[sehutson]

It's not always about buying into the norm or just having an investment - there are a lot of compelling reasons to want a house.

-More choices in terms of size, acreage, architectural features -No worry about landlords disapproving of your lifestyle, no drop-ins and inspections, etc. (I knew someone whose landlord let her cat out and it was missing for weeks) -You can change your property to suit your tastes -The only pet limits are those imposed by your government -With a fixed rate mortgage, your monthly costs stay basically the same. Yes, there are repairs, but you can save up for that and postpone many things in a pinch. Except in extreme cases coupled with poor emergency savings, rising property values are unlikely to push you out of your home (and if they do, you get something for it). With rent, your landlord can raise the price and you have no choice but to pay it or move out. -You can get attached. Some people just like that feeling of having roots, and there's nothing wrong with that preference.

[mschuster91]

> -No worry about landlords disapproving of your lifestyle, no drop-ins and inspections, etc.

In Germany, "inspections" are flat out illegal except in very strictly regulated circumstances.

> The only pet limits are those imposed by your government

Not true either. Just look at the HOA crap in America. Worse than government, in fact. Laws at least have to act like they've been passed by a democracy and stand up to judicial review, HOA decisions more often than not are pretty much final.

> With a fixed rate mortgage, your monthly costs stay basically the same

Good luck getting a long term fixed rate mortgage.

> With rent, your landlord can raise the price and you have no choice but to pay it or move out

That is what regulation is for: in Germany, there are laws limiting rent raises.

[paulddraper]

HOAs are very, very far from universal.

E.g. my suburban neighborhood near Salt Lake City doesn't have an HOA.

I've not seen an HOA survive in any significant way past 30 years.

[alistairSH]

Why do you say that about fixed rate mortgages? Are they not available in the UK? They're readily available in the US.

HOAs can be a pain, but aren't universal. The HOA that covers my home approves exterior changes, collects fees to cover shared property maintenance and insurance, and that's about it. No limits on pets (beyond county rules, mostly dealing with livestock). No limits on interior renovations. Etc.

Even with regulated rent increases, you still end up paying more over time. With a fixed rate mortgage, you pay less per month over time (after inflation). By the time you retire, the house is yours, with only taxes and insurance to be paid.

[Eridrus]

I don't think 30 year fixed terms exist outside the US.

In australia most mortgages are variable rate and I don't think I've seen anyone advertise longer than 5 years fixed.

[someguydave]

Yes the 30 year mortgage is a creature of extensive US Government involvement in finance. 30 year mortgages wouldn't' exist if they had to rely on private money for funding.