Can you make a long term home out of a rented property?

SailorSam

I'm going back a long time now until we were kids growing up, then it seemed everyone lived in Council houses all their lives. Isn't that why this 'bedroom tax' is hitting many people, they are still living in the same house that they brought their families up in. But now they are on their own.

WellKnownSid

penthouse89 wrote: »

Do you want your tenants to feel at home in your property, and would you be happy for them to make it their home?

Buying to let is a business so you really need to be very hard-nosed about it if you're going to make money...

• You need to be anal about looking after / maintaining your asset(s). Because you'd be completely bonkers if you don't - maintenance problems quickly run away, and so will your tenants - you'll be left with voids and still end up having to fix the problems (and resultant further damage) in order to re-let.
• You need to treat tenants like you'd treat any other business client. Want to stay on for xx years paying my mortgage? Absolutely fine by me, but I will insist on re-decorating every few years - it'll encourage you to stay, but also keep the house in good condition for immediate re-let if required.

Of course, nothing lasts forever. There may come a time when you want to release the capital tied up in the property for something else - but that's what happens in business from time to time.

But, in principle, why wouldn't you want the same person there full time, treating your assets with the same respect as their own home?

penthouse89

I've never really known "council houses". My mother does live in an ex-LA house now, but my family have all owned their houses - my parents dislike that I choose to rent rather than stay at home and save for a deposit.

I'm well aware of the setup in continental Europe - I spent some time working outside of Paris, and it is uncommon to find a homeowner as such. Rental prices also seem to be very inflated there, I lived in a studio around 40 minutes from Paris (Beauvais, for you Ryanair passengers), and the rent was €500 for a 25m square studio...

Gers

Since I edited my post it doesn't make sense, sorry! Just that my flat in Newcastle is almost exactly the same as yours.

penthouse89

I'm in Sunderland, but as Ashbrooke is known as Sunderland's Jesmond, I'm guessing you're in Jesmond/South Gosforth :j

Gers

penthouse89 wrote: »

I'm in Sunderland, but as Ashbrooke is known as Sunderland's Jesmond, I'm guessing you're in Jesmond/South Gosforth :j

Yes. Am in Jesmond and love it. Five or six minutes from two Metro stations and yet leafy and quiet. Georgian townhouses with all the space benefits.

Enjoy your place and it will give you great memories.

Goldiegirl

It's only comparatively recently that house purchase has become more commonplace.

In years gone by, normal working people rented their house, and never thought to purchase a house.

My mums great aunt and uncle started renting a house in 1921, and my mum spent a lot of time there as a child.

The great aunt and uncle died at the time my mum married my dad, so my mum and dad took over the tenancy, and lived there for the whole of their married life.

It was a private rental, and for most of the time the landlord was the same family. The house was sold in the 90's, which was unsettling for my parents, but things carried on the same as always under the new landlords.

It fell to me to give up the tenancy in 2004, when my dad died and my mum went into a home.

That house was occupied by members of the same family for 83 years, and it was as much home to all of us as any owned home could be.

So, yes, you can make a very long term home out of rented property.

skivenov

If it were between me and the landlord, I'd happily live here forever.

Factor in the letting agent, and I can't wait to get out of the place.

twink22

Lived in my first rented flat for 8 years with no issues, it felt like it was my 'home' however when I complained about some work that had been done badly I was issued a s.21 and was out in 2 months (cried like a baby) now in a rented house with an 18 month contract and hate it, buying this year- cant wait!

Strapped

Only in a council house, I think. And they're as rare as hen's teeth. And even they are becoming less secure.