owned home vs rent

[preparedsurrey]

I think the original poster was worried about the owner wanting it back to move friends, relatives into.

[grenfell]

I'm a landlord having only one property rented out. The house is paid for as is the property we live in and we have a 3/4 share in my SIL's house. There's no income from the last one as it's largely a sort of long term prep for my daughter. With regards to the rented property in the event of some sort of economic crash I'd be inclined to leave the tenants in. Firstly I'd be unlikely to find someone else and if I did it would probably be at a much lower rent , secondly the tenants are a decent couple and to evict them and potentially have squatters trash the place makes very little sense.

[Deeps]

I'm a Landlord and a couple of the lets are close to my house but I can't foresee a situation where I'd kick the tenants out (in a SHTF scenario), if my place was untenable for some reason then I would probably either stay with friends who live close by (safety in numbers may be useful) or looking for somewhere more discreet.

If things are temporarily 'wrong' then when law and order is restored there will be repercussions to any strong arm tactics and if its a more permanent SHTF situation I might as well kiss the places goodbye, even if I turned up with the Deeds they'll count for nothing.

[bob the builder]

The only thing I can see where this might happen is if you are living say in the city and rent out a property in the country and plan to bug out to there. Personally I would prefer family / friends in the same house for safety in numbers and I think most people would be the same.

Re the banks taking back your house in major financial collapse what's in it for the banks and I know this relies on the gov but I'm sure they wouldn't want hundreds of homeless families to deal with so should stop evictions

[poppypiesdad]

Ok fair enough , but we live in the sticks and the two rentals are in towns . Totally aggree about moving them in n with with you .


J

[grenfell]

we live in the sticks and the two rentals are in towns .

J

I understand what you mean. Funnily enough at a private landlords forum run by our local council there was a speaker who said it was practically possible to plot a graph that showed how problems with a rental property increased in line with the distance from the landlord

[poppypiesdad]

And being a good landlord with well maintaind properties, and good tennants , in 12 years , ive had 3 phone calls

1 leaking toilet, ball cock , copper float had perished
2 hall light bukb gone and she didnt want to balance in ladder , and whikst fixing that
3 she told me that the cover was broken on the electric shower so she used an unisulated screwdriver to turn it on and off again whils standing in the shower .
Needless to say I gave her one of my insulated drivers and left .

no really it was fixed next day

So distance isnt really an issue as ive said 10 miles .

j

[preparedsurrey]

we live in the sticks and the two rentals are in towns .

J

I understand what you mean. Funnily enough at a private landlords forum run by our local council there was a speaker who said it was practically possible to plot a graph that showed how problems with a rental property increased in line with the distance from the landlord

From doing a lot of work for different landlords I would say distance has nothing to do with it, its all about their attitude to property up keep/ maintenance and who they put in the houses, for example I know of one landlord (who I will have nothing to do with) who lives less than 5 miles from a large porfolio of rentals, the only time he will do any work on anything is when he is forced to by enviromental health, as his properties are in such a state he rents them to anybody - who then usually proceed to trash them whilst living there then move on. I've been out to more problems in the adjoining properties caused by his lack of care than I care to remember.

I also know of one landlord who has a very very large number of properties up North, he lives 300 miles away but has a dedicated maintenance team in the area, like he says its just the nature of things that you have to do repairs and he gets someone on with it.

[grenfell]

To be fair I perhaps described the speakers comments unclearly. He was part of a group holding rental properties in Nuneaton and Coventry something like 60 odd houses as I recall. They also had a couple of houses in Oldham that were brought mainly because the price was right at the time. I should have said costs increase with distance because as he said it could be an hour and a half journey to get to those houses before even doing something as simply as changing a fuse. In a market where the object to obtain profit is the driving factor ( and let's be honest to some landlords that is the only interest) having additional time , transport or sub contractor costs reduces that profit. I hope I'm a decent landlord and live within walking distance and am able to pop round quickly if there is a problem.