Housing - Rent Or Buy?
Written by JoReal estate…. now that brings to mind lots of things… a home to live in, a place to call yours,house ownership.But for many people in New Zealand, buying a home is beginning to be totally out of reach in mine and in their lifetimes.What with the rental situation, almost half of someone’s wages ( if you are earning a wage, say $500nzd) is spent on keeping you inside and living in the place, never mind actually owning the property.
So for many people, myself included, we are going to be renting for the rest of our natural born lives because of the cost of the current rents.The older folk, the earlier generation, the ones who were lucky to own a house in their lifetime - were lucky to get the work so they could pay the mortgage and eventually own their piece of property, a house to call their own, a roof over their heads for life, if need be. Freehold is ideal as you don’t have to content with what the council might do to the land.(Like decide to create a road that cuts your house in half) As well you don’t have to pay rent for it every week,only the rates every four months or so.
Things like houses do not come easy to my generation.I would have to inherit a house from a family member or relative.Even so, it might go to some other family member in their will or something like that, a favored relative.Having a partnership might improve my chances, although what do you do if you broke up? the house would have to be sold with a mortgage not fully paid. Or house assets split up and the house sold to cover costs of legal issues. And maybe finding another house, renting again, starting all over.And even if you are lucky to own your own home,there might be family squabbles over your estate, in terms of
who gets what in the will concerning who gets the property after you have died,who gets the furniture,that sort of thing.
I think I’ll stick to renting.At least the property belongs to the landlord, not you.It would be much easier than owning it yourselves.You wouldn’t have to fix the blocked toilet that has been stuffed with crap and needs a plumber to come and fix it.You wouldn’t have to pay rates on the property,or have to insure the property against damage or natural disasters.Remember all those floods that have been happening lately in England? God, the mess they had to clean up…..
But then the landlord might increase the rent to cover costs like paying for insurance on the property.So I am basically stuck with renting.
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I had an ex-boyfriend that rented a house with option to buy. He paid faithfully for over a year. However, after we had came back from out-of-town we found that the house was boarded up, his belongings was gone, and the house was foreclosed!!!
Unfortunately, a lot of renters are renting out properties that are foreclosed and the renters are unaware.
http://eachotherskeeper.blogspot.com
Hello, just dropping a note of appreciation for your comment on
my site.
I sometimes wonder, who are these people and why are they
following posts on 113Tidbits. It took a great deal of time and I
am appreciative for your coming by and reading it.
I was thinking that if you wanted, you could write a guest post.
No strings, no topic barriers, just looking to share what you have
to say with the handful of folks that read my blog. I understand
if you don’t want to, but I thought I would extend it.
Regardless of your decision, I wish you well and look forward to
your future comments, tweets and outreach.
Cheers!
Tonyknuckles
Admin
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Hi Jo
I’m not sure how old you are, but I want you to know that there are definitely ways that you can buy a home “in your lifetime.” Renting only puts money that could be invested over time into the pockets of the landlord… if you were to ‘pay yourself first’– invest about 10% of your income in interest-generating investments– and if you stopped doing just one money-gobbling thing each day (for some it is buying a latte or a newspaper or a chocolate bar or a lottery ticket)and also put that money away in savings, you would be amazed at how the savings would escalate. If you have credit card debt, get rid of the credit card and pay off the debt before you start saving. And, above all, get yourself a “business plan” if you are indeed pursuing an internet business. Just my 2 cents, interest free! All the best! ~Cynthia