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Deleted User Posted 11 months ago
Ownership V Renting

My husband and I are thinking of selling up and renting a small house or bungalow somewhere pretty where we can relax.
We currently live next to a busy road where all you can hear is traffic day and night. I would love to hear birds singing again.
We cant afford to buy in the area we would like to live so renting would be the only option.
In addition im tired of spending cash on maintaining a home we only really use about a third of.
Im just scared of making a mistake as there would be no going back.
Any advise or thoughts would be welcomed.

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7 likes & 64 replies
    • Colin in Kent 28th February 2021 at 11:49 am

      I’m not sure which part of the country, but certainly round where I am the rents are just as much as a monthly mortgage payment would be, and has been probably for nearly twenty years. It does depend on the rent agreement as well, and to what extend you would want to modify the property, or find yourself subject to the vicissitudes of the landlord. Would you be secure? My ex and children, having rented a property for nearly twenty years, were suddenly told the rent was being doubled because the area had become more affluent and those were the fair prices. She wasn’t able to pay it and they were turfed out. Again, I rented somewhere and was told the owner worked on foreign diving contracts in Australia and it would be a long let, then after a year was given notice as he wanted to come back. Eventually I saved up enough to buy by moving back in with my mum for a couple of years. For me it’s a question of security and the fact that tenants rights have been systematically diminished. I didn’t want to have a place I loved and be at the whim of a capricious landlord. It’s not fair – on the continent they simply don’t have the same attitude to house ownership that we do, but then tenants are more protected. But it may be different, less cutthroat in the area you are.

      Reply
      • Deleted User 28th February 2021 at 12:56 pm

        Thankyou for replying. We are too old to get another mortgage so its probably a case of buying a smaller cheaper property but not in the area we want to be, or stay here. We only have a small budget.
        I do worry about the lack of security and the possibility
        that we could end up having to move again but then our house could do with some work doing to it and I dont know if I want to spend the money when the place no longer meets our needs.
        At the moment the traffic noise is getting me down. We have to have the windows closed all the time .It has got a lot worse since we moved here 17 years ago. Im sure the pollution is a hazzard to our health.
        Its a lot to consider.
        Thankyou again for your comments which I will take on board.

        Reply
        • Colin in Kent 28th February 2021 at 1:13 pm

          I definitely agree the noise concern is paramount. The first place I was able to buy was a flat over shops on a busy A road, and the noise was not only dreadful but depressing – it was an old flat so didn’t have double glazing and traffic rumbled through day and night. When I moved the no.1 priority was to somewhere quiet. You’re also right about the pollution aspect shouldn’t be underestimated.

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        • Anne46 11th March 2021 at 7:11 pm

          If you only have a small budget don’t you worry about paying a lot out in rent every month and having less to spend on other things?

          Reply
        • Deleted User 11th March 2021 at 7:46 pm

          Hi Anne. My trouble is that I cant just live in a house without wanting to renovate. Its like a compulsion. I end up spending too much and not getting it back.
          Renting would be cheaper for me in the long run but having said that, im then scared of how I will feel when im not allowed to change things.
          I think I need therapy.!!!
          I think I need therapy. Ha ha.

          Reply
        • lynnebond 11th March 2021 at 9:04 pm

          My husband has suggested doing the same but with private rentals being so expensive is just not an option as far as I’m concerned. Have you considered a park home on a nice country site. They cost a lot less than bricks and mortar and you can pay much so what you want to the inside. The only downside the annual site fees. Whatever you decide i wish you luck.

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        • Deleted User 11th March 2021 at 9:12 pm

          Thankyou. I hadnt considered a park home but its something to think about.

          Reply
        • Sandyg 11th March 2021 at 7:47 pm

          Why not rent out your place, if its in an area where ppl. would like it as accommodation near work, then rent elsewhere…nothing lost that way, you can try out different places to see if you’de like to settle there, and move on if not til you find the right place for you, then sell your place and buy a small home in the place of your choice .

          Reply
    • NYC to UK 28th February 2021 at 6:14 pm

      Why not rent out your home on a short term lease while you do the same ? This way you will get a taste of life as a renter and if it doesn’t suit, you can always go back to your own home without regrets.

