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Does anyone feel like they're sick and tired of renting to landlords and desperate to buy a house?
I'm a 37-year-old female with a partner and two kids. I'm struggling financially, and my husband just been demoted during the virus. We've been renting since we moved in together when we were 23. We just about cover the rent with bills on our flat. I hate to ask my mum and dad for money since they want to retire in Spain when everything's back to normal. I'm going counselling because of this, plus the virus is not making it any better. Does anyone else feel like if they had a mortgage, life would be so much easier?
Please don't so hard on me, I'm suffering from anxiety enough as it is, I just feel I wanna give up sometimes.
- R PLv 71 month agoFavorite Answer
It's ok to want to own your home instead of renting it.
Unfortunately, you are not in a position right now to buy. Not only that, but owning your home comes with a lot of responsibility.... there is no landlord to fix things or replace appliances when they break or replace the roof when it starts leaking. You get to pay for all that.
- Landlord365Lv 61 month ago
No, I have no want to buy. I like not having to pay for repairs, taxes or insurance. Buying WILL NOT be cheaper than renting. If you are having a hard time now with rent then you cannot afford to buy.
- Anonymous1 month ago
i don't rent TO landlords. tenants rent FROM landlords. In the beginning, buyer is usually more expenses over all. But after a while, it is cheaper. For example, after 10 years with housing priced going up, my mortgage only went up by the amount of property tax (about half)....even with repairs it became a LITTLE cheaper to own at that point. 10 years after that the savings becomes a little more significant....AND I have a lot of equity....the market value is twice what I originally paid.
- n2mamaLv 71 month ago
I’m sorry that you’re struggling, but I think your focus is wrong. It’s like the very obese people who think getting a weight loss surgery will fix all their weight and food issues. Without addressing the underlying reasons for the issue in the first place, the surgery isn’t going to fix things. For you, it seems that you think if you had a mortgage your life would be easier or your problems fixed. But you have underlying financial issues that a mortgage won’t address or resolve. It sounds like you currently are living beyond your means as it is, when you have to borrow money from your parents just to pay all your bills each month. The solution to that isn’t a mortgage, it’s making significant changes in your financial life. It’s getting better jobs or second jobs, it’s cutting all your spending down to the absolute bone, it’s re-prioritizing your spending choices and where your money goes each month.
If you want to buy a house you will have no choice but to make some difficult and potentially unpleasant decisions. You have to have money saved for a down payment, and if you can’t pay all your bills currently, you aren’t saving. Take a really hard look at your finances. Determine exactly where every penny is going each month. Are you spending money on food takeaways rather than doing all cooking at home? What kind of mobile plans do you have? What about things like cable or streaming services? Most people confuse wants with needs and succumb to societal pressure to have certain items or the latest and greatest. And then there’s the job situation-are both you and your partner working full time to your best earning potential? It sounds like not if he just got demoted. You don’t say if you work, but even with two children you can both work and not have to pay for child care if you’re willing to make other sacrifices. When my children were small my husband worked first shift and I worked second shift to minimize our childcare costs. Yes, it was hard and it wasn’t fun or enjoyable, especially since he and I spent very little time together during that period. But making that sacrifice allowed us to save significantly childcare and put that money toward other expenses and debt.
You CAN do this, you just need to focus on the steps to get to the goal rather than feeling that the goal is unreachable.
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- Anonymous1 month ago
Your life is much easier as a renter. Owning a home is a HUGE responsibility and a big time sucker too.
If you're struggling financially, you need to downsize and learn to live within your means. Children are expensive and they were also optional. You made your own bed...
Not sure what kind of answers you were hoping for here...home ownership doesn't magically make your life easier or cheaper.
- sunshine_melLv 71 month ago
'Back to normal'? Brexit's now happened; retiring to Spain just got a lot harder.
Owning a property isn't easier. Yes, you've got a home you (part-)own; but the full responsibility for that home, including repairs and upkeep, is yours. There are pros and cons to both.
- ?Lv 71 month ago
Whether it's rent to a landlord or a mortgage payment to a bank, you're still paying someone to keep a roof over your head. Your problem, as you stated - is you are struggling to pay rent. How would a mortgage be any different?
- MaxiLv 71 month ago
If you can't afford to support your own family and still have financial expectations from mummy and daddy, then you have no chance of purchasing a property, for that you need savings for a deposit of at least 10% of the asking price......... no wonder you are 'anxious' you are dreaming about things that have no foundation to come true
- Anonymous1 month ago
Renting isn't ideal if you're thinking long term, but in some areas it's the only option given high property prices.
Without sounding judgemental, if you want to buy, why didn't you buy when it was just the two of you, both presumably working full time?? Instead you decide to make buying much harder by having a couple of kids!
Perhaps you need to accept that you will be renting for the foreseeable future, as you certainly can't be saving anything at present.