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Business.DuvB wrote: ↑Thu May 16, 2024 10:36 amAs a landlord of 2 properties, I can say that the biggest issue has been the removal of the tax allowance on mortgage interest payments.
I am now committed to getting out of this business as are many others landlords. Its the result of unintended consequences and people who have to rent are suffering through lack of properties and higher rents.
Renting properties isn’t a business. Its greed.DuvB wrote: ↑Thu May 16, 2024 10:36 amAs a landlord of 2 properties, I can say that the biggest issue has been the removal of the tax allowance on mortgage interest payments.
I am now committed to getting out of this business as are many others landlords. Its the result of unintended consequences and people who have to rent are suffering through lack of properties and higher rents.
And exploitation.BiggsyMalone wrote: ↑Thu May 16, 2024 11:08 amRenting properties isn’t a business. Its greed.DuvB wrote: ↑Thu May 16, 2024 10:36 amAs a landlord of 2 properties, I can say that the biggest issue has been the removal of the tax allowance on mortgage interest payments.
I am now committed to getting out of this business as are many others landlords. Its the result of unintended consequences and people who have to rent are suffering through lack of properties and higher rents.
Not if you have a mortgage too. I'm actually at The Property Institute annual seminar as I type, and the latest data is the residential operating and maintenance costs are tracking an inflation rate way above CPI. As of April 2024 it was at 24%!
Define ‘reasonable rent’.PKM wrote: ↑Thu May 16, 2024 11:49 am I rent out a property and it isn’t greed or exploitation.
The property was in our family. We rented it out at a very reasonable rent, saying it was only for the ‘short term’.
That was four years ago. We are now going to be selling the property as the hassle involved with it is just not worth it.
Worse, because we accepted a DSS tenant, the council won’t even look at them till they’ve got an eviction notice.
So we have to do that, at a cost of £1500.
I understand the need to protect tenants, ensure the property is safe etc etc, but I didn’t realise that unless every T was crossed and i dotted you might not get your property back in a timely manner. Eg, when exactly did you give the tenant the Gas Certificate and have you proof of the same? Like from 4 years ago and every subsequent year.
We can put the money in the building society and have none of the hassle and recourse to the capital at any time.
We certainly won’t be renting out again, it’s a nightmare of red tape.
Fundamentally, I agree. But we do need a rental sector in this country - it's just that it's way too large at the moment because most of the people in it would actually rather not be. And landlordism is one of the chief blockers. Frankly I find it difficult to accept any complaints from the rent-seekers, as they've had a very good few years and would probably best to quietly take their ill-gotten capital gains and shove off.Hoover Attack wrote: ↑Thu May 16, 2024 10:35 amI'd say it brings no value, and could easily be argued it brings harm to society and is a negative.OyinbO wrote: ↑Thu May 16, 2024 9:53 amJust as their frequent claim that they are "providing housing" is complete poo poo - the property was there before they bought it, and it will be there after they sell it.Hoover Attack wrote: ↑Thu May 16, 2024 9:38 am
And what about the house they used to live in?
Landlords selling up doesn't reduce the housing stock.
Borrowing other people's money, and using the labour of other people to pay off the debt. It brings precious little value to society whatsoever.
You live in a fantasy world. Try Russia instead.OyinbO wrote: ↑Thu May 16, 2024 1:12 pmFundamentally, I agree. But we do need a rental sector in this country - it's just that it's way too large at the moment because most of the people in it would actually rather not be. And landlordism is one of the chief blockers. Frankly I find it difficult to accept any complaints from the rent-seekers, as they've had a very good few years and would probably best to quietly take their ill-gotten capital gains and shove off.Hoover Attack wrote: ↑Thu May 16, 2024 10:35 amI'd say it brings no value, and could easily be argued it brings harm to society and is a negative.OyinbO wrote: ↑Thu May 16, 2024 9:53 am
Just as their frequent claim that they are "providing housing" is complete poo poo - the property was there before they bought it, and it will be there after they sell it.
Borrowing other people's money, and using the labour of other people to pay off the debt. It brings precious little value to society whatsoever.
