However the mentality of a property-owning democracy in mainland Europe isn't nearly as developed as it is in the UK, so the majority of mainland Europeans still rent. There are other modern day factors too. Renting is more financially achievable in most European countries were getting a big loan (mortgage) to buy a home can be very difficult (e.g. Germany) unless you are already wealthy.

[noanalsvp]

I have owned houses and rented. I much prefer to own, because then it is mine. If I want to tear down a wall and re do the kitchen, I can. If I want to repaint a room bright red and yellow, I can (don't laugh, the combo was awesome). I guess I like to do it myself, it is good to be a Connecticut yankee.

right now I don't own where I live and I miss it!

[Avallanius]

Owners Vs tenant's rights don't compare, an owner has more legal redress. When I was younger & mobile I rented, but now I own...no comparison.

[Nobody1]

One must not forget the current economic conditions. In order to finance property debt-based (what probably applies to the most), it requires a steady and guaranteed income, a certain predictability for the personal future and a growing societal prosperity, which must be fairly distributed among all income groups. The increasing economic insecurity, a steadily growing wealth gap and the mistrust against obviously incompetent politicians is also reflected in the attractiveness of debt-financed property.

For me personally, the following applies. Having no debt is a form of freedom. And freedom is a luxury that not everyone can afford these days. Renting has its advantages.

[b119a]

In many languages the word meaning 'property owner' is actually the individual's family name. Three generations often lived in the home. In America our family had four children, but I recieved one fourth of the estate which means I own a home, but a bit smaller.

[penfold007]

Own (mortgaged). The idea of paying the mortgage on someone else's buy-to-let investment has never appealed to me.

[Mal Hombre]

I've never rented,I own My house (Mortgage Nearly Paid off ) I've been here for near on 25 years now.