The joy of being a landlord

Welshman · 10 May 2023 at 17:22

rhobbyh said:
Affordable housing quota's (its meant to be 10% I believe) are really lucrative for local councillors/councils. The brown envelopes are flying around a year out from the site's completion and lo and behold only 2 or 3% are designated affordable when its all done. Happens in every single new build site. I'm surprised there hasn't been a panorama tv show about it.

Maybe in dodgy conservative run england maybe…

Bald-Eagle22 · 10 May 2023 at 20:13

Yep did the unthinkable today and wrote to call my tenants . All are having between 8 and 12% increases in rent from September .

I really want to sell one but I don’t want to be the landlord that evokes a no fault eviction , bit of a game of poker but I’m not running at a 70% downturn in profits year on year.

bigmike20vt · 10 May 2023 at 20:30

Bald-Eagle22 said:
Yep did the unthinkable today and wrote to call my tenants . All are having between 8 and 12% increases in rent from September .

I really want to sell one but I don’t want to be the landlord that evokes a no fault eviction , bit of a game of poker but I’m not running at a 70% downturn in profits year on year.

September? so almost 4 months notice. you really can't say fairer than that imo. in a world where your maintanence , insurance and likely mortgage if you have one has gone up, it is simply not realistic for tenants to not shoulder at least some of that.... and if they don't like it they have plenty of time to find somewhere else if they think you are being unreasonable...

and if one moves out and you sell a property that is surely what some on this forum seem to think will help people get a home as well (don't see it myself but there you go)

our tenant has asked for a new window in our flat. it's a massive bay window. in truth it has needed replacing for a while (we kept paying to get it patched up) but the flat had rules about having to replace with wood windows which are eye wateringly expensive .... I wouldn't mind but it's a 1970s generic block of flats. anyway it seems who ever makes these decisions may have relented and may allow brown uPVC at last. still gonna cost a fortune but less than wood and won't need so much maintanence.

any sensible landlord would likely put the rent up (we haven't changed it in donkeys years.... which is fine but it doesn't build up a buffer for work like this)

dlockers · 10 May 2023 at 20:34

Bald-Eagle22 said:
Yep did the unthinkable today and wrote to call my tenants . All are having between 8 and 12% increases in rent from September .

I really want to sell one but I don’t want to be the landlord that evokes a no fault eviction , bit of a game of poker but I’m not running at a 70% downturn in profits year on year.

Lol hobby landlords are the worst.

NVP · 10 May 2023 at 20:49

dLockers said:
Lol hobby landlords are the worst.

So you keep repeating. What you could possibly mean by it, other than trolling badly, is anyone's guess :rolleyes:

adidan · 10 May 2023 at 20:51

dLockers said:
Lol hobby landlords are the worst.

I can think of worse

dlockers · 10 May 2023 at 20:56

NVP said:
So you keep repeating. What you could possibly mean by it, other than trolling badly, is anyone's guess

It's a business so acting like a wet wipe when you increase prices is borderline pathetic.

adidan · 10 May 2023 at 21:01

Yup I can definitely think of worse.

JonRGV250 · 10 May 2023 at 21:21

The (I should have tried harder in life, but couldn't bothered) children have entered the thread.
Again

platinum87 · 10 May 2023 at 21:42

413x said:
Only justification for renting I can see is if you need to move around a lot.

Not the only justification, i only need a bedroom and a toilet/shower. But i would never actually buy a flat.

fez said:
My house has gone up in value about 20% in the past 5 years so if I did the maths I would be looking at around £2k/month rent vs ~£300/month interest along with £100k+ in appreciation.

£120k dead money in renting vs £18,000 interest and £100k appreciation. Difference of around £200k over 5 years. Its massive.

Well i assume its a 500k house now worth 600k, i assume a 20% deposit so a 400k loan, so the interest on that will now be £1300 a month or higher.

You're quoting basically a 1% interest rate mortgage, which was only a short term fix which people constantly renewed, cant do that now.

Edit, low interest rates are the thing that makes buying soo good in the past, yet very few people took long term fixes in that environment. pre-2021, you should fix for 25 years without question, give or take the rate should have been around 2%, the inflation target is 2%, meaning the actual cost of borrowing is zero.

For a bank to offer said mortgage rates, its just idiotic.

dlockers · 10 May 2023 at 21:54

JonRGV250 said:
The (I should have tried harder in life, but couldn't bothered) children have entered the thread.
Again

Lol

JonRGV250 · 17 May 2023 at 06:59

No-fault evictions to be banned in reform of rental sector

The government is introducing a new law designed to overhaul the rental sector in England.

www.bbc.co.uk

"The law would also make it illegal for a landlord to refuse tenancies to families with children, or those in receipt of benefits"

I'm not saying it's a bad thing, but surely it's up to the LL to choose who they want in their property?

bigmike20vt · 17 May 2023 at 07:25

JonRGV250 said:
No-fault evictions to be banned in reform of rental sector

The government is introducing a new law designed to overhaul the rental sector in England.

www.bbc.co.uk

"The law would also make it illegal for a landlord to refuse tenancies to families with children, or those in receipt of benefits"

I'm not saying it's a bad thing, but surely it's up to the LL to choose who they want in their property?

tricky one and one firmly at the hands of the government for not having enough social housing. On one hand discrimination is bad of course but on the other hand if the LL owns a property it should be up to them who loves in their home........
not an easy one as I can totally see it from both sides (am sure most here would not support a cafe owner choosing to be whites only for instance and yet the same argument could be used there too).

JonRGV250 · 17 May 2023 at 07:53

One thing that was mentioned on various news outlets this morning was the risk of any new legislation making LL’s exit the market, which really isn’t helping the situation one bit.

Mesai · 17 May 2023 at 08:10

JonRGV250 said:
One thing that was mentioned on various news outlets this morning was the risk of any new legislation making LL’s exit the market, which really isn’t helping the situation one bit.

Would be good for the market, especially in popular cities. As long as corporate LLs are hit the hardest.

dlockers · 17 May 2023 at 08:33

JonRGV250 said:
I'm not saying it's a bad thing, but surely it's up to the LL to choose who they want in their property?

Said by a true hobbyist landlord. What criteria would you use to make a decision? "Vibe"? lol

Uther · 17 May 2023 at 08:35

Long overdue changes, probably should have gone further, with stuff like rent controls that other countries seem to manage ok.

JonRGV250 · 17 May 2023 at 08:37

dLockers said:
Said by a true hobbyist landlord. What criteria would you use to make a decision? "Vibe"? lol

Yes

JonRGV250 · 17 May 2023 at 08:38

Mesai said:
Would be good for the market, especially in popular cities. As long as corporate LLs are hit the hardest.

Good for the market?
Do explain

200sols · 17 May 2023 at 08:38

JonRGV250 said:
No-fault evictions to be banned in reform of rental sector

The government is introducing a new law designed to overhaul the rental sector in England.

www.bbc.co.uk

"The law would also make it illegal for a landlord to refuse tenancies to families with children, or those in receipt of benefits"

I'm not saying it's a bad thing, but surely it's up to the LL to choose who they want in their property?

Lovely demonstration of why these changes are needed.