      Reply
    • Indiesman 28th February 2021 at 6:48 pm

      If you take NYC to UK’s advice, you could check out different areas of the country which give better value for money and you can rent for 6 months, while looking for properties. If you have no ties move north, where you get more for your money.
      That’s what I’ve had to do after being left with a smaller inheritance than expected and so unable to purchase in my preferred location. While renting is less stress if you have a good landlord, your money is just gone. Property ownership is an investment and for your future requirements.

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      • Deleted User 28th February 2021 at 7:00 pm

        Thankyou for replying. I thought I had made a good investment with my current property but it turned out to be a money pit.
        It would be lovely not to have all the worries about repairs.
        Plus we could afford a nicer area if we rent.
        But
        This is versus all the concerns about security and maybe having to move again.
        Decisions decisions. Its now or never though.

        Reply
    • Philly 7th March 2021 at 4:24 pm

      Check out GIRLINGS RENTALS They have rentals in Developments all over the country and very secure.

      Reply
    • Team Rest Less 11th March 2021 at 4:57 pm

      Hi Marsha,

      don’t forget to check our properties section where you may find useful information for your project https://restless.co.uk/money/mortgages-and-property/

      Thank you!

      Reply
      • Effervescent 26th November 2021 at 10:20 am

        Renting to me is money down the drain. There is always profit in house ownership also one can do almost anything to a house to improve it.

        Juliette

        Reply
    • Deleted User 11th March 2021 at 5:19 pm

      Thankyou.

      Reply
    • Josie The Black Country Wench 11th March 2021 at 5:35 pm

      Hi Marsha, Obviously it is your choice, but I would take home ownership over renting any day. I don’t know were you live or were you would like to live.
      We did a move just over 2 years ago., after living in the same house for 18 years. We needed a specific list of things. So I gradually stretched our search area to get what we wanted and to live mortgage free.
      We bought a house in south west Wales. Property is much cheaper in most of Wales. We live 35 minutes from the coast in a rural hamlet which suits us and our needs. We could never have afforded this house anywhere else in the country.
      So think about were you would like to be and whether you would like a new adventure in a new place. See how your family would feel about you moving away if that is the decision you make. And then do lots and lots of research and view any areas you fancy by perhaps having a little break there.
      Hope this helps, it is a hard decision to make. However think twice about giving up your security.
      Jo

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      • Deleted User 11th March 2021 at 7:38 pm

        Hi Jo. We live in the North East of England at the moment. I like where I live but need to downsize. I spent a lot renovating my home. Money I will never get back . I bought when prices were at their highest in 2005 thinking I was making a good investment. Turned out I wasnt.
        Thats life ! But I dont know whether I can be bothered with with the hassle anymore or whether I just want to rent somewhere decent and let the landlord look after the repairs etc.
        I would rather be enjoying myself (when we can get out again) rather than thinking about property maintenance.
        Living in Wales sounds like it has been a good option for you but I still want to be near to family .
        Im keeping my options open at the moment re rent v ownership . Im mostly considering how we will fit into the community , and what we can link into.
        Thanks for replying.
        M

        Reply
    • Deleted User 11th March 2021 at 7:18 pm

      Renting us more expensive than owning, and you could have your tenancy agreement terminated leaving only 8 weeks ty find somewhere and move, you will be vetted to see if you’re reliable, but your landlord isn’t vetted ,I’ve had to move 3 times due to the landlord wanting their property back, each time after only 15-18 months after I moved in, each landlord had said they wanted a long let. They often say that just to get a tenant. Think carefully before you sell up and rent.

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    • alanski 11th March 2021 at 7:41 pm

      Don’t rent. In this country, tenants have few rights, and that means the landlord can throw you out with 2 months notice without any reason or explanation.
      If you really want to rent – move to Europe – tenants have much greater protection there!

      Reply
      • Michael Bennett 12th October 2021 at 5:33 pm

        Landlords rarely throw out good tenants (those who pay, respect the property and don’t make frequent unreasonable demands) within the term of a contract. Of course if the contract is only 6 months, then they’re within their rights to choose what they do at the end of it, as is the tenant.

