Thanks for the insight into the UK housing situation. I’ve gotten quite a number of foreign responses to this story, and it’s always interesting to hear what’s going on abroad.
You are right at the combination of a fiat money system and unavailable land in a small country make homeownership look like a good idea. So is an asset-heavy investment portfolio, especially in an inflationary environment.
However, outside of the fiat currency, none of the above rings true in the US.
So we mostly agree on our current country’s situation. However, we disagree on your list of points below. Bear in mind, I am advocating for renting in a quality multi-family community owned by a business and with a solid contract; not a single-family home owned by an individual with a flimsy contract.
(My responses are below in italics.)
- I can have a dog — most rental properties won’t allow this which limits your life choices
I currently have a dog. Yes, I pay $35/month in a pet fee as part of my overall rent, but I also have access to two dog parks on the premises.
- I can paint my walls
Painting the walls has been allowed in most of my rentals, including my current one. Some make you cover it with white primer before moving out, but some also just take care of it themselves and price that maintenance into the overall rent.
- I can buy high quality white goods (like Miele) instead of the cheap noisy disposable crap that landlords buy
Yes, the cheap, noisy, disposable crap might break. But then again, it’s my landlord’s cheap, noisy, disposable crap that will have to be replaced on their dime.
I’ll grant you that interior design and the overall “look” of my kitchen is out of my control, but quite honestly, that’s never been something we’ve ever cared about.
- I can install quiet extractor fans in my bathrooms
You got me on this one. If there is one thing that does bug me about renting, it’s this. Bathroom fans are not that expensive and shouldn’t be that loud.
- I can buy a new cooker if I want
Fair enough.
- I can retile my bathroom
Also fair, if that’s what you want to do. But how many homeowners retile their bathroom just for looks for reasons all their own (i.e. keeping up with the Joneses)?
If you don’t care about the look all that much, any need to retile your bathroom will be covered by maintenance.
- I can landscape the garden and plant what I choose
This assumes that gardening is a hobby that one likes, can afford, and has the time to do. If all three are true, then renting definitely takes that away from you.
For instance, I would love to have a large kitchen garden that provides us with a wide variety of fresh vegetables and spices. However, I have neither the time nor money to pursue it right now, so it will have to wait.
- I can stay in the house until I choose to leave (I was once booted out after only 6 months as the landlord who had moved elsewhere to get his child into a better school, decided to move back)
See my comment above about renting in a multi-family community.
- I can hang pictures, photos etc without fear of losing a deposit
I’ve never lost a deposit by hanging pictures. Small nail holes and even drywall anchors have always been allowed. If they aren’t, you can use the 3M strips to hang things on the wall.
- When I make changes they are benefitting me and not my landlord
This is true. But those changes are oftentimes unnecessary and paid for out of pocket by yourself. And they only benefit you financially when you sell your house.
- Once the house is paid off, I needn’t pay any more rent, only maintenance. If you’re renting forever, you will become a drain on the welfare state, not something anyone should aspire to.
- You assume that you will actually pay the house off. This is a fallacy of many homeowners. The average person in the US moves every 10 years, getting a new 30-year mortgage. This drags out their house payment in perpetuity.
- I don’t see your connection between renting forever and being on welfare. Choosing to rent is more about money. Many people with much more money than me rent by choice.
