How to save for a house deposit 🏠

Sadly I think you are the exception.

Current landlord took 3 months to replace a fridge freezer that broke

Previous landlord left a dirty mattress in the living room when we moved in. Then charged us for it

On another note and just for interest, I once did think about changing the way in which my tenants pay their deposit, I though that overcharging by 10% every month with the view that this would allow 1 the tenant to save (by proxy) their deposit and it would give them an extra reason to look after the property, then when they leave they have however many months worth of 10% returned to them.

I figured that people pay their rent and the added 10% would just become the normal to them and it would kinda be like stealth saving.

Obviously if they don’t ever intend to move out it would be a shit deal as if just be 10% more income, but for those who do see me as a stepping stone on there way to buying a house I though it was a good idea. The only reason for this would be to help people and really not to help me line my own pocket… What do you guys think, good idea or bad idea?

How is it possible to not make money renting? As a landlord you have someone literally buying a house for you. In many cases, the rent can exceed the monthly mortgage repayments, giving you an income at the same time

That’s terrible mate, I don’t understand these landlords that behave like this although I guess you live in the city, which does always make it easier for all sorts of scoundrals to get away with murder from plumbers, joiners, landlords etc etc, they just know they have a large enough audience that someone will take their wears. I live in a small community so this is food for business as word spreads fast and being shit at what your selling just means you’ll be put of business pretty quick. On the plus side for me it means that tenants also know there reputation follows them, so I guess the size of the community up here almost makes it a self policing place.

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Don’t get me wrong I do make money but just not in the vast amounts that people think.

Seriously by the time you pay mortgage interest, gas certs, electric certs, agent commision, agent set up fees, property insurance and then roll in the ongoing maintenance it soon mounts up. I could make a lot more money but like I said I try to keep everything tip top, 1 on my houses has just had a new kitchen and bathroom installed and they are not bobby basic, they are what is pick for myself because I trust and care about my tenants,I could of bought cheap cheap cheap but that’s just not the way I operate.

However yes, down the line when/ if I ever sell up I will be seeing the benefit but as it stands I can’t knock a brick out of the wall and trade it for a bag of chips, the money really is tied up.

If it was that easy then everyone would be doing it and I think that is where lots of hobbist landlords screw up, they think it is easy money so they buy the house to rent and don’t see all the added costs so set the rent to cover the mortgage, them when an unexpected roof leak occurs they don’t have the funds to fix so do a cheap and cheerful fix which turns out to be false economy. I think it’s also essential that any landlord is a competent at DIY and again that’s where many hobbyist landlords fail.

Maybe I’m my own worst enemy…:grinning::grin::grin::grinning:

Please let me rent with you!

Agency fees are not ideal for the landlord or the tenant

We had to pay 550 per tenant for set up fees
150 for check in fees
150 for check out fees (comes out of deposit)
£50 if we don’t respond to their email asking if they can have a booking at a certain time for them to rerent the house as our tenancy is only a year

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Wow, my agents are nowhere near as bad as that, that us totally unbelievable and totally unjustified. :angry::rage:

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It would be fine but they also charge whoever the landlord is high fees as well.

I believe excessive fees are stopping soon by law? You might know more than me

I’m not sure how much it costs the tenants but I know the fees I pay equate to roughly the same as 6ish weeks rental income for a new setup and then there’s the monthly 7.5% of the rental income plus charges for extra service if required which is why the tenants all have my phone number and my full permission to call my anytime…- in fact I remember being out at a party full dressed in my kilt when my phone went, the lad in 1 of my houses had managed to pull the radiator off the wall (don’t ask) anyways it was within walking distance so I left the party, dropped at my parents to get some basic tools and popped round, granted I didn’t do a full fix but I stopped the water and got the heating working again for that night then returned to the party in desperate need for a few extra pints…the extra service costa attached to that would have been astronomic…and people continue to say it’s easy money…:joy::smiley::grin::smiley::joy::grin:

Haha yes, it’s only an issue if I happen to live to over 900 years old :joy:

I’d do it. There’s always AirBnB for when I’d like the space to be used but I’m not living in it all year.