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        • alanski 12th October 2021 at 6:11 pm

          I wouldn’t say rarely. I do inventories and check-outs for letting agents, and it’s not that unusual for a tenant to be evicted because the landlord wants to move back into the property, sell it, or even rent it out to a friend or another family member.
          Renting off a landlord with a large portfolio of dozens or hundreds of properties is safest because they treat it as a business. Small landlords with only a few properties are inclined to be less professional, and treat their tenants like cash cows.

          Reply
    • Mau 11th March 2021 at 7:52 pm

      Why don’t you rent out your present home to help pay for rent on your new home then you can always sell up later on if it does work out or return to your old house if it doesn’t

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    • Allergill 11th March 2021 at 7:54 pm

      What is it you are worried about? How would you know it was a mistake? I moved from the family home and downsized to a semi-detached bungalow only 8 miles away, but, away from my home of 30 plus years, on my own to a new, more rural village. The village is 8 miles closer to my daughter and my mum. It is big enough for visitors to stay. I have a gorgeous garden, which I am slowly transforming into what I had in mind when I first saw the huge lawn it was when I bought it. Downsizing gave me the opportunity to help my 2 children a bit. I had enough left to buy a new car and do the alterations I wanted to the bungalow. I love the location, everything I wanted. Less than 5 minutes to woodland or the other way the lovely walk up to Emley Moor! The scariest bit for me was doing it on my own. I do love it here. Brilliant neighbours, not too far from a ‘tourist’ village (Denby Dale) with lovely cafe’s and bistros. Good Doctor’s surgery in the next village, shops and a garage here. Main town just a 30 minute drive away. It worked for me, though I did do the plus and minus list and a cost benefit analysis to help me decide. I also looked at a lot of houses and bungalows. Ones I liked, I went at different times of day, to see if the sun was in the right position, if parking was an issue (one was a nightmare at school drop off and pick up times, blocking driveways and really inconsiderate). It is a big decision. It took me almost 12 months to decide it was time to move, then another 15 months to sell my house and buy my new home. I do wish I’d started earlier, late 60’s now. I should have done it at least 5 years sooner. Good luck with your decision.

      Reply
      • Deleted User 11th March 2021 at 8:03 pm

        Thankyou for replying. It sounds as if you have created a lovely life for yourself in your new surroundings.
        I am a bit of a worrier and im currently driving my husband mad with indecision. Because I made a bit of a mistake with this property im scared of making another one. (This was my property before I met my husband)
        I just need to think clearly and calmy and get on with it.
        We have an offer on our property now so im going to have to act one way or the other.

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        • Allergill 12th March 2021 at 12:49 am

          Sometimes putting your pros and cons on paper helps. I dither too – why I moved 5 years after I should. I have a much smaller house, but its plenty big enough and a bit of a relief maintenance wise. Bigger garden, which I love! Its also a semi, after detached for 30+ years, but not a problem at all as my neighbours are nice and its older and well built. I decided to buy for many of the reasons above. It is cheaper the further out of town we are. Lots to think about, but I’m sure you will make the right decision. I have a friend who lives on a retirement park and loves it – worth a thought. Good luck.

          Reply
    • Sandyg 11th March 2021 at 7:57 pm

      I’m renting out my deceased parents home, with my sister, use an Agent, had no trouble at all, same tenants going into 3rd year, we’ve not increased the rent at all, in a bid to keep them.
      This means we still have the security of the Asset, hopefully increasing in value, and the rent we dont touch but keep in an account to meet the repair costs, we’ve just had to spend 7k on a roof repair so I’m very glad we did that.. then we know we gave got some of the rental as a savings account, at a time when there’s no decent interest on any savings …do I’d say, if you want to rent somewhere for yourselves, then do rent out your own to pay for it and gave some left for ongoing maintenance.. that way you still have the security of owning your own property, whilst not being tied to living in it

      Reply
      • Deleted User 11th March 2021 at 8:08 pm

        Thankyou for replying. Im pleased its working out for you. It sounds like youve been lucky with your tenants. We need to give things some more thought then make a decision. Ive noticed on the internet the nice properties dont hang around long.

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        • Sandyg 12th March 2021 at 12:13 am

          it took us a while to get tenants, because the house is so dated.
          We made it Pets Welcome, and thats what got us these tenants- they were struggling to find somewhere that allowed dogs .
          Hoping this years new Law that stops landlords prohibiting pets does not mean we lose these tenants.

