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Yes of course, that makes complete senseHoover Attack wrote: ↑Thu May 16, 2024 2:51 pmBut the person who buys it to live in has left somewhere behind. O-no jnr and co can go and live in that house.
The numbers don't change.
But that's exactly what happens when someone moves - well, not on a direct one for one exchange basis, but a shuffle round. That's why when you buy or sell a house you have a 'chain'.o-no wrote: ↑Thu May 16, 2024 2:59 pmYes of course, that makes complete senseHoover Attack wrote: ↑Thu May 16, 2024 2:51 pmBut the person who buys it to live in has left somewhere behind. O-no jnr and co can go and live in that house.
The numbers don't change.
So there was a house belonging to no one in your family that you all used to pay for but then magically ended up with people who weren’t in your family renting it?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.
Wow, you really do like to misrepresent, don’t you. Completely and utterly wrong on all counts, but then I get the feeling you’re just getting a kick out of twisting anything I say.BiggsyMalone wrote: ↑Thu May 16, 2024 3:28 pmSo there was a house belonging to no one in your family that you all used to pay for but then magically ended up with people who weren’t in your family renting it?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 am
Define ‘reasonable rent’.
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.
You’re not stopping that tennant, but you’re hoarding a property that stops someone else.
Vacancy periodsLong slender neck wrote: ↑Thu May 16, 2024 4:33 pm So what are the costs?
Maintenance
Evictions
Mortgage if more than rent or no tenant
Sorry, just when you say “The property was in our family” did you mean, “the property wasn’t in our family and we haven’t rented it out for a 2nd income”. Maybe I’m wrong.PKM wrote: ↑Thu May 16, 2024 4:20 pmWow, you really do like to misrepresent, don’t you. Completely and utterly wrong on all counts, but then I get the feeling you’re just getting a kick out of twisting anything I say.BiggsyMalone wrote: ↑Thu May 16, 2024 3:28 pmSo there was a house belonging to no one in your family that you all used to pay for but then magically ended up with people who weren’t in your family renting it?PKM wrote: ↑Thu May 16, 2024 1:59 pm
We weren’t ’given’ a property, it was paid for and used by family members.
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.
You’re not stopping that tennant, but you’re hoarding a property that stops someone else.
I thought I would add to the debate by giving a landlords side of things, soon to be ex landlord.
I will stick to football from now on, suggest you do the same as you’re talking out of your backside
Goodbye.
Is an isa better than someone else paying a mortgage for you though?Dunners wrote: ↑Thu May 16, 2024 7:24 pmVacancy periodsLong slender neck wrote: ↑Thu May 16, 2024 4:33 pm So what are the costs?
Maintenance
Evictions
Mortgage if more than rent or no tenant
Litigation costs
Bad debt
Professional fees
Insurance
Mortgage ( which, if applicable, is a cost regardless of whether rental receipts are forthcoming)
Stress and inconvenience (assuming you're a responsible landlord that is available for any urgent issues that arise, and then promptly deal with them even if it's on your holiday)
And the fact that you can get a better ROI right now on a decent stocks and shares ISA without any of the grief or risk.
Maybe, maybe not. It depends on lot of factors and luck. However, it's by no means certain that a BTL will generate a better ROI over a long enough timeline than other options available for retail investors.Long slender neck wrote: ↑Thu May 16, 2024 7:38 pmIs an isa better than someone else paying a mortgage for you though?Dunners wrote: ↑Thu May 16, 2024 7:24 pmVacancy periodsLong slender neck wrote: ↑Thu May 16, 2024 4:33 pm So what are the costs?
Maintenance
Evictions
Mortgage if more than rent or no tenant
Litigation costs
Bad debt
Professional fees
Insurance
Mortgage ( which, if applicable, is a cost regardless of whether rental receipts are forthcoming)
Stress and inconvenience (assuming you're a responsible landlord that is available for any urgent issues that arise, and then promptly deal with them even if it's on your holiday)
And the fact that you can get a better ROI right now on a decent stocks and shares ISA without any of the grief or risk.
Sorry, but vacancy periods are not a cost and neither is stress.Dunners wrote: ↑Thu May 16, 2024 7:24 pmVacancy periodsLong slender neck wrote: ↑Thu May 16, 2024 4:33 pm So what are the costs?
Maintenance
Evictions
Mortgage if more than rent or no tenant
Litigation costs
Bad debt
Professional fees
Insurance
Mortgage ( which, if applicable, is a cost regardless of whether rental receipts are forthcoming)
Stress and inconvenience (assuming you're a responsible landlord that is available for any urgent issues that arise, and then promptly deal with them even if it's on your holiday)
And the fact that you can get a better ROI right now on a decent stocks and shares ISA without any of the grief or risk.
Not from an accountant's perspective, no. But ask a hapless BTL'er what they think.Max B Gold wrote: ↑Thu May 16, 2024 8:31 pmSorry, but vacancy periods are not a cost and neither is stress.Dunners wrote: ↑Thu May 16, 2024 7:24 pmVacancy periodsLong slender neck wrote: ↑Thu May 16, 2024 4:33 pm So what are the costs?
Maintenance
Evictions
Mortgage if more than rent or no tenant
Litigation costs
Bad debt
Professional fees
Insurance
Mortgage ( which, if applicable, is a cost regardless of whether rental receipts are forthcoming)
Stress and inconvenience (assuming you're a responsible landlord that is available for any urgent issues that arise, and then promptly deal with them even if it's on your holiday)
And the fact that you can get a better ROI right now on a decent stocks and shares ISA without any of the grief or risk.
Ok. I'll have a word with myself.Dunners wrote: ↑Thu May 16, 2024 8:34 pmNot from an accountant's perspective, no. But ask a hapless BTL'er what they think.Max B Gold wrote: ↑Thu May 16, 2024 8:31 pmSorry, but vacancy periods are not a cost and neither is stress.Dunners wrote: ↑Thu May 16, 2024 7:24 pm
Vacancy periods
Litigation costs
Bad debt
Professional fees
Insurance
Mortgage ( which, if applicable, is a cost regardless of whether rental receipts are forthcoming)
Stress and inconvenience (assuming you're a responsible landlord that is available for any urgent issues that arise, and then promptly deal with them even if it's on your holiday)
And the fact that you can get a better ROI right now on a decent stocks and shares ISA without any of the grief or risk.
