FrozenOut

Haggle On The Rent

131 posts in this topic

Possible, but unlikely to be successful in my opinion. The longer something has been on the market the more likely the landlord is going to be wanting to recover the losses they have been incurring.

The worst that can happen is they say no.

Interesting - I would have automatically assumed the longer it had been vacant the more likely they'd take less!

What is the actual agent fee ranges typically?

Will give it a try - unless I crumble and opt for help2buy in Jan...

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Is there an upper limit on what to ask off?

I'm now going to park my house buying plan until the new year to assess what the 'bubble' is saying. Part [most] of this is because of what information I've read on here.

I'm looking around London Bridge as I figured I could rent for 6 months and then re-assess the situation come March.

I've seen places for around £400pw for a one bed which is too expensive for me. Having said that a fair few are available immeadiately. With that in mind, if I use something like property bee to ascertain how long they have been vacant for, is it possible (or unheard of) to ask for that same place at £300pw?

I don't know what other costs I have to factor in but with take home pay of 2k £1200 pcm seems ok. At least I'll be living in the place I'll never be able to afford to buy!

What other charges am i missing here? Agency fees, are they one off? Council tax/bills. Am I being naive?!

A couple of things (I realise I'm about a month late in replying to this...)

£300pw is not £1200pcm - it's £1300pcm (bear in mind there's 52 weeks in a year, not 48)

Generally speaking the rule of thumb would be 30% of take home (if you're getting £2000 after tax each month you want to aim for £600) - maybe less if you consider the rising cost of food and bills. If you're living in London Bridge then you want some cash left over to make use of it!

Otherwise interested to know how you're finding it!

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Don't see how BTL makes much sense in London other than for the expectation of capital growth. Despite what the media suggests rents seem inert and in fact falling in real terms. In 2003 I sub-let 2 bed recently built flat in Wealdstone North west London at £950 per calendar month. I had no void periods, but basically after the mortgage payment, maintenance, I was really only breaking even and sold up in 2005. Today similar flats are not renting at £1100 after 3 months on the market. In other words there's a glut of people in the game and they're struggling to raise rents.

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BTL not make much sense???????

I've been doing it for 25 years and if there's one thing I've learned, there is NEVER a wrong time to buy, only a wrong time to sell.

Example:

Bought first property (£80k) immediately prior to the 'great crash' of 1989 and it very quickly crashed to about £55k (30%!).

My income stayed the same, I could still afford the mortgage and sure enough it was sold a few years later for £150k.

If I had to sell at the wrong time it could have been a disaster. The 2nd one was bought 2 years after the first, the next 18 months after that.

At any particular time, the sums show you'll be making almost nothing from a new BTL, but add time to the equation and you're laughing.

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BTL not make much sense???????

I've been doing it for 25 years and if there's one thing I've learned, there is NEVER a wrong time to buy, only a wrong time to sell.

Example:

Bought first property (£80k) immediately prior to the 'great crash' of 1989 and it very quickly crashed to about £55k (30%!).

My income stayed the same, I could still afford the mortgage and sure enough it was sold a few years later for £150k.

If I had to sell at the wrong time it could have been a disaster. The 2nd one was bought 2 years after the first, the next 18 months after that.

At any particular time, the sums show you'll be making almost nothing from a new BTL, but add time to the equation and you're laughing.

Fireman?

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BTL not make much sense???????

I've been doing it for 25 years and if there's one thing I've learned, there is NEVER a wrong time to buy, only a wrong time to sell.

Example:

Bought first property (£80k) immediately prior to the 'great crash' of 1989 and it very quickly crashed to about £55k (30%!).

My income stayed the same, I could still afford the mortgage and sure enough it was sold a few years later for £150k.

If I had to sell at the wrong time it could have been a disaster. The 2nd one was bought 2 years after the first, the next 18 months after that.

At any particular time, the sums show you'll be making almost nothing from a new BTL, but add time to the equation and you're laughing.

Time, forever rising wages, forever expansionary credit, forever eager demand to borrow and pay higher prices... time time time and again.

Except the market will be calling time, and a rewind, on much of what you thought you knew for forever HPI.

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