          Reply
    • OutdoorPete 11th March 2021 at 8:05 pm

      Try looking at house boats. Much cheaper than houses and usually great locations. Could do worse than Brighton Marina who have purpose built house boats for sale as well as lots of boats which are large enough to live on being sold locally.

      Reply
    • Mutti 11th March 2021 at 8:34 pm

      Just do it, life is too short
      Bless you in your endeavours.

      Reply
    • Christopher Leslie 11th March 2021 at 9:30 pm

      Having tried both I prefer renting. I seem to remember an article back in the 90s that looked at the costs of owning or renting and over the years renting was the cheaper option. Maintenence and repairs being the biggest costs. All good so far but you need to be careful of the type of tenancy. The area where I live most private landlords seem to shy away from assured tennencies preferring the shorthold. As this makes it easier for them to get you out if they need to. I have had friends who have had to move home yearly because a shorthold tennency automatically becomes an assured after I believe, a year which gives the Tennant more rights. But if you can get an assured tennency you do get security and I have found it a lot easier to get one once I turned 55. I now have a nice little flat owned by a housing association with the security that if I wish my next move will be to the bone yard many years from now

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      • Deleted User 12th March 2021 at 4:42 pm

        Thankyou for replying. Housing association properties do give you security without the need to buy. Nothing much available in my area at the moment but I will keep an eye out.
        Enjoy your flat hopefully for many years to come.

        Reply
    • Sueg 12th March 2021 at 12:43 am

      I think the idea of renting out your property for a while is a good one – you could perhaps save some of the rent to do the place up and make it your own again if you did decide to move back. I am speaking from hard experience. My husband and I moved to Spain about 12 years ago and had to move back after 2 and a half years because of money basically. We now rent and it makes me feel insecure. Our previous landlord gave us notice to move out which the date we had to move out by was the 31st December. Very sad. But we were lucky and moved a few doors down in the same street. However it is really never your home and not worth buying new carpets, for instance, as you could be asked to move out. Would love to have my own home again. Good luck with whatever you decide to do.

      Reply
    • Paul_ 12th March 2021 at 1:46 am

      I’ve experienced both renting, owning & being a landlord but would definitely choose renting over buying.

      To cut a (very) long story short(er), I bought a brand new, leasehold flat in 1988, when interest rates were 15-17%, not the 2% of today!
      Halifax (the bank that ‘likes to give a little Xtra help’, ahem…!) lent me about 8 times my salary (try getting that now…As they told me a few years later, they were ‘throwing money at people in those days…’)
      My job was quite well-paid & very secure but, within about two years, I was told the endowment policy already wouldn’t cover the outstanding balance, so I had to have part-repayment mortgage as well…
      Next, the lease which had been owned by a well-known British company charging me about £10/month, was bought by a cowboy company in London who regularly charged £100-200/month for things that didn’t need doing, i.e: decorating, when the property was brick & uPVC, etc….It was a license to print money…
      Of course, the building society didn’t care, & the management costs (which I was starting to have trouble paying, considering the mortgage was almost as much as my take-home pay…) was simply added to my mortgage balance…

      After 2 or 3 years, I moved back to mum & dad’s & rented the flat out. People thought I must be rolling in it but the truth was the rental income was barely 1/3 of the mortgage repayments!
      One tenant who, despite my own problems, I reduced his rent as he had just started a new job & wasn’t paid for a couple of months, repaid me by trashing the flat (I mean leaving all his rubbish & filth in every room, throwing a chip pan of fat over the walls, etc…) & stating that he’d moved out a month earlier, so I lost another month’s rent as well…
      Fortunately, family helped me completely refurbish the place & I rented it out to good people through an agency for another few years but, by 1999, I’d had enough.
      The flat was worth about 1/2 what I owed, so I took advice from a letting agent friend & sent the keys back!
      The building society sold the flat & sent me a bill for about £32k…! After months of bargaining, they eventually accepted £3k! 🙂

      I vowed never to buy in the UK again. I’ve rented ever since & couldn’t be happier!
      I’ve lived in some lovely properties, looked after them & landlords have never minded me decorating, etc. I keep my property in immaculate condition, better than most I’ve seen which are owned.

