Why do some people don't want change, even though there's reason to?

I am married, and I want to buy a flat, but my husband is hesitant. Even though I have pointed out some facts that we will be financially better off. As it is, we are both working and paying into a private pension through our work, and we rent our flat. Everything is fine just now, but the minute we both retire, due to our private pensions, it will take us over the financial threshold (we will get state pension as well) to the stage we will have to pay full rent regardless of 1 or both of us are retired and in receipt of a pension. My idea is to buy a flat and get a 15 year mortgage, and pay the same amount as we do for rent, so that when my husband retires in 15 year (he's 12 year older) then the rent is not left to me to pay from my part time wages. Meaning that both of us can benefit from our private pension instead of paying it all out in rent.. He keeps going on about his health, and I keep telling him, even if he leaves his job due to ill health, we will still need to pay full rent due to me working, and I would rather be mortgage/rent free and save a smaller amount in comparison to full rent for any repairs etc so it takes a bit of financial pressure off me! Why is he being so awkward and dragging his heels on it?

Answers

paul

do not know you or your hubby ,nothing we can do for you

SCATTY c

Have you actually sat down and really discussed this with your husband. I totally agree with you, if you can afford it, it's always better to buy. What is your husband against ? Is is scared that should you divorce, you will end up taking the property and he loses out Is he scared of committing himself to you / a mortgage for 15 plus years Are there problems getting the deposit together ? Given,he is only 15 years off retirement, perhaps he has always rented that he what is knows You are right to be concerned about renting in your old age. Its too insecure in a period of your time when you have no or limited income and in theory you could be moving every couple of years.. Something to be avoided if possible You seriously need to talk to your husband .. one possible solution, if he wont' change his mind, is YOU buy the place in your name only and he lives with you,, but its not ideal

StarShine

Buying isn't for everyone. You need to sit down and have this conversation with your husband. Lay out your arguements and let him voice his side, without interrupting. He needs to be able to voice his concerns and then the two of you need to move forward with a decision you can both live with. As a side note, have you taken into account the other costs of owning above and beyond just a mortgage? You still have to pay property taxes, if you're in a building there are probably condo fees (or council taxes/HOA fees) to cover the maintenance of the building, utilities will need to be paid and all maintenance and replacement of things such as appliances that break, plumbers, electricians, etc will all be on you. This is all above and beyond your mortgage and most or all of it is usually covered by the 'full rent' that you're paying. Make sure you have budgeted properly. Major issues can be expensive when you own a home. Also, keep in mind that if you get a 5 year fixed term on your 15 year mortgage, in 5 years when you reinvest it, the interest rates could be higher which means your payment will be higher.

real estate guy

I will not say if your idea about buying, etc is a good idea. I don't know enough. However, I will answer your question as to why some people don't want change, even though there's a reason to" The answer is: it's your reason. Not theirs. Just because you believe something doesn't mean that everyone needs to agree.

Slumlord

Give him a day to think it over and then sit down with him and go over it again. If he continues to drag his feet then try again in another day or so. Keep trying an eventually you'll figure something out together. Though his disagreement doesn't seem founded in anything I wouldn't go forward without him signing on. However he may have a valid reason but is just having trouble voicing it, which is why I'd give him a day to think it over and another if needed after that.

linkus86

Fear. The idea of being in long term debt is overwhelming to some people. They think of people who lost everything in foreclosure which was more common 10 years ago and it creates the hurdle you are facing. Yes you have presented it as low or no risk, sensibly, but I don't mean to insult you, but you may not possess enough credibility with him on this subject. You may need to bring others into your discussion to fully convince him. You also might point out that if anything comes up you can always sell to resolve the loan (and still have money left over to keep) and return to renting. Good Luck.

Verulam

I suspect your other half hasn't really thought this through. From a security point of view, if you CAN buy - DO. I think women are more affect by feeling insecure (ie when renting) than men are although when you own, all the repairs etc. will be your responsibility. If push comes to shove, you are right!! And he's wrong.

Tavy

You are of course right. The flat will be an investment for both of you and you can take out Insurance to pay the mortgage if he gets ill. I suggest you look at flats in your area, go alone if he won't, then see a mortgage advisor and find out what they are prepared to lend you. Then show him the figures and talk him round. Good Luck. UK

Lolly

Men only see to the end of their own noses!

Anonymous

Get off the internet and get back in the kitchen

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