Owning your own home

People will always want and need to rent homes. I'm just glad of the decent landlords I had - notably private individuals or using small letting agents. The big agents are shit for tenants.

This is not only true but officially the Shelter line on people buying to let.

Do it by all means but be a nice landlord - charge a fair market rate (or slightly lower if you want long term tenants). Fix things quickly. Don't quibble over things that will only cost you a few quid. Remember that once someone rents it then it becomes their home, not just an investment for you.

If you can't do it on that basis don't do it.

Over a year after its elderly owner died, house next door to me has just gone on the market...

https://www.rightmove.co.uk/property-for-sale/property-72954685.html

Not sure if 'original features' in this context is a good thing, or how its current state justifies the asking price.

https://www.zoopla.co.uk/for-sale/details/51995048?search_identifier=dd2cff98b64b235a01180d710d0e9f0e

Here's what that kind of money gets you in Sheffield.

The agent sent the photographer over today to take pics of our house, don't like it! Want to keep it now!

Only 80Mb broadband tho'.

This is near me, pisstake, pisssssss, taaaaaaaake

https://www.rightmove.co.uk/property-for-sale/property-80752106.html

Always makes me sad looking in Sheffield as it seems so possible, until I start looking for jobs....

Also as Shef goes that is not a lovely location at all

What do you do? Btw that's where I live, so I would respectfully disagree.

Solicitor

Yeah, but, Mini Holland scheme £££

That's probably £100-150k cheaper than a house on the ladder of that size would be if it was in a good state and Seymour is a good road with minimal traffic so seems a decent price.

I'd be tempted myself if I had the funds to do it up.

There was also one further down towards Leyton on Grove Road, in similar or worse condition.

We were interested, but it went for a cash offer of £30k over asking.

will just leave this here
https://www.theguardian.com/money/2019/jul/17/london-house-prices-fall-at-fastest-rate-in-10-years-ons

So does that mean I'm buying at selling at a good time as they're cheap, or I'm buying and selling at a bad time as they'll drop further.
Pfft, who knows. I need a new house so may as well get it done.

This was our philosophy when we decided to rent out our house when moving to Valencia. We're not sure how long we'll be here and can't afford to be priced out of the house market (or to sell the house in the current market).

Instead, we just aim to be the best landlords ever; responsive, keeping the rent at our mortgage and no more (we make no profit), making sure everything was certified as safe as possible etc.

keeping the rent at our mortgage and no more

Doesn't that leave you out of pocket at the endnof the month?

isnt that one of the most transferable skills/jobs?

keeping the rent at our mortgage and no more (we make no profit)

This is slightly weird thinking - only in the sense that the cost of your mortgage has no relation to what could be seen as cheap or good value rental.

Btw Not knocking it, I lived in Sheffield for years and loved it - would happily move back but it's not easy to find a job in law there.

So much of the legal market is in London - there are regional firms but relatively small and the work they tend to do is quite different. It would be good if it decentralised, but it hasn't yet

Certainly caught my eye too, but for me personally a London purchase is still out of reach. Will Be interesting to see if this is the start of a downward trajectory to somewhere near affordable levels, or if the cheap money (or even, even cheaper money) continues to facilitate sales at current prices.

https://www.rightmove.co.uk/property-for­-sale/property-72954685.html

Might have a look at this.

Is 'off the shelf' side return / extension / loft conversion a thing? The idea of doing it the 'normal' route fills me with trepidation

You'll pay additional stamp duty unless you move out of yours and into this one (you don't pay extra duty on your main residence) but it's a no brainer - if you can make the rent cover the mortgage and set it to 30 years you have a very tidy pension that you don't have to pay into! I'm an accidental landlord in that I bought a flat at the height of the crash and when it came to move to a bigger place we couldn't sell but seeing as we had no equity, the bank recommended we keep it and move on. that was 13 years ago and we've been lucky so far (touch wood)

Depends how you figure it. We bought a house then needed to rent it, and we still make a huge amount on the house as an investment. Month to month we break even and if we need to pay to maintain the place, that is part of the investment cost long term in my mind.

Our break even point was in the lower third of the market where we are, so I see no need to hike the price. If someone gets a deal (which I am assured they did) then good for them. Maybe they can pocket the difference and eventually end up as lucky as we are.