      I owned a house in New York for a while & it was big, cheap & I even made a small profit when I sold it a few years later, after having rented it out.
      I’m now looking ahead to the future & post-caring responsibilities, looking at properties in France, just a few miles away across the channel & at least 1/4 price of the UK equivalent, often much less…!

      In the UK, properties are over-priced & very small in comparison to Europe & the US.
      In the UK, there is too much seller greed & over-estimation of a property’s value & too much desperation to ‘get on the housing ladder’ from buyers, who now have to save up 20+% deposit (my 1988 deposit was £99…!), often house prices go up faster than youngsters can save the deposit! It’s a vicious cycle which started with Margaret Thatcher selling off social housing & starting the property owning obsession & the cycle needs to be broken. The UK is one of the few countries in the world with such an obsession with home ownership.

      I remember documentaries about spotty, scruffy adolescents owning 20-30 properties, not even paying a mortgage because the rental income covered the mortgage repayments…
      The problem with that, as people finally started to realise years later when it was too late, is that if 1 person owns 30 properties, that’s 29 properties less for someone to buy, so they’re forced to rent & pushed property prices & rents up…!

      I’m not saying there’s anything wrong with owning a property but it’s the ‘investment’ obsession which has caused the problems. A house should be considered a home & not so much as cash, which it isn’t anyway.
      These days, if you decide to sell, e.g: to release money from your property, there are so many ‘middle-men’ who are keen to relieve you of the equity in a property – estate agents, solicitors, surveys, stamp duty, removals, etc. Downsizing is an option for some people but owners of those properties at the cheaper end of the market have realised this & put their prices up, taking into account buy-to-let purchasers as well…

      Everybody’s different & has their own personal circumstances, hopes & dreams; there certainly isn’t a one size fits all.

      Sorry for the essay! 🙂

      Reply
      • Deleted User 12th March 2021 at 4:35 pm

        Hi. Thanks for replying. It sounds as if you have had a difficult journey .
        I moved about a lot when I was younger always trying to move up the property ladder. It worked until I was divorced and then I found myself back down at the bottom again.
        I agree there is a fixation here about ownership but that could be due to all of the horror stories about some rentals both from the tenants and landlords .
        I dont think we would rent ours out , because if it did get trashed I havent got he cash to put it all right again.
        We have an offer on our property now so need to make a decision one way or the other.
        Nightmare !!

        Reply
        • Paul_ 13th March 2021 at 12:09 am

          There are a lot of really good tenants out there, Marsha but, as with a lot of things these days, you tend to hear more about the horror stories than all the good ones…It makes for better TV, etc! I also agree, most things property-related are a nightmare, which is a shame because your home should be something enjoyable! 🙂
          (Sorry to highjack your post with my essay/rant…!) 👍😁

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        • Deleted User 13th March 2021 at 10:45 am

          Seriously Paul , I am very interested to read all of the stories and comments.
          Some people have good experiences and others not so good and its the same who ever you speak to.
          Before coming to live here I had moved house 13 times since my 18th birthday. I didnt expect to stay here for such a long time and now moving seems a scary prospect but it has to be done so I will just get on with it. I have an offer on mine from a very enthusiastic nice lady . She reminds me of myself when I first came here. So good luck to her.
          I will know the right home for us when I see it either rental or to buy. I need to get out there and see the properties first hand rather than online.
          Take care and thanks for contributing.
          M.
          M.

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        • Paul_ 13th March 2021 at 11:43 pm

          Thanks Marsha & wish you all the best with your search, whatever you decide to do!
          👍😊

          Reply
    • Edd King 12th March 2021 at 6:54 am

      Renting can be problematic; regular inspections, rent increases, possible eviction if the landlord needs the home for himself or family or wants to sell. I am very much in the same position, living alone in a very large bungalow, but I am seriously considering buying a 2-bed mobile home, one of the type which are sited permanently. Many of the sites are in very pleasant locations with a full range of facilities. It gives security of tenure and releases cash, and some of these homes are beautifully appointed and you get the security of being close to other residents [but not too close!]. There are some really good sites in Spain … I am sorely tempted!! Edd King.

