Do people own or rent property where you come from?

[CardShark]

I'm having major issues trying to get a mortgage myself, i wish i could but i also think that due to the lack of ability to get a mortgage alot of people in my age group are just giving up and renting properties, majority of people i now work with seem to rent which baffles me as they have partners they could easily get a mortgage to me it seems financially the best route.

[Chimpy]

Yes it becomes much easier to get a mortgage (and a better property) if there are two people contributing towards it. It's really hard for one person usually.

[southbiochem]

Well, no. Because take for example that £22k salary. If the bank gives 5x that in mortgage, that's £110k. Just to buy the smallest apartment a person would need to save around £40k. That's a heck of a lot of money.

Hey it's still better than the choices here :frown:

[Bowyn Aerrow]

Here in the USA most people are suffering under the delusion that they 'own' their homes/property. The reality is a bank or mortgage company actually owns their home and they are paying 'rent' which will eventually amount to the value of the house plus a hefty interest rate.

Few people in the USA have actually paid off all of their mortgages - most either resale the house and move before they pay it off, or they lean a second or a third mortgage against the house/property.

Those who do pay off the mortgage are still only land leasers, as the state/government can come in at any time, declare the property unfit for human habitation and take over.

So in a round about way, yes land owners - true landowners (Banks, mortgage companies, government actually hold the power.

[freelandia]

Who has the nerve to throw airs around here or even care where you live? People don't look at each other on the streets. They're so into themselves. The attitude here is if you can do something for me, I will notice you. With the unstable economy people are weary about buying a house. They live for the day by day. Keeping a job is more of a concern than owning a home.

[Mark]

A condo still confuses me so people buy an apartment but they don't technically own it and the landlord that owns the building can sell it beneath them? Is that effectively the equivalent of freehold and being leased? (If anyone can answer that!)

Im also from the UK. I believe it used to be a place to buy and obtain a property - but over the past few years especially with the recession it attracted a lot of foreign investment and people that already own buy to lets taking advantage of low priced property and extending their portfolio. It does worry me the fact I may never be able to buy a house due to how hard it is to obtain these days. My parents bought our current home for £29k 17 years ago - its now worth £190k so you can kinda of see the inflation. Id like to say roughly a 555% increase but my maths may be wrong.

I don't want to rent because I find it would be a waste of money lining someone else's pocket paying off their mortgage but in reality I don't know if I can ever buy?

[Beaux]

I have, for my job, lived all over the US. From the east coast to middle America to the west cost. From what I have seen, whether you rent or own depends a lot on WHERE you live. In small towns more people tend to own their homes, while in big cities more people rent.
We own our home, but we also own rental properties as well, and I can tell you it is a mixed blessing. We have definately learned our lesson when it comes to getting background checks on potential renters and a big, fat CASH deposited upfront.