The joy of being a landlord
- Thread starter Quartz
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<Benny> Hey maaaan, I got fiiiive kids to feed</Benny>
Remember those halcyon days when th way ahead was getting rid of all landlords and hanging them out to dry? How’s that going?
https://www.bbc.co.uk/news/business-66246223
https://www.bbc.co.uk/news/business-66246223
I've just booked an EPC assessment for my old property that I now rent out. It's never had one before as I bought it before they were a thing, but with the upcoming legislation about rentals must be a minimum of a C I thought I'd get ahead of the issue and see what my options are, as I know it's going to be at best a D due to having a solid fuel heating system.
Though talking to the assessor yesterday he was saying they are hoping the legislation doesn't come into force as it's going to cause even more havoc in the rental market.
TBH, I can see my only option to get it to a C or above (without replacing the whole heating system) is going to be some solar panels with a diverter to just heat the immersion tank. So depending how much that will be and whether it's worth the investment, I might end up just selling.
Though talking to the assessor yesterday he was saying they are hoping the legislation doesn't come into force as it's going to cause even more havoc in the rental market.
TBH, I can see my only option to get it to a C or above (without replacing the whole heating system) is going to be some solar panels with a diverter to just heat the immersion tank. So depending how much that will be and whether it's worth the investment, I might end up just selling.
System needs to completely fail before the willpower is there to re-think and start again
My latest flat had over 20 viewings when it went on the market with ~15 of those converting to applications, and that was pricing it on the high end for the area...
Not what you want to hear, but when we did the EPC for our house the biggest thing to improve the rating was getting solar.
IIRC on it's own it did more than most of the other options, as it reckoned that 2.5kw would be worth 11 points* which if i'm reading the epc right moved us from a D to a B.
*improving the floor insulation, or the "flat roof" insulation both got 2 points each.
The government are now talking about delaying that requirement so you might be ok.
Government to ‘relax the pace’ of threatened EPC reform
Housing Secretary Michael Gove has this morning said his government should ‘relax the pace’ of EPC reforms expected from private landlords.
www.landlordtoday.co.uk
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Permabanned
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Well known for calling one of his many rental properties "Ten floors of whores", (*) the charming and extremely wealthy Christopher Moran has just witnessed the birth of a daughter to his mysterious young lady friend.
Christopher is seventy five and the owner of one of the largest private estates in Scotland and a stunning and grandiose hall in Chelsea, considered one of the most remarkable private houses in London, that was moved brick by brick from its former place of build in the city when faced with demolition. His party guests have included our late Queen and Prince Harry.
Whilst many here will doubtessly find his largesse to Conservative party coffers abhorrent, be tempered by him once describing Tony Blair as "a visionary"
There's obviously still a few bob to be made as a landlord, and with it the attention of attractive young fillies. Despair not landlords, your time is not yet over
(*) When told prostitution was rife in the block of flats he allegedly said "Ten floors of whores, quite the choice ehh?"
Christopher is seventy five and the owner of one of the largest private estates in Scotland and a stunning and grandiose hall in Chelsea, considered one of the most remarkable private houses in London, that was moved brick by brick from its former place of build in the city when faced with demolition. His party guests have included our late Queen and Prince Harry.
Whilst many here will doubtessly find his largesse to Conservative party coffers abhorrent, be tempered by him once describing Tony Blair as "a visionary"
There's obviously still a few bob to be made as a landlord, and with it the attention of attractive young fillies. Despair not landlords, your time is not yet over
(*) When told prostitution was rife in the block of flats he allegedly said "Ten floors of whores, quite the choice ehh?"
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I had to section my tenants who went silent and didn't pay for months. No rent increase or anything.
A few months since I got it back, completely redecorated after they left it in an absolute state, on the market, snapped up and sold. The stress on my head and bank account has gone. Very happy I sold up.
It's crazy though, rents are nearly double now. But a rent is zero if they don't pay.
Do you have a combi boiler in? That was the biggest jump in EPC rating on my house when I rented it out.
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So really what this means is the private rent landlords/landladies are really over charging if a loss can be made like this and be ok with the income.
There's no gas unfortunately. The only options would be oil (being phased out) or heat exchanger. Amazingly, the EPC assessor actually said modern high efficiency storage heaters would be an option!?! Though that wasn't a recommendation on the auto generated list of suggested improvements.
As I suspected, the house was a D and the biggest single improvement suggested that should get it to a C was solar with diverter for immersion tank. Which is an affordable solution if the legislation does come in. I can see it being kicked down the road again.
Soldato
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You gloss over guaranteed income vs not guaranteed and give the same value to both situations?
Speaking as a landlord whose tenant is supported by the council, I think you're misunderstanding: the landlord isn't taking a loss but earning less. And by renting to the council the landlord likely doesn't need to buy payment insurance, so it's swings and roundabouts.
Whether or not the landlord makes a loss obviously largely depends on the amount of borrowed money he has to pay for.
I’m not sure a lot of landlords can even work this out.
When we got our EPC done getting 2.5kwh of panels was listed as an option and IIRC worth 12 points.
All the other improvements it suggested were worth 1-3 points each, including "underfloor insulation" (which would have required either digging out the concrete floor, or raising the floor).
Soldato
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if we have to put solar on or spend a small fortune am not sure what we will do. the Mrs will definitely want to sell and it is technically her flat ....... I would probably lean towards keeping it however we have not put our tenants rent up since she moved in in 2018ish......... IF we had to outlay that kind of cash then we would have to put it in line with the local going rate.
it is a tough one. on one hand I do fully support UK's housing stock being improved. OTOH it seems daft forcing rental properties to meet a higher standard than if we were living in the property ourselves .
obviously (or it should be but some on this thread seem to think all LLs are scum slum lords) the flat has roof insulation, double glazing and economy 7 storage heaters (no gas to the flat) but (effectively) forcing solar when 95% of homes don't have it seems to be targeting private LLs over others.
will it be forced for private home owners to have to upgrade their properties to the same level, if not why not?
it is a tough one. on one hand I do fully support UK's housing stock being improved. OTOH it seems daft forcing rental properties to meet a higher standard than if we were living in the property ourselves .
obviously (or it should be but some on this thread seem to think all LLs are scum slum lords) the flat has roof insulation, double glazing and economy 7 storage heaters (no gas to the flat) but (effectively) forcing solar when 95% of homes don't have it seems to be targeting private LLs over others.
will it be forced for private home owners to have to upgrade their properties to the same level, if not why not?
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That sounds exactly like mine. Underfloor heating (solid concrete floors) estimated £6k for 1 point! And it was the first on the list of recommendations, which it 'advises' you should do in order.
Yea....no.