Another cowboy found.
- Thread starter ProDave
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You missed out my reply? Think you accused me of jumping to conclusions. Do you still think I am?
I stated at the begining I'm not looking for EICR quotes as I'm extremely happy with the electrician I'm using.
I was curious at what a sparky charges and what is involved with the test. From the 3 people who have had the balls to state a approx time the test takes we have a massive difference of opinion and obv costs. You state you want landlords to take responsibility for knowledge about these tests but how do they do that when the electrician can't agree on it.
It's always easy to blame others init
At best you're a troll
I thank you for your opinion.
but I never asked you specifically to give a time/cost you were happy to give it. Then you accused me of giving wrong information which it was there for you to read them accuse me of jumping to conclusion when again. It was in the thread. Now because I disagree with your post your calling me a troll.
Strange really
If you are happy with the electrician you are using why are you here making the requests and comments you are
You are baiting for an argument and I agree with Murdoch regards you being a troll
Because you said you want landlords to take responsibility and learn. Make your mind up. Do you want us to learn and take responsibility which if it's yes then educate me with something that's across the board not the vast difference I'm getting from the thread.
If it no then fair enough. Leave it to genuine posters who want to discuss it rather than dictate it.
I thank you for your contribution either .way
If it no then fair enough. Leave it to genuine posters who want to discuss it rather than dictate it.
I thank you for your contribution either .way
Sharpend
"It Just Is"
Perhaps if Landlords actually had regular EICR’s done at the correctly advised timescales and actually paid an interest in their properties other than seeing them as a cash cow then maybe they would get more of an idea of what’s involved and the permutations of time and costs?
I cant say for other landlord but in the past I have the reports done on every property when I buy them and also when the tennant moves out as I once had 2 polish lads remove the light fittings and install chandelier type fittings. Only 2 of the 4 installed worked.
Other than that it's 5 years as stipulated.
I think if you thinking property is a cash cow you have been watching to many news channels. Go back 10-15 years then maybe so but the government have hammered landlords mainly because of the reputation of the cowboy landlords and all that happens is the rent goes up to cover the fees the government are imposing. I don't have the figures at hand but the latest landlord figures were published and you would be surprised on the costs compared to the return. As a ball park if you say a sparky earns 50k take home per year. I would need to own 17 property's to get that return. Yep close to 2 million pound of property to get the same return.
As your asking me to be educated regards electrical work, Don't believe all you read in the news
So you have less than a 2½% yield on your property, makes me think don't believe anything you post. All the landlords I know are looking for a minimum of 5% with some properties (HMO) having a yield of 10% anything less and it doesn't make it worthwhile
Haha what's yield got to do with my post?. And there's no possible way to work a yield from what I told you.. so once again another poster open their mouth impling my post is dishonest without knowing any facts.
Hears some sums for ya if you want to work the yield out and then come back and tell me it's 2 1/2 %
100k house.
3% tax £3000
Rent £725pcm. (9k py)
BTL at 5.39% £337pm (4050 py)
insurance £280plus
gas and electric tests. £320
9% letting agent, £65pcm (£780py)
solic fees. £1000
Broker fees.£ 495
There plenty of other fees like carpets, decor, council tax whilst empty, ect.
To make it easy a property like about over a 5 year period would be AVG around 3k per year. You have the info now tell me the yield.
Hears some sums for ya if you want to work the yield out and then come back and tell me it's 2 1/2 %
100k house.
3% tax £3000
Rent £725pcm. (9k py)
BTL at 5.39% £337pm (4050 py)
insurance £280plus
gas and electric tests. £320
9% letting agent, £65pcm (£780py)
solic fees. £1000
Broker fees.£ 495
There plenty of other fees like carpets, decor, council tax whilst empty, ect.
To make it easy a property like about over a 5 year period would be AVG around 3k per year. You have the info now tell me the yield.
yes, you may need 17 properties to get that 50k per year profit from them, however once the mortgage is paid off (at the renters expense), then you also have the properties which you could then sell for more profit...
the entire housing market is pretty much screwed because of landlords buying homes then renting them out. those renting never get to own (despite basically paying the landlords mortgage), whilst the ladlords get to own even more proprties...
^^
I’ve been off the opinion for a long time that interest only mortgages, available to landlords but NOT too first time buyers has just acted to drive prices up
If all BTL landlords, who need mortgages, has repayment mortgages, BTL properties simply wouldn’t produce the returns so they wouldn’t hoover up properties, driving the prices up, and would probably drive prices down
I’ve been off the opinion for a long time that interest only mortgages, available to landlords but NOT too first time buyers has just acted to drive prices up
If all BTL landlords, who need mortgages, has repayment mortgages, BTL properties simply wouldn’t produce the returns so they wouldn’t hoover up properties, driving the prices up, and would probably drive prices down
The mortgage doesn't get paid off m8. It's interest only. It would be around £900 if it was a repayment which no portfolio would survive those costs.
There is also capital growth which would be applicable if I sold them. But the last budget has decided to take a chunk of that.
You say it's the landlords fault for the housing market and the renters can't get on the ladder.
Ok let's take the 100k house Mentioned above.
