READER REPORT:

Property ladder: I'll never get to retire

GRAHAM SMITH
Last updated 05:00 24/03/2013

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I agree that renting is easier than home ownership, but my wife still likes the idea of sinking our money into our own place, so we have a handsome mortgage that will take me until my early 80s to pay, meaning, of course, that I need to have a job until then, which also means I will never retire to put my feet up.

The lack of security in the work sector nowadays equals lack of security in being able to earn money, which equals a potentially very real lack of ability in paying a mortgage. It's there that logic suggests that forever renting could be a better option than forever owning a home, especially for those over, say, 40.

Those who have high incomes or were very cautious with their spending/saving in their earlier years are the ones who benefit enormously by owning their own properties outright while they are young(er) and then not selling, but we older ones are, without doubt, better off renting.

I may be wrong, but I understand that in times of financial hardship, housing assistance via WINZ is granted to those renting but not to those with a mortgage, whose only option appears to be selling the property and, yes, you guessed it, renting.


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