Hate Buy 2 Let

Gorgeous_George

bingobango wrote: »

Catch 22. Some people HAVE to rent because the prices are so high to buy they can't get on the ladder so have no choice.

Then aren't they lucky that someone bought when prices were lower (risking their own money) so that a rental property was available to them?



GG

ruthc_2

Gorgeous George - that was brilliant!
I have a BTL, bought with the deposit raised on the sudden equity in my house - which I actually bought in a negative equity situation. So I believe what goes around comes around. This BTL is rented to students at the local University and works very well. it is my pension as I'm now mid 40's & have no other affordable plans. Luck doesn't just happen, you need to make the best decisions you can with the information you have. It's all a gamble for us but we are working with the 'luck' we have now.
There will always by FTB's, the banks see them as money making machines now more than ever!

PS I meant to also say that with the new HMO licences, which was £650 we have also had to pay hundreds of pounds more for a few additional 'extras' they feel HMOs need such as mechanical extractor fans in the bathrooms and a fire door on the airing cupboard - which was not required when the council first inspected it as an HMO pre licences. I'm sorry, but I don't have these in my home. Nor do I have a fire panel depicting which area of the house is on fire - but this is a must really for their safety and that of the property which is insured anyway - but I have the stick to the ceiling battery operated jobs that lets the neighbours know when you have burnt the toast (again). So yes it is slowly making us a little bit of money but goodness me when those goal posts move so does the bank balance!

Mr_helpful

ruthc wrote: »

Gorgeous George - that was brilliant!
I have a BTL, bought with the deposit raised on the sudden equity in my house - which I actually bought in a negative equity situation. So I believe what goes around comes around. This BTL is rented to students at the local University and works very well. it is my pension as I'm now mid 40's & have no other affordable plans. Luck doesn't just happen, you need to make the best decisions you can with the information you have. It's all a gamble for us but we are working with the 'luck' we have now.
There will always by FTB's, the banks see them as money making machines now more than ever!

PS I meant to also say that with the new HMO licences, which was £650 we have also had to pay hundreds of pounds more for a few additional 'extras' they feel HMOs need such as mechanical extractor fans in the bathrooms and a fire door on the airing cupboard - which was not required when the council first inspected it as an HMO pre licences. I'm sorry, but I don't have these in my home. Nor do I have a fire panel depicting which area of the house is on fire - but this is a must really for their safety and that of the property which is insured anyway - but I have the stick to the ceiling battery operated jobs that lets the neighbours know when you have burnt the toast (again). So yes it is slowly making us a little bit of money but goodness me when those goal posts move so does the bank balance!

Yes isnt it amazing how the jealous ones miss all this. I too have an HMO, had to fill out the most rediculous form I have seen in ages and then run around putting in things I havent got in my own house including signs telling them where the door is. Yes it pays quite well but its also hard work.
The people who hate buy to let might do well to remember if we hadnt bought houses to rent they might be living with Mummy and Daddy for a lot longer.