Sunday, 8 May 2016
Buy to Rent Landlords
Although I am sure there are some excellent private landlords somewhere 'out there', my experience leads me to the conclusion that most are get-rich-quick merchants and b....r the clients.
Slap on a coat of paint, lay cheap (maybe secondhand) carpet, put up past their use by date curtain rails, install a reconditioned oven (which is usually fitted by cowboys and never works properly), cowboy double glazing (which leaks), double or even thirdhand night storage heaters. Everything which ticks the boxes for the legal 'rating' and because no officials check it out, passes as up to standard.
Client moves in, discovers faults and begins complaining. So does the landlord because he has to spend money. Eventually client gives up complaining and landlord relaxes. Then gradually increases the already inflated rent.
One landlord I've heard about had two rental flats in 2010 and in 2015 had eight and had given up the day job. Says it all, doesn't it? Wonder if he now drives a Rolls Royce?
A couple I met who had had to give up their house because they couldn't afford the mortgage and affiliate house owning expenses told me that they are now paying more for rent than they had for the loan.
This bubble will eventually burst but in the meantime tenants are getting ripped off.