Dead Money

I was reading an article over the weekend which was discussing the idea that renting a house rather than buying is paying out dead money. At the end of ten years, or however long you rent a house for, you have nothing to show for it and the landlord has had someone else paying the mortgage on their investment property.

It was an interesting article, weighing up all the hidden costs, disadvantages and benefits of buying and owning against the benefit,  disadvantages and hidden savings of renting.  I am not sure what conclusion the author came to. I think she eventually decided that whether to rent or buy and the benefits thereof are down to the individual, their personal and financial circumstances and their willingness/desire to move around as against staying put.

I would agree that there are benefits and disadvantages both to renting and to buying. However, under Jim's and my specific circumstances, I am very pleased that we own our place. I am glad that I have been able to replace the horrible curtains with the blinds of my choice. We would never had got permission to install a wood burner, and I wouldn't anyway in someone else's property. I am pleased with the patio and am looking forward to the new "greenhouse" that is on its way (I am not looking forward to assembling it; I might need to employ someone to do it for me). 

More to the point, I'm not sure we would have got permission to put in the aids that Jim needs to function in the house. I couldn't have just put grab rails up around the place.  I *might* have got away with the replacement shower; I'm not sure the estate agent would have noticed it. He would definitely have noticed the grab rails. He would certainly have noticed the new toilet seat. And eventually I will put in a new, more functional bathroom. I think he might just have noticed that. So had we not owned the place, at some point soon we would have had to move into something more suitable for invalids.

So there, for me, is the single biggest advantage to owning rather than renting. As the occupational therapist said: It's your house; you can do what you want to it.  Well, within reason. I decided against the black rubber ramp that the council would have been willing to fund to the front porch. They won't fund a concrete ramp. And we might want to sell the house one day. We have to keep aesthetics and buyer appeal in mind as well as functionality and frugality. I have no wish for it to take another 3 years to sell a house that I am either no longer living in or that I don't want to be living it.  That would definitely be dead money!