Ramblings of a 20-something lifestyle blogger

Rental Properties, A Waste of Money? | Sunday Thoughts

So, we may not all have the same opinions on this topic and that is absolutely fine. But today, I’m here to share my (well, and Nathan’s) personal opinion on rental properties.

Nathan and I have been living in a rental property for just over a year now, and I think it may have just been one of the worst choices of our lives. Well, maybe not the worst. I mean, we now know that we can live together and that we can afford it – just about. However, we have come to the realisation that it’s just a big waste of money. We never should have signed an extra 12 month lease with our landlord back in August. We should have gone back to living with parents and saved for a mortgage. Why? Well, because we know we want to live together, we know we can live together and to be completely honest with you we know we’re together for the long run. So why not? It’s something we’ve been discussing since way before Christmas, and although it’s something that is going to be a struggle at first, you know going back to living with parents and not having a whooole house to ourselves. But in all honesty, we could be saving at least £1000-£1500 a month between us, which means in less than a year we could have our deposit for a mortgage plus enough for solicitors fees, surveys etc.

We’re stuck in our lease until 1st August, which means we have 6 months left and as much as we love our little home, we’re not prepared to pay someone else’s mortgage for them and have no outcome at the end. I’d rather be paying off my own mortgage and have a house that I know is going to be my own one day.

Our perfect situation? Well, our landlord would be happy with us using the Rent-To-Buy option to buy the house, because as I said earlier we love our little home but unfortunately, that is not an option for us.

In no way, shape or form am I saying rental properties are a bad idea. Like I said, it’s shown Nathan and I that we can actually live together without killing each other. In some situations renting is the right decision. But for us, it no longer is.

Do you rent? What’s your opinion? As I mentioned earlier, I know we may not have the same opinion on this matter and that’s fine, however I would love to hear yours!


9 comments so far.

9 responses to “Rental Properties, A Waste of Money? | Sunday Thoughts”

  1. I completely agree that you are in a better situation if you own your own home. Even down to being able to paint the walls what ever colour you want without asking permission is a bonus. But for some people it’s just not possible. We moved to the Silicon Valley (San Francisco) from London early last year and house prices here are insane. The average is upwards of $1.25 million. That is no where near affordable to most people, let alone us!
    We would love to buy our own home but we have to concede that it’s not going to be possible for us at this time. Fingers crossed that some day in the future we will be able to make a start on that mysterious property ladder I’ve heard so much about!
    Good luck with getting there yourself some time soon 🙂
    A x

    • Kayla Jayne says:

      I completely understand in that sort of situation, if you’re lucky to live in a small town/village like myself it seems pretty silly to stay in rented property forever when buying a home is affordable – if you can save the deposit, which is what were struggling with along with paying monthly rent and other household bills.
      Thank you! How did you find it moving from London to the states? I have never been but would love to visit the states one day 🙂

      • If you can get the deposit together and are financially stable then go for it! Building a home together (that you can call your own!) must be such a nice feeling!
        Moving to the states was a tough decision to make but we had the support of our friends and family and it would have been stupid to turn it down. It’s an incredible place to see. We are 30 minutes south of San Francisco and I love it. I definitely recommend visiting if you ever get the chance 🙂
        A x

  2. ivefoundwaldo says:

    I actually agree with you on this! I have been living with my parents all this time, so I could save up money to buy something of my own! Good luck to you xxx


  3. Brianna says:

    I haven’t rented a place before, but I kind of have the same mind set: to save for the non rental place. Great post!
    -Brianna Kirk

  4. I rent with my fiance and so wish we could move out and save for a deposit. Unfortunately neither of us have a good relationship with our family so the option isnt there and it would be hell, so we’re just hoping to one day be able to save anything while we rent! Similar to you, it’s shown us we can live together and we’re in it for the long run, just wish we had a place we could say was actually ours. Hate feeling like our home isn’t really home is you know what I mean. Anyway, I hope it all goes well for you!

    Tiffany x http://www.foodandotherloves.co.uk

  5. Bethan Young says:

    Totally agree, it kills me that I pay somebody else’s mortgage, but it’s my only option so I try not to worry too much about it. It’s just how things are. You shouldn’t regret renting first though, buying a house is a HUGE commitment and you want to be super sure about it. Plus it’s life experience. Think about how lucky you are to be in a position to potentially save up for a deposit in the near future! Xx

  6. lolitambonita says:

    My partner and I rent and its an incredibly annoyimg situation. For us its like a circle you cant get out of. I cant live with my parents and cant live with his so would still end up renting alone even if he went home which sucks. Renting has always been a bad idea just like your ‘pissing money away’ my aunty would say! All the money we spend on rent could be a morgage! X
    Lola Mia // http://www.lolitabonita.co.uk

  7. I started my first part-time job when I was 14. I waitressed at a pub 2/3 nights a week. I was always taught to save money, so I did. I moved out my parents when I was 22, I was lucky that my parents didn’t charge me any rent. I pretty much saved all my wages and only allowed myself to spend my tip money (I carried on waitressing and became a chef eventually). Me and my boyfriend rented for 2 years (he already lived there before I moved in). My boyfriend has always had money problems, so I bought our home June 2016. I disliked renting but was waiting for the house to become available…That’s my story! I can not stress the importance of saving basically! You will always need more money than anticipated, there’s always an unexpected solicitors bill or payment that pops up! Good luck with your housing situation! 😄

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