Smiles. Part of my career involved dealing with lettings. . I can tell you some horror stories about tenants. I would never let out a property of mine, people think it's easy money and landlords have it cushy. They dont, it's actually quite a high risk strategy and certainly not one I'm prepared to take. I'll stick with being a serial renovator. Maybe harder work, and less financial reward, but less risk.
I am a mentor to a couple of builders/plumbers who dabble in BTLs as part of their pension planning . I am also a certified debt counsellor and mortgage advisor, although I allowed my licence to expire. I don't charge them for my advice and know how but they do me plenty of favours in return.
Whenever anyone asks me "what makes a good tenant". I always say the same thing. "A good tenant is one who pays the rent on time, an excellent tenant is one who gets the hoover out now and again. Anything else and you've got an Angel."
I know this is contentious but I have noticed that increasingly tenants are less inclined to take care of the landlords property, some of them live like pigs.....and that's insulting pigs. ??. Of course you get miserable greedy neglectful landlords who don't look after their properties and who just want to screw their tenants for every penny. But by and large, bad tenants outnumber bad landlords,
There is currently some new legislation going through which is a lot less favourable to landlords, I envisage a lot of the small time investors and "accidental landlords" are going to be squeezed out of the market. It will be down to the big boys, especially foreign investors, the type who bulk buy new developments, whole blocks of apartments.
A lot of small time landlords will be selling up their two bed townhouses. Some of the ones I mentor have started offloading already. Actually i think it might be a good thing, more smaller affordable properties for first time buyers.
Anyway I digress......
Successful Mornjng. Surveyor on time and very efficient, I am always very cheeky. I chat them up and always ask if everything is ok. "Did you find anything nasty I need to worry about". He said all was good. Phew. ?. So fingers crossed, there shouldn't be more hold ups. Need to chase up my solicitor, still not received the revised draft contract yet.
Maybe I can be out of here and in a nice rental by Christmas. Hope so because I would really like a holiday soon but can't really book anything until the move is all done and dusted. Haven't had a holiday since oct 2018. Definitely need a few sea breezes.
Normandy girl....I love the fortress analogy. That's what I did with this house. I bought it because it actually reminded me of my grandmothers house. Built to the original owners design in 1935 (so a one off and not a typical spec build). It's a roomy house with a lovely wrap around garden. Sadly fallen on hard times when I bought it it did have a lot if it's original features, so it's a really charming house, I kid you not it looked like miss Haversham had lift here for decades. I have restored it to its former glory, maintaining its period integrity and adding some extra creature comforts. I envisaged staying here for a while, with my family visiting and maybe grandchildren sleeping over to give their parents a break.
Then as you say, DIL lobbed a hand grenade. That's one of the reasons I'm moving, I shall buy something "for me". DIL had the audacity to try to talk me out of moving saying how much the children love this house. Well of course they do, I chose it as a family home. They love all the nooks and crannies, the places to play hide and seek, and the garden where I let them play football and run wild and free. But if my son and DIL are only going to visit a few times a year then I'm not going to work myself to death to keep it running. I've decided I have got better things to do with my time and money,