Being A landlord is not a business

itchyfeet123

FBaby wrote: »

Exactly, who cares! The word is only used by some posters to undermine landlords who don't all the ins and outs of being a landlords, the same ins and out that supposed expert forums themselves argue about in terms of legality!

I especially like the criticism attributed to landlord who dare live the management of their 'business' in the end of rental agencies, ie. the experts because they can only be complete idiots to trust those who are trained to provide the service and therefore paid for it.

I wonder how they would feel if they posted on the health forum that their private doctor misdiagnosed then resulting in complications with a condition and they were told 'well it's your fault for not informing yourself about your condition and trusting your doctor, it's irrelevant that you are paying him with the expectation of providing an expert service.

I think too many people associate the world 'landlord' with money machines, when I believe the vast majority of landlords only own one other property and their income is/was derived from jobs.

I have some sympathy with the idea that landlords should be able to trust their agents. Doctors and other professionals can be sued for malpractice; is there a similar possibility for letting agents?

The other point, though, that many landlords aren't raking it in, doesn't seem relevant. Indeed, it's one of the points people make when they describe rental property as a business: prospective landlords need to do the maths first.

If landlording isn't a business, what is it? A hobby? Personally, I don't think something as important as housing should be in the hands of people who think of what they're doing as a hobby.

AdrianC wrote: »

No, but you are certainly working for and within a business, which somebody owns.

Well, I work for a university, which is certainly under increasing pressure to act more like a business! But the owners (i.e. the state) are no less the owners of the business for not actually being involved with the running of the place. Likewise, a landlord is running a business, irrespective of the time s/he spends on it.

FBaby

Indeed, it's one of the points people make when they describe rental property as a business: prospective landlords need to do the maths first.

Personally, I don't care whether it's called a business or not, it doesn't change anything whether it is so or not! However, again, becoming a LL might be a case of best of 'two evils', where in both cases, you are bound to lose something anyway after you've indeed 'done the maths'.

I certainly wouldn't call it a hobby, I'd call it 'owning and renting out a property', end of!

ANDR£W

I'm not really a LL basher,It's just a case of the town I live in has become infested with BTL landlords forcing up property prices beyond the reach of most working couples average being 400k for 3 bedroom house.The only people here now are either in receipt of tax credits or full housing benefit.The blame lyles firmly at the governments door.

AdrianC

ANDR£W wrote: »

I'm not really a LL basher,It's just a case of the town I live in has become infested with BTL landlords forcing up property prices beyond the reach of most working couples average being 400k for 3 bedroom house.The only people here now are either in receipt of tax credits or full housing benefit.The blame lyles firmly at the governments door.

That makes no sense. What town are you talking about?

To get a half-way sensible return on a £400k property, you'd be looking at £1650/mo rent.
Even in central London, the Local Housing Allowance cap is £354/wk, £1600/mo. For outer London, that drops to £303/wk, and as soon as you hit the M25, it drops to about £240ish or barely over a grand a week.