Owning your home.

[KS55]

Private health care is not an option when your retired unless you are in millionaire territory. How much you pay reflects the risk. Once you get old and you have a few issues the cost will be off the charts.

I have it through work. But never had to use it. When I retire there is no way I will be paying for it. Tories will keep running the NHS into the ground but they don't have the guts to come out and say they want ti privatise it. They are reliant on people deciding themselves they need to go private. Cunts. We need 20 years of labour government to sort it out.

“We need 20 years of Labour to sort it out.”
Very optimistic. No evidence they can/want to do this. People forget it was a Labour gov that first privatised secondary clinical care. They also of course privatised primary care in 1948.
In addition Blair’s gov turned new hospital provision over to the private sector through the funding mechanism. We still pay those hospitals a rental for the building and all support services. How much does it cost to change a lightbulb?
Both parties are as bad or as good as each other, because they are grappling with an unsolvable conundrum.

 

[bluemonkey71]

Me and the misses are still paying off and hoping to leave it to the lad when we move onto pastures new. The only worry is we get put in a home, have to sell and pay 6 grand a month for someone to wipe our arses. It really is difficult to predict the future. Both have pros and cons, I'd like to see it stay in the family but that doesn't always happen unfortunately

Need to tactically gift money to family well in advance so there no chance they can get their hands on most of your money

 

[KS55]

37k built in England last year. Most grant funded by the Gov. It has been a priority for all Govs for a generation bar 2015 & 2016 between the Coalition and May starting, but didn't last long.

We need 150,000 per year. 37,000 hardly looks like a priority. I think the politicians speak with forked tongue. Both parties talk a good game but don’t walk the walk.

 

[gandalfthebrave]

I managed to buy in my early 20’s, less than 10 years ago. My parents haven’t given me a bean since I left home at 17. Nothing, nada, not interested. Too concerned about spending multiple massive inheritances on holidays, alcohol, and not much else. Which is fair enough, but when I’m their age and my kids are looking to buy, I’ll help them with as much as I possibly can.

My memory is shite in general, but I do remember this realisation, sat in my dad’s flat when I was about 15 or 16, that his flat was worth however many tens or hundreds of thousands. And how the FUCK was I ever going to afford that?

I grumbled a bit, then left school. Got a job peeling potatoes and another flipping burgers. Did uni and a long term (unpaid) work experience placement for three years. In the second or third year started a side hustle that became my main source of income, and bought a house just after I graduated. All from money I’d saved while in education, and a nice dividend from my hustle.

I worked my way up, peeled potatoes and scrubbed shit off toilets in the fast food place. But I managed it in the end.

There’s no point grumbling about it, for most people it can be done. Definitely not easy, but it can be done with some grit and determination.

 

[Kirkstall Blue]

I agree adequate insurance is important. Maybe I am misunderstanding but I didn't think health care insurance covered long term 'care' costs. Most policies have built in limits for each category. Its more for acute medical conditions such as hip replacement. Thats the type of insurance we have and more and more I am questioning its worth, particularly given our experience with cancer treatment. Sorry if I am misreading what you are saying and thanks for your best wishes - she is completing radiotherapy this week.

In terms of home ownership, for sure its a big consideration as you get older. My mum had vascular dementia and had to move into a care home which is means tested. She had prepared well in advance by making my sister joint owner of her property which meant she didn't need to sell her home until she was ready and because its value had been reduced through joint ownership had her care fees capped to the amount of her pension.

I think that’s what I was trying to say care costs are means tested so savings can just disappear into a black hole.
The best option would be to dispose of assets at least 7 years before you become long term care.
If care assistance is needed in your own home then means testing on savings means they will take it down to the last £22 thousand?

It doesn’t matter if you have millions but most people don’t have that and it’s quite a shock to find you have to give it all back just to see a private doctor it’s 140 pounds and a minor procedure is up to a thousand if not more

 

[KS55]

I managed to buy in my early 20’s, less than 10 years ago. My parents haven’t given me a bean since I left home at 17. Nothing, nada, not interested. Too concerned about spending multiple massive inheritances on holidays, alcohol, and not much else. Which is fair enough, but when I’m their age and my kids are looking to buy, I’ll help them with as much as I possibly can.

My memory is shite in general, but I do remember this realisation, sat in my dad’s flat when I was about 15 or 16, that his flat was worth however many tens or hundreds of thousands. And how the FUCK was I ever going to afford that?

I grumbled a bit, then left school. Got a job peeling potatoes and another flipping burgers. Did uni and a long term (unpaid) work experience placement for three years. In the second or third year started a side hustle that became my main source of income, and bought a house just after I graduated. All from money I’d saved while in education, and a nice dividend from my hustle.

I worked my way up, peeled potatoes and scrubbed shit off toilets in the fast food place. But I managed it in the end.

There’s no point grumbling about it, for most people it can be done. Definitely not easy, but it can be done with some grit and determination.

Are you at liberty to tell us the hustle?

 

[Corky]

We need 150,000 per year. 37,000 hardly looks like a priority. I think the politicians speak with forked tongue. Both parties talk a good game but don’t walk the walk.

There isn't demand for that much- and it would destroy the housing offer.

Home ownership would be reduced with the majority of homes being one for the 2 social housing tenures, cost £4/5 billion a year to subsidise and trap people into renting and there is little new supply to buy.

You will be building ghettos too.

 

[Slipper One]

It’s a British obsession fuelled by the wealthy, as always. It’s speculation and the profit motive that drives it and, if people stopped buying houses, they would fall in value. They’d do similar if there was a massive house building process as well and if you own several properties that’s not what you’re after. No rent controls, all rights belong to the landlord and all the responsibilities sit with the tenant mean it’s a broken rental system as well.
It’s hilarious that Sunak (and plenty of Tory voters, tbf) continually bang on about the countries debt, whilst never mentioning the massive private debt, which they actively encourage! Our household debt is predicated to be almost 200% of the total disposable income of the countries population. Mind you, this huge debt burden is about all that fuels the uk economy so why would any government want to stop it?

Why on earth would people stop buying houses?

Let's all stop buying food as well while we're at it, that should work.

It wasn't speculation or profit that was my motivation for buying my first house, it was the desire to own it myself.

After paying rent and having nothing to show for it, it just seemed more prudent to buy and put the responsibility of ownership on myself.

Over the years there has been a financial reward, but that it's been a secondary consideration really, although a nice one.

The second house is purely a financial investment for our old age, but in the meantime, my brother in law does have a nice house to live in while paying a well under market rate rent.

 

[Scottyboi]

Are you at liberty to tell us the hustle?

Well he can't walk straight anymore let's put it that way.

 

[The Light Was Yellow Sir]

Why on earth would people stop buying houses?

Let's all stop buying food as well while we're at it, that should work.

It wasn't speculation or profit that was my motivation for buying my first house, it was the desire to own it myself.

After paying rent and having nothing to show for it, it just seemed more prudent to buy and put the responsibility of ownership on myself.

Over the years there has been a financial reward, but that it's been a secondary consideration really, although a nice one.

The second house is purely a financial investment for our old age, but in the meantime, my brother in law does have a nice house to live in while paying a well under market rate rent.

Because they can’t afford them? I just hope there is a massive house building programme which results in a price correction, ideally bringing prices down by about 2/3 of there current value.

In the meantime young people have no chance, which would be fine if rents were affordable.
Perhaps councils should start building houses and renting them out to people who can’t afford to buy?