What is renting like?

[AustrianAndyGull]

My other half and i have been talking, an extremely rare occurrence, in fact rarer than a goalscoring opportunity away from Plainmoor. I say 'other half', i'm not married and never will be but that's another story, i'm not one of these people who has mistresses and stuff. Christ, if i had a mistress she'd have to be registered blind and on the register too! Anyway, let's just say that a lengthy discussion has taken place in AustrianAndyTowers and we reckon we are likely to move down to Devon, Dorset or Cornwall in another year and a bit or so. So obviously as house prices aren't worth worrying about because there ain't a hope in hell i'll ever get anywhere NEAR owning my own home unless i win the lottery it will have to be a rental property. Now, as someone who has been buffered a little for the last 10 years by receiving subsidised housing from employers, to suddenly go into the rental market feels a bit weird.

I would like to know if any of you out there are renting currently and if you like it or not. Obviously we'd all like to own our homes but most can't so is renting ok for you? What problems have you encountered and is it worth it? The positives i can see are that if you live next door to some total arsehole or oddball then you can easily uproot and move whereas if you have a mortgage your stuck a little. Also if the boiler breaks or whatever then the landlord has to come and fix it. So if you would be so kind, is renting ok for you? What problems have you had? And where are the decentish areas to rent?

Just think, AustrianAndy could be at a home game near you! EVERY HOME GAME! I WILL GET A SEASON TICKET AND GET IT HOME AND LOOK AT IT FOR HOURS! IT WILL BE SOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO AMAZING BEING A RESIDENT OF THE SