Angry Ram Posted July 11, 2018 Share Posted July 11, 2018 1 hour ago, StivePesley said: That's easier said than done. My in-laws are both self-employed and have no pensions, so bought a property to rent. They regret it as it's been a never-ending shambles. Started off with private tenants, who turned out to be awful and didn't pay the rent - then eventually disappeared, leaving the house a bomb-site. They then paid a fortune to get it all properly tarted up and went with a letting agency to try and take some of the stress out of it. The letting agency then condemned the boiler and made them replace it. Got a new tenant who said she wanted to live there long term. The mythical "decent tenant" they thought. 4 months later she moved out unnanounced and they discovered that she had taken the fridge, oven and washing machine with her and replaced them with (much) cheaper versions?! Next up was a respectable family with young kids. They had to be better right? The 6 month inspection ended with them being evicted. The kids had trashed everywhere, broken doors, marker pens all over the walls, burns all over the wooden worktops fron hot pans -carnage. Cost them more than the deposit they kept to fix it all up (again). After that they had some "young professionals" - who seemed OK for the first 6 months, but after that they seemed to descend into regular parties and mayhem. Neighbours complained, all got really stressful and they ended up kicking them out too Now they have new tenants who seem OK so far, but have just discovered knotweed in the garden, which is spreading from next door.... Ironically it was supposed to be there pension, but I suspect it will be the death of them Proceed with caution - if you don't think you can handle the stress of any of the above, don't do it Don’t rent in Nottingham then.. Always a risk though, good and bad out there.. My brother in law has a brilliant tenant, so good he has never put the rent up as she keeps the place pristine.. Link to comment Share on other sites More sharing options...
JuanFloEvraTheCocu'sNesta Posted July 11, 2018 Share Posted July 11, 2018 I pay in to my workplace pension and a private one, no idea if combining them would be a good idea or not. I am 29 so not in too much of a rush but the earlier you sort it the better. Having said all that I will be lucky to live long enough to retire, it's currently 68 provided that doesn't slip out even further or I win the Euromillions in the mean time. Link to comment Share on other sites More sharing options...
Stive Pesley Posted July 11, 2018 Share Posted July 11, 2018 1 hour ago, Angry Ram said: Always a risk though, good and bad out there.. My brother in law has a brilliant tenant, so good he has never put the rent up as she keeps the place pristine.. That's the holy grail of tenants! Link to comment Share on other sites More sharing options...
Boycie Posted July 11, 2018 Author Share Posted July 11, 2018 2 hours ago, JuanFloEvraTheCocu'sNesta said: I pay in to my workplace pension and a private one, no idea if combining them would be a good idea or not. I am 29 so not in too much of a rush but the earlier you sort it the better. Having said all that I will be lucky to live long enough to retire, it's currently 68 provided that doesn't slip out even further or I win the Euromillions in the mean time. One thing you’ll never hear a financial advisor say. ”no, you’re paying enough into your pension and there’s nothing I can try to sign you up to” ? Link to comment Share on other sites More sharing options...
Day Posted July 11, 2018 Share Posted July 11, 2018 If you had a second property, wouldn’t it be better to let it out with Airbnb over short stays, maximum 7 nights. They have host protection insurance which covers any damage. With it being short stay you would hopefully avoid the damage which can be caused by long term tennants and none payment of rent. Need a house in a decent location mind you, tourist area or in the city. Link to comment Share on other sites More sharing options...
Joe. Posted July 11, 2018 Share Posted July 11, 2018 5 hours ago, David said: If you had a second property, wouldn’t it be better to let it out with Airbnb over short stays, maximum 7 nights. They have host protection insurance which covers any damage. With it being short stay you would hopefully avoid the damage which can be caused by long term tennants and none payment of rent. Need a house in a decent location mind you, tourist area or in the city. A lot more work involved with holiday lets , cleaning, maintenance, checking people havent nicked stuff each week Link to comment Share on other sites More sharing options...
Day Posted July 11, 2018 Share Posted July 11, 2018 8 minutes ago, Joe. said: A lot more work involved with holiday lets , cleaning, maintenance, checking people havent nicked stuff each week A lot more money to be made as well. Get a regular cleaner on board. Don’t leave owt in there to be nicked. Plus Airbnb insurance has you covered if they nicked the house. Link to comment Share on other sites More sharing options...
Rev Posted July 11, 2018 Share Posted July 11, 2018 5 hours ago, David said: If you had a second property, wouldn’t it be better to let it out with Airbnb over short stays, maximum 7 nights. They have host protection insurance which covers any damage. With it being short stay you would hopefully avoid the damage which can be caused by long term tennants and none payment of rent. Need a house in a decent location mind you, tourist area or in the city. Better tax treatment for holiday lets too, but you can't use a BTL mortgage on a holiday home, so you need cash outright. Link to comment Share on other sites More sharing options...
Day Posted July 11, 2018 Share Posted July 11, 2018 15 minutes ago, reveldevil said: Better tax treatment for holiday lets too, but you can't use a BTL mortgage on a holiday home, so you need cash outright. Just a weekends work for an electican, isn’t that right @Boycie? Link to comment Share on other sites More sharing options...
Boycie Posted July 11, 2018 Author Share Posted July 11, 2018 Aye up, sod off with your second home and holiday homes!! Pensions! bloody Croatia Link to comment Share on other sites More sharing options...
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