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I dislike the commodification of housing and the fact that a 'home' is now merely 'bricks and mortar' to be sold to the highest bidder, to overseas investors in particular, and generally the whole 'buy-to-let' set-up.Free thinker.:cool:0
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I think a lot of people don't realise that not all people rent because they have to. Quite a lot of people rent because that is what they choose to do at that time. There are people who need short term rented accommodation because they need to move for a job or because they can't live in their bought home for some reason. Those people do not want to live in social housing. Renting a house is a better option than living in a hotel. So who is supposed to supply this private rented housing for the people who want to rent but don't qualify for social housing? Who wouldn't want social housing even if they qualfied? It is all about choice. There is an assumption that people only rent if they have to. This isn't the case a lot of people rent because they want to.
I would suggest that people have a look at the information about renting a National Trust property. It is quite easy to see that people rent because it suits them to do that then.0 -
They can rent a room in a shared property.
If they can't afford to rent a place, they certainly can't afford to own it.
My mortgage is 450 and a doctor has bought the house either side and is renting em out for 750 a month.
Curious what I could need that would cost me an extra 3k a year every year to make it easier to rent than buy ?0 -
Just wait until mortgage interest rates rise.
And the boiler dies.
And the buildings insurance bill arrives.
And the place needs redecorating and new windows and all the other maintenance.
And the landlord has a void for a few months after a non-paying tenant is finally evicted following the court case.
And the landlord does his tax return.0 -
I think a lot of people don't realise that not all people rent because they have to. Quite a lot of people rent because that is what they choose to do at that time. There are people who need short term rented accommodation because they need to move for a job or because they can't live in their bought home for some reason. Those people do not want to live in social housing. Renting a house is a better option than living in a hotel. So who is supposed to supply this private rented housing for the people who want to rent but don't qualify for social housing? Who wouldn't want social housing even if they qualfied? It is all about choice. There is an assumption that people only rent if they have to. This isn't the case a lot of people rent because they want to.
I would suggest that people have a look at the information about renting a National Trust property. It is quite easy to see that people rent because it suits them to do that then.
Well quite, but no ones suggesting private rental property shouldn't be a thing, of course it should.0 -
My mortgage is 450 and a doctor has bought the house either side and is renting em out for 750 a month.
Curious what I could need that would cost me an extra 3k a year every year to make it easier to rent than buy ?
And it very much depends on where you live. Even renting a room is more expensive than a mortgage payment in some places. On Rightmove, in my area, right now renting a room, the cheapest I can find is £490pcm without bills and £500pcm with bills. So the £500pcm seems like a better deal, but is it really when you have a room, not an entire property and very little protection?0 -
Well quite, but no ones suggesting private rental property shouldn't be a thing, of course it should.Red-Squirrel wrote: »I do think there are people for whom renting is a better option, but I don't think private landlords should be the ones to benefit. Personally I think all rented housing should be council or HA owned rather than so many people having to gamble on individuals who range from fantastic to criminal.Red-Squirrel wrote: »Certainly all housing that is intended to be permanent, full time residences though, yes.0
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Spikey's_mum wrote: »Thus the cost to me in total of buying the 145K flat is £920 per month. The mortgages are also over 16 years not 25.
So you have 52k in the bank that you're happy to put into this property (since you run at 270gbp negative net cash flow each month) to sell the property at 145k - assuming it doesn't appreciate - which will give you 93k profit which translates to 3.5%pa on the 52k over 16 years (excluding costs other than mortgage). Is this correct?0 -
And it very much depends on where you live. Even renting a room is more expensive than a mortgage payment in some places. On Rightmove, in my area, right now renting a room, the cheapest I can find is £490pcm without bills and £500pcm with bills. So the £500pcm seems like a better deal, but is it really when you have a room, not an entire property and very little protection?
You find the best deals through word of mouth and with private landlords though, any long term renter knows this. Do you seriously think that most people renting "a room" are paying nearly 500 p.m to do so? If you could get 500 p.m for "a room" the property market wouldn`t be in crisis and central banks wouldn`t have had to co-ordinate the lowest interest rates in history to prop it all up :rotfl: Of course HMRC would be taxing it all to death as well, but that is another discussion. The "buying is cheaper than renting " meme is just something that people with loads of debt want to believe, the reality is that if you attach yourself to a massive property debt in this economic climate you run the real chance of being financially ruined for life.0 -
£750/mo is £9k/year. Less the service charge/ground rent is £8,100. For a £135k property, that's about a 6% yield - right up there at the top-end.
90% mortgage (£120k) is £540/mo, plus that service charge/ground rent - £75/mo - so that's £615/mo for the flat that your neighbour was paying £660/mo for.
How's about £750 a month on a £50k purchase valved now at £172kStudent nurse 2018 to 2020
Debt: DMP (with Payplan) £8194 - 6.6 years left0
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