I want this flat, but wont pay the rent....

neas

I could buy now , I'm just not stupid enough to enter a declining market just as it starts to decline :P.

I'll save my money, bide my time and as a youngster get on the housing market.

Rabiddog_2

I'm sorta surprised .. when I last rented, I looked at the flats available for the rent I wanted to pay, then viewed them and picked the best. Now apparently you find out how much somebody has paid for the property and tell Them how much rent you are prepared to pay, based on what you think is an acceptable return? Good luck, if it works for you. Incidentally wouldn't a more acceptable rate, be between 9-10% considering how difficult finance is to get these days? plus auction fees, risk premium, void periods, annual service charges, maintenance and of course cost of new appliances...

owitemisermusa

Benefits_Blagger wrote: »

.... they are asking for!!!

http://www.rightmove.co.uk/viewdetails-17197027.rsp?pa_n=1&tr_t=rent


some of you might have heard of these properties, these are the ones that were in the guardian which have fallen from £250,000 to just a shade of £100k.


i;ve just read in another thread that 3 of these properties were sold at auction of £111k,£112k & £113k at auction yesterday.

considering this, the rent on these places are just too high.

e.g. £700*12=£8400 =7.56% yield, there is no way iam going to pay this.

however i would be prepared to pay £500-£550 a month, which would represent a yield of 5.4%-5.94% to anyone who has just purchased one of these repossed properties.


how do i go about negotiating the rent with an agent, or finding someone who has just bought one of these at a knockdown price ?

if it helps, i would be paying my rent up front.

Hmm..... you're now the expert accountant.

You either like the flat or you don't; feel the rent is appropriate or not etc.

If you can't afford the rent just move on, someone has been kind enough to post a link to other more suitable apartments within your intended range.

Or are you going to work out what the LL's yield should be and keep hunting till you find one where you're able to live rent-free?

BTW, negotiate with the LA (you do have the right to y'know) but don't be offended if they show you the door. C'est la vie!

Spamreported

if you cant afford it, dont expect someone to suit you. try and get an Audi for the price of a Polo "because you dont want to pay it" idiot.

neas

Spamreported wrote: »

if you cant afford it, dont expect someone to suit you. try and get an Audi for the price of a Polo "because you dont want to pay it" idiot.

But Audis will be discounted if Nobody "can afford it"... eventually Audi would reduce its price or change its marketting strategy

Don't see where you are going with your analogy.

taxi73

Benefits blagger means housing benefit won't pay that amount for him!!!!!

Andy_Hamilton

How long has that flat been on the rental market without anyone in there?
If you can find this out you may be able to haggle the price down. If it's been empty for a 3 months, thats £2100 which they have been short of.
Dropping the price to £550 as you say would only be £1800 less for the first complete year.

Benefits_Blagger

taxi73 wrote: »

Benefits blagger means housing benefit won't pay that amount for him!!!!!

erm, excuse but if you have followed my posts like the other stalkers here, you will know i am not entitled to housing benefit as its means tested.

Benefits_Blagger

bobby-boy wrote: »

Hi Blagger so you want to pay 5.4%-5.94% of the less the new half price purchase price. Thats so kind of you so you want it for less than the interest the buyer will be paying and all your repairs for free! Well good luck to you but as a landlord i would not buy a property for someone else to live in at my expense.

whats wrong with that ? the guy who has bought these properties @ £250,000 is happy with that yield, so why shouldnt the guy whose bought it at £100,000 ?

Benefits_Blagger

Rabiddog wrote: »

I'm sorta surprised .. when I last rented, I looked at the flats available for the rent I wanted to pay, then viewed them and picked the best. Now apparently you find out how much somebody has paid for the property and tell Them how much rent you are prepared to pay, based on what you think is an acceptable return? Good luck, if it works for you. Incidentally wouldn't a more acceptable rate, be between 9-10% considering how difficult finance is to get these days? plus auction fees, risk premium, void periods, annual service charges, maintenance and of course cost of new appliances...

if you havn't noticed but for the past decade that is how BTL landlords have worked, they by a property then set the rent against the yield they want.

now the the property market is falling, what is wrong in me insisting on the same?