      Reply
    • Deleted User 12th March 2021 at 7:50 am

      Very much depends on your lifestyle choices 😊

      Reply
    • Nettygirl 12th March 2021 at 8:15 am

      We live in a residential park home out in the countryside and love it. Been here 7 years since we moved back from Spain. To me renting is money down the drain and very expensive. Don’t know what are you are but check out prices, but make sure it is 100% residential as rules are totally different for non residential. It’s like living in a small bungalow.

      Reply
    • Deleted User 12th March 2021 at 4:27 pm

      Will do. Thankyou

      Reply
    • MarianHaste 13th March 2021 at 11:53 pm

      I guess it depends on your personal circumstances. If you are only living in a third of the house then might downsizing definitely not be an option? Or maybe look at relocating. We moved from the Midlands to the North, where we got much more bang for our buck. It’s the best thing I ever did.
      I wouldn’t personally like to be renting in this climate. It’s hard to find a long-term let and you face being booted out after just a few months. And renting around here is always more than a mortgage repayment.
      I couldn’t face constantly moving. My knees wouldn’t take the strain.

      Reply
    • PaulaP 10th September 2021 at 1:35 pm

      Loved reading all these.
      I would love to sell my home simply so I don’t have to work full time.
      I’m thinking of a caravan or static home and a campervan.
      Feels v exciting and scary at the same time.

      Reply
    • PaulaP 10th September 2021 at 1:41 pm

      Can I ask peopled thoughts on this.
      I have 3 years left on my mortgage. In order to pay it off I need to continue to work full time and I really don’t want to.
      My thoughts are change the mortgage to an interest only mortgage which will enable me to work part time.
      I just can’t help thinking once it’s paid off then what.
      It’s money just sitting in bricks.
      Any feedback most welcome

      Reply
      • Jillikins 12th September 2021 at 12:09 pm

        Could you release enough equity on your house to pay off the mortgage? I believe it can be an expensive option in the long run, but if you don’t mind not leaving your home to someone in your will it could be an option?

        Reply
    • Jillikins 12th September 2021 at 12:06 pm

      I don’t know your circumstances with children etc, but could it be an idea to release some equity from your house to pay for your rent in the future? Then rent your house out, using a reliable agent. Personally I wouldn’t part with my home ownership after working towards it all my life.

      Reply
    • OutdoorPete 8th October 2021 at 2:10 pm

      Remember that equity release is another name for a loan on which compound interest is paid and comes out of the equity in the house.

      Reply
    • Shirlann 8th October 2021 at 3:02 pm

      Personally would not like to rent never feels like your own place 🤔and can be limited to what you can do with place

      Reply
    • llarisaabramova 7th December 2021 at 6:46 pm

      I suggest you throw away your paranoia and take the step you want to do.

      Find a decent rent agent and rent your own house on the short-term lease at the start. If something goes wrong with your new place, you can always go back to your own house. Also, an excellent way to go is finding a good refinance rental property proposition instead of renting an apartment/house of your dream. Read this article https://www.loanshoppers.net/refinancing/rental-property/. You may find him helpful in your situation.

      Reply
    • Gerard371 8th December 2021 at 6:00 am

      Here’s another option.

      Hire a narrow boat for a couple of days. See if you like life on the canal. It’s way quieter. It’s not about getting anywhere, more the journey. I’d say for about £40,000 you could get a good narrow boat.
      There’s plenty of YouTube videos on living on a narrow boat, but it’s not for everyone.

      Reply
    • eleanor7 1st January 2022 at 1:27 pm

      We were in the same predicament as yourselves, living on a busy road in Hertfordshire opposite a school next door to a grotty neighbour. We lived there 37 years, then decided enough was enough. We couldn’t get anything smaller where we wanted to be. Eventually we moved to a cheaper area, 100 miles away, have a lovely house backing onto fields, all sorts of birds visiting, even pheasants. We also have a colony of smaller birds living in a Pyracantha hedge in the garden. The one thing I thought I’d miss were friends but good friends we meet up with half way and probably have more quality time with them. It was a huge wrench as I loved our old house, bringing up our family there but couldn’t stand it any longer. I questioned the decision right up to moving day but it was the best thing we could have done, we have a much better quality of life and no stress. I can’t help you with an idea of what you should do, only you can make that decision but this has certainly worked for us. Good Luck in whatever decision you make.

      Reply
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