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September 17 2021 5.44am

Buy a House and 'do it up' ?

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View EverybodyDannsNow's Profile EverybodyDannsNow Flag SE19 29 Jul 21 1.13pm Send a Private Message to EverybodyDannsNow Add EverybodyDannsNow as a friend

Originally posted by ASCPFC

You make a good point. You wonder why we can't properly legislate for private renting. Loads of other countries do. It would not be making landlords lose, rather they would just make slightly less profit. Both Britain and Ireland have this issue. The longest lease is six months at twice or three times the price of a mortgage.
What I would say is that the current situation looks even worse than the last crash - so happy landings. Don't think there will be any hiding it.

Edited by ASCPFC (29 Jul 2021 11.31am)

Honestly, private landlords have already been squeezed to breaking point and if you ignore capital appreciation, it's barely profitable being a landlord in London these days - most of zone 1 or 2 you're lucky to find a 3% yield on an buy-to-let property.

Factor in the cap on deposits, ban on tenant fees and the supremely tenant-friendly eviction processes, and it's barely worth it.

We need to encourage good landlords to continue to provide housing, and ensure there is enough of an incentive for them to do it - as it is, tons of good landlords are cashing out and selling up, and the only ones still turning a profit are the ones cutting corners and over-filling properties.


 

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View Badger11's Profile Badger11 Flag Beckenham 29 Jul 21 1.14pm Send a Private Message to Badger11 Add Badger11 as a friend

I would also like to see 5 year leases with the rent spelled out for each year e.g.

Year 1 10,000 pa
Year 2 10,500 pa
Year 5 12,000 pa

That way both parties know what what they are getting into and the landlord can't jack up the rent on a whim.

Edited by Badger11 (29 Jul 2021 1.15pm)

 


One more point

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View croydon proud's Profile croydon proud Flag Any european country i fancy! 29 Jul 21 2.13pm Send a Private Message to croydon proud Add croydon proud as a friend

Originally posted by EverybodyDannsNow

Honestly, private landlords have already been squeezed to breaking point and if you ignore capital appreciation, it's barely profitable being a landlord in London these days - most of zone 1 or 2 you're lucky to find a 3% yield on an buy-to-let property.

Factor in the cap on deposits, ban on tenant fees and the supremely tenant-friendly eviction processes, and it's barely worth it.

We need to encourage good landlords to continue to provide housing, and ensure there is enough of an incentive for them to do it - as it is, tons of good landlords are cashing out and selling up, and the only ones still turning a profit are the ones cutting corners and over-filling properties.


Yes, l,have to concur, once you have paid for this certificate and that certificate, unless you were a greedy landlord with sky high rents, theres not a lot in the rental game.

 

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View cryrst's Profile cryrst Flag Chatham 29 Jul 21 3.03pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by croydon proud

Yes, l,have to concur, once you have paid for this certificate and that certificate, unless you were a greedy landlord with sky high rents, theres not a lot in the rental game.

A but would be the value of the property increases year on year normally so if the mortgage, repairs and any taxes etc are covered then a majority cannot lose. If you are relying on buy to let as a business and unless you have multiple properties it's a gamble.
Once you decide to sell up ; that's where the reward comes back. I doubt many landlords actually lose month on month and I would guess zero after say 15 years when they sell. Having s*** bag tenants who wreck the drum is not nice but again picking a tenant is not a science so no one knows what they're like. Who knows CP all these city boy owners could be good, well priced,well maintenanced landlords giving VFM to their tenants.

 

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View croydon proud's Profile croydon proud Flag Any european country i fancy! 29 Jul 21 3.12pm Send a Private Message to croydon proud Add croydon proud as a friend

Originally posted by cryrst

A but would be the value of the property increases year on year normally so if the mortgage, repairs and any taxes etc are covered then a majority cannot lose. If you are relying on buy to let as a business and unless you have multiple properties it's a gamble.
Once you decide to sell up ; that's where the reward comes back. I doubt many landlords actually lose month on month and I would guess zero after say 15 years when they sell. Having s*** bag tenants who wreck the drum is not nice but again picking a tenant is not a science so no one knows what they're like. Who knows CP all these city boy owners could be good, well priced,well maintenanced landlords giving VFM to their tenants.

Indeed they could - but I doubt any are as fair as I have been over the years. Its hard to run any business these days without council/gov certificates and updates every year, all costly, not all needed, they are coming for you if you run your own business. Thats why I have come to the conclusion you are better off on the cards with no outlay!

 

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View PalazioVecchio's Profile PalazioVecchio Flag south pole 29 Jul 21 5.51pm Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

Originally posted by EverybodyDannsNow


Honestly, I've no idea how you solve it, but clearly it is a broken system.

heavy taxes on homes that are not owner occupied.

so crucify holiday homes, investor homes, and buy to let. Also, heavy taxes on overseas owners....and go easy on Nigel & Sharon in the UK.

