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An Anecdotal Insight Into My Landlord

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Landlord was round today to look at a problem that had developed in the house. We have a dire letting agent and they hadn't passed on this information, despite being told more than once firmly over the last couple of months, and the problem had therefore got worse than it really needed to.

We also told him about another small issue we wanted sorted (couldn't imagine more than £100 repair at the very worst, £25 DIYd). He agreed it needed doing but he seemed slightly forlorn about it, as if he thought, 'Sigh, another expense...'

He agreed the agents were useless and blurted out how much a month he paid them - a figure much higher than I would have thought. We know how much he paid for the house, and can see he must've spent a fair bit on it, even if some of the work is the typical pollyfilla bodge that'd I'd strip out if it was my place. A fairly young professional guy, I'd speculate he didn't sink a vast amount of real money into the project so I my gut-feeling says the price displayed on nethouseprices is mostly mortgage.

Well, with the bits and bobs of maintenance, some bigger than others, that have needed to be done to the place he's probably got negative cashflow on this place. With zero maintenance he might just scrape to cover costs, I'd guess, but the cost of maintenance probably came out of his dayjob earnings.

To be fair to him, I don't think he's a hardcore BTLer, just a guy who, like many, were encouraged to try and keep their house rather than sell it when they moved. The house has probably gone up in value 40-50k since he bought it, but that's minus any money spent on central heating, kitchen, bathrooms, windows, and decorating. I'm guessing he's the sort of guy who'll realise that he's actually made little if anything in four years and if and when any capital gains are eroded by price falls will probably sell and rid himself of a hassle.

There must be zillions of latecomer BTLers who are either just breaking even (hardly making the hassle worthwhile) or simply paying into a big white elephant.

Edited by CrashedOutAndBurned

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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