So when the landlord sells up, where does the house disappear to ?o-no wrote: ↑Thu May 16, 2024 1:23 pm Having a decent supply of rental properties is essential though, but we need decent landlords too. O-no Jr has a room in a house with 4 others. If the landlord sells up that's 5 of them looking for affordable alternatives, it reduces the housing stock available for rental. He's 23 and doesn't earn a ton of money, renting is his only option.
Very odd response given I was recommending a course of action you'd already admitted to taking.DuvB wrote: ↑Thu May 16, 2024 1:22 pmYou live in a fantasy world. Try Russia instead.OyinbO wrote: ↑Thu May 16, 2024 1:12 pmFundamentally, I agree. But we do need a rental sector in this country - it's just that it's way too large at the moment because most of the people in it would actually rather not be. And landlordism is one of the chief blockers. Frankly I find it difficult to accept any complaints from the rent-seekers, as they've had a very good few years and would probably best to quietly take their ill-gotten capital gains and shove off.Hoover Attack wrote: ↑Thu May 16, 2024 10:35 am
I'd say it brings no value, and could easily be argued it brings harm to society and is a negative.
the housing stock available for rentalHoover Attack wrote: ↑Thu May 16, 2024 1:25 pmSo when the landlord sells up, where does the house disappear to ?o-no wrote: ↑Thu May 16, 2024 1:23 pm Having a decent supply of rental properties is essential though, but we need decent landlords too. O-no Jr has a room in a house with 4 others. If the landlord sells up that's 5 of them looking for affordable alternatives, it reduces the housing stock available for rental. He's 23 and doesn't earn a ton of money, renting is his only option.
The housing stock doesn’t change
We weren’t ’given’ a property, it was paid for and used by family members.BiggsyMalone wrote: ↑Thu May 16, 2024 11:58 amDefine ‘reasonable rent’.PKM wrote: ↑Thu May 16, 2024 11:49 am I rent out a property and it isn’t greed or exploitation.
The property was in our family. We rented it out at a very reasonable rent, saying it was only for the ‘short term’.
That was four years ago. We are now going to be selling the property as the hassle involved with it is just not worth it.
Worse, because we accepted a DSS tenant, the council won’t even look at them till they’ve got an eviction notice.
So we have to do that, at a cost of £1500.
I understand the need to protect tenants, ensure the property is safe etc etc, but I didn’t realise that unless every T was crossed and i dotted you might not get your property back in a timely manner. Eg, when exactly did you give the tenant the Gas Certificate and have you proof of the same? Like from 4 years ago and every subsequent year.
We can put the money in the building society and have none of the hassle and recourse to the capital at any time.
We certainly won’t be renting out again, it’s a nightmare of red tape.
You were given a property and chose to make a second income from it, rather than selling it and letting someone get on the housing ladder.
You and other landlords are driving up prices so yes, you are stopping them from getting on the housing ladder by making prices artificially high.PKM wrote: ↑Thu May 16, 2024 1:59 pmWe weren’t ’given’ a property, it was paid for and used by family members.BiggsyMalone wrote: ↑Thu May 16, 2024 11:58 amDefine ‘reasonable rent’.PKM wrote: ↑Thu May 16, 2024 11:49 am I rent out a property and it isn’t greed or exploitation.
The property was in our family. We rented it out at a very reasonable rent, saying it was only for the ‘short term’.
That was four years ago. We are now going to be selling the property as the hassle involved with it is just not worth it.
Worse, because we accepted a DSS tenant, the council won’t even look at them till they’ve got an eviction notice.
So we have to do that, at a cost of £1500.
I understand the need to protect tenants, ensure the property is safe etc etc, but I didn’t realise that unless every T was crossed and i dotted you might not get your property back in a timely manner. Eg, when exactly did you give the tenant the Gas Certificate and have you proof of the same? Like from 4 years ago and every subsequent year.
We can put the money in the building society and have none of the hassle and recourse to the capital at any time.
We certainly won’t be renting out again, it’s a nightmare of red tape.
You were given a property and chose to make a second income from it, rather than selling it and letting someone get on the housing ladder.