All I can get is a 75% mortgage so that means I need to put down 25% of my own cash. Plus for the privalage the bank's charge me 5.39% for a 5 year fixed BTL. A first time owner can get 90% mortgage 5 year fixed at 4.79% so they only have to put 10k down. As a repayment that equates to about £700 per month.
So if they can afford the rent why are they not buying.
Then people say landlords are driving up the house prices by buying up all the properties. Well we have seen from above above it's a level playing field with rent/mortgage payments.
From all the property in England about 18% are rented. From that 18% less than half are private landlords.
The social housing have just had a price cap on the rents by the government. Why have they fixed it. Because 85% of the social houses don't pay full rent. It's made up from the local councils. Via benefit payments.
So they fix the social housing at 7% and they are calling for private rents to be fixed for next 12 month...
What do you think would happen if their wasn't private landlords. What would happen of tomorrow they all decided to put the properties up for sale? Where would the 5% do? The government don't have the houses for them. For personal reasons or circumstances a majority choose to rent over buying. And the revenue the private sector makes the government is a huge amount per year.
Apologies. I've edited the post as it's 18% not 11% renters in UK. Approx 4.4 million gouses
There is also capital growth which would be applicable if I sold them. But the last budget has decided to take a chunk of that.
You say it's the landlords fault for the housing market and the renters can't get on the ladder.
Ok let's take the 100k house Mentioned above.
All I can get is a 75% mortgage so that means I need to put down 25% of my own cash. Plus for the privalage the bank's charge me 5.39% for a 5 year fixed BTL. A first time owner can get 90% mortgage 5 year fixed at 4.79% so they only have to put 10k down. As a repayment that equates to about £700 per month.
So if they can afford the rent why are they not buying.
Then people say landlords are driving up the house prices by buying up all the properties. Well we have seen from above above it's a level playing field with rent/mortgage payments.
From all the property in England about 18% are rented. From that 18% less than half are private landlords.
The social housing have just had a price cap on the rents by the government. Why have they fixed it. Because 85% of the social houses don't pay full rent. It's made up from the local councils. Via benefit payments.
So they fix the social housing at 7% and they are calling for private rents to be fixed for next 12 month...
What do you think would happen if their wasn't private landlords. What would happen of tomorrow they all decided to put the properties up for sale? Where would the 5% do? The government don't have the houses for them. For personal reasons or circumstances a majority choose to rent over buying. And the revenue the private sector makes the government is a huge amount per year.
Apologies. I've edited the post as it's 18% not 11% renters in UK. Approx 4.4 million gouses
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You do realise interest only mortgage are available to first time buyers! They don't take them up because they have higher rates (like BTL mortgages) and need 25% deposit.
And repayment mortgage are available to landlords but the rent would be so high it wouldn't be worthwhile doing it and this would drive out the private landlord. If you want that where do the people who are renters going to live. Not everyone wants to own and for personal reasons not all can
Sharpend
"It Just Is"
The possible main reason private renters don’t buy is because they might be able to afford the rent but they can’t get the deposit together on top of that. So they become stuck in a cycle of saving what they can but chasing ever increasing rents? The reality is if it wasn’t worth being a landlord then most wouldn’t would they?
On a day to day basis perhaps being a landlord isn’t as cost efficient as you’d like, but let’s face the truth you don’t buy to let because you want too you do it because the price of your capital is in this world is practically guaranteed to increase and that’s what you are really after at the expense of someone else paying for the property.
So your comparison to a sparks avg wage is irrelevant because year on year that wage is worth less. Hence why the turmoil with all the strikes of today l, the avg paid person is fed up with being pissed all over and still expected to bail out the rest.
On a day to day basis perhaps being a landlord isn’t as cost efficient as you’d like, but let’s face the truth you don’t buy to let because you want too you do it because the price of your capital is in this world is practically guaranteed to increase and that’s what you are really after at the expense of someone else paying for the property.
So your comparison to a sparks avg wage is irrelevant because year on year that wage is worth less. Hence why the turmoil with all the strikes of today l, the avg paid person is fed up with being pissed all over and still expected to bail out the rest.
only if the buyer has a large income AND a substantial deposit
which is the point I made
and hence why prices would fall
I don't disagree with that. We all go to work to earn money and your right BTL is all about the capital. Though it's a long way down the line.
You also mention people are stuck in a loop chasing a deposit whilst rents are increasing. Imo most people save a deposit, then buy a house. They don't rent a house then try to save a deposit.
Sharpend
"It Just Is"
Really? Many people rent for many reasons and invariably get caught in the trap of earning enough to pay the bills but not have the excess to save. So what do you want them all to do move home to their parents just so they might be able to save some money for a deposit? How long do you think it would take a person on an avg wage to save a 5-10% deposit on avg price house?
The income for a interest only mortgage is 1 of the applicant's earns 25k. since min rate earns about 20k it's not exactly a high income.
So your convinced house prices would fall if landlords were out of the market. Work this one out then.
Since covid house prices have risen about 29%
In the same time the amount of landlords has dropped from 21% to 18%.
Hears one to get your mind around. The government for the past 15 years have quoted they need over 300k new property's building every year to meet the demand. Why when we have 6% spare land to build on and the workforce needed to complete these property's (easily) why are we never meeting the target?