 


Eagle with SE19 altitude

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View cryrst's Profile cryrst Flag Chatham 29 Jul 21 8.18pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by croydon proud

Indeed they could - but I doubt any are as fair as I have been over the years. Its hard to run any business these days without council/gov certificates and updates every year, all costly, not all needed, they are coming for you if you run your own business. Thats why I have come to the conclusion you are better off on the cards with no outlay!

Why I am paye with holidays,sick,pension,van,uniform,tools,work,
swervability and all paid for because I do what they ask me to do. A job isn't hard if you know the rules.
Get a trade and just plod through life. As I said if you are in no worse a position year on year you are winning. We can't all be millionaires sadly because then we would be the poor ones still as billionaires would then be the rich.

 

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View croydon proud's Profile croydon proud Flag Any european country i fancy! 29 Jul 21 8.49pm Send a Private Message to croydon proud Add croydon proud as a friend

Originally posted by cryrst

Why I am paye with holidays,sick,pension,van,uniform,tools,work,
swervability and all paid for because I do what they ask me to do. A job isn't hard if you know the rules.
Get a trade and just plod through life. As I said if you are in no worse a position year on year you are winning. We can't all be millionaires sadly because then we would be the poor ones still as billionaires would then be the rich.

Yes, i agree, wasn"t actually meaning you mate, i ment you as people. But you seem to have a nice number so fair play, what I ment was they are coming for you in whatever business you are in, new taxi 70k, 5% on every card job goes to the card company, certs for this and that changing every year, etc etc.

 

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View cryrst's Profile cryrst Flag Chatham 29 Jul 21 9.21pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by croydon proud

Yes, i agree, wasn"t actually meaning you mate, i ment you as people. But you seem to have a nice number so fair play, what I ment was they are coming for you in whatever business you are in, new taxi 70k, 5% on every card job goes to the card company, certs for this and that changing every year, etc etc.

Tbh I do not envy the self employed. I was many years ago and felt the crash of 50% wage drop and single rate OT. I didn't have to find the work though as was employed by a n other. This was forced though due to the firm I worked for paye going South a few years before. 20p in the pound and all that from the administators. I had a great boss on my last self employed role. Being potless he took me on and loaned me a monkey no charge, payable over the next 10 weeks wages. Proper gesture of a friend I worked with paye before on that company that went south.
I do think though that shrewd accounting can create a self employed monster to be envious of. Covid has probably nipped this a bit with loans and furlough etc.
All I want to see is a level playing field when it comes to paying your dues to hmg. Tax is a bitch but spain shows why it needs paying.

 

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View croydon proud's Profile croydon proud Flag Any european country i fancy! 29 Jul 21 10.56pm Send a Private Message to croydon proud Add croydon proud as a friend

Originally posted by cryrst

Tbh I do not envy the self employed. I was many years ago and felt the crash of 50% wage drop and single rate OT. I didn't have to find the work though as was employed by a n other. This was forced though due to the firm I worked for paye going South a few years before. 20p in the pound and all that from the administators. I had a great boss on my last self employed role. Being potless he took me on and loaned me a monkey no charge, payable over the next 10 weeks wages. Proper gesture of a friend I worked with paye before on that company that went south.
I do think though that shrewd accounting can create a self employed monster to be envious of. Covid has probably nipped this a bit with loans and furlough etc.
All I want to see is a level playing field when it comes to paying your dues to hmg. Tax is a bitch but spain shows why it needs paying.

Yes, We all need to put in to the pot, including those with off shore accounts!Do you still have that bloke who lent you the loan as a pal ?

 

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View cryrst's Profile cryrst Flag Chatham 30 Jul 21 5.27am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by croydon proud

Yes, We all need to put in to the pot, including those with off shore accounts!Do you still have that bloke who lent you the loan as a pal ?

He owned the firm but lost touch now. Over 30 years ago but you don't forget things like that and will always be a friend and in my thoughts; might meet again one day. Yup all should pay tax and avoidance is being more scrutinised than ever. Morally wrong but a great many do pay whether optionally or coerced.

 

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View jeeagles's Profile jeeagles Flag 30 Jul 21 8.32am Send a Private Message to jeeagles Add jeeagles as a friend

Originally posted by EverybodyDannsNow

Honestly, private landlords have already been squeezed to breaking point and if you ignore capital appreciation, it's barely profitable being a landlord in London these days - most of zone 1 or 2 you're lucky to find a 3% yield on an buy-to-let property.

Factor in the cap on deposits, ban on tenant fees and the supremely tenant-friendly eviction processes, and it's barely worth it.

We need to encourage good landlords to continue to provide housing, and ensure there is enough of an incentive for them to do it - as it is, tons of good landlords are cashing out and selling up, and the only ones still turning a profit are the ones cutting corners and over-filling properties.


Surely if you have an asset in Zone 1 or Zone 2 the majority of the income will be based on its long term appreciation when you come to sell?

Elsewhere in the country you'll get higher yields, but on a much lower value, so a much lower income, but you also wouldn't get the same level of appreciation in the assets.

I have heard that sales of buy-to-let properties owned by individuals are at a record high.

 

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