We rented as we weren’t sure what we wanted to do with it.
Re ‘reasonable rent’, current market rate for our type of property is £1100-£1300 a month.
We charged £850 4 years ago and even now it’s only £925, some of which our tenant doesn’t pay us!
Our tenant can only rent, doesn’t have the resources to buy so we are certainly not stopping them from getting on the housing ladder.
But there's still the same number of people needing a home and the same number of houses.o-no wrote: ↑Thu May 16, 2024 1:39 pmthe housing stock available for rentalHoover Attack wrote: ↑Thu May 16, 2024 1:25 pmSo when the landlord sells up, where does the house disappear to ?o-no wrote: ↑Thu May 16, 2024 1:23 pm Having a decent supply of rental properties is essential though, but we need decent landlords too. O-no Jr has a room in a house with 4 others. If the landlord sells up that's 5 of them looking for affordable alternatives, it reduces the housing stock available for rental. He's 23 and doesn't earn a ton of money, renting is his only option.
The housing stock doesn’t change
If you don't know what to do with the house and you obviously don't need it. Why not treat the rent receipts as part purchase of the property. So that at some future stage the tenant owns the house.PKM wrote: ↑Thu May 16, 2024 1:59 pmWe weren’t ’given’ a property, it was paid for and used by family members.BiggsyMalone wrote: ↑Thu May 16, 2024 11:58 amDefine ‘reasonable rent’.PKM wrote: ↑Thu May 16, 2024 11:49 am I rent out a property and it isn’t greed or exploitation.
The property was in our family. We rented it out at a very reasonable rent, saying it was only for the ‘short term’.
That was four years ago. We are now going to be selling the property as the hassle involved with it is just not worth it.
Worse, because we accepted a DSS tenant, the council won’t even look at them till they’ve got an eviction notice.
So we have to do that, at a cost of £1500.
I understand the need to protect tenants, ensure the property is safe etc etc, but I didn’t realise that unless every T was crossed and i dotted you might not get your property back in a timely manner. Eg, when exactly did you give the tenant the Gas Certificate and have you proof of the same? Like from 4 years ago and every subsequent year.
We can put the money in the building society and have none of the hassle and recourse to the capital at any time.
We certainly won’t be renting out again, it’s a nightmare of red tape.
You were given a property and chose to make a second income from it, rather than selling it and letting someone get on the housing ladder.
We rented as we weren’t sure what we wanted to do with it.
Re ‘reasonable rent’, current market rate for our type of property is £1100-£1300 a month.
We charged £850 4 years ago and even now it’s only £925, some of which our tenant doesn’t pay us!
Our tenant can only rent, doesn’t have the resources to buy so we are certainly not stopping them from getting on the housing ladder.
I think you're wilfully misunderstanding.Hoover Attack wrote: ↑Thu May 16, 2024 2:09 pmBut there's still the same number of people needing a home and the same number of houses.o-no wrote: ↑Thu May 16, 2024 1:39 pmthe housing stock available for rentalHoover Attack wrote: ↑Thu May 16, 2024 1:25 pm
So when the landlord sells up, where does the house disappear to ?
The housing stock doesn’t change
A landlord throwing his toys out of his pram and selling up doesn't change that balance.
I think you're wilfully misunderstanding.
So ok, if o-no Jr's landlord sells up and the property isn't re-rented - maybe someone buys it to live in - then there is one less property available to rent and 5 people looking for somewhere to rent. The balance has changed.Hoover Attack wrote: ↑Thu May 16, 2024 2:31 pmI think you're wilfully misunderstanding.
The number of people and number of properties hasn't changed. Therefore, no one should be made homeless by the landlord having a hissy fit and exiting the 'business.
Unless you think the person the landlord sells to is keeping it vacant?
Eh? Of course homelessness exists - see your mum example above, living in the park.Long slender neck wrote: ↑Thu May 16, 2024 2:37 pm What are you alluding to? That homelessness doesnt exist?
But the person who buys it to live in has left somewhere behind. O-no jnr and co can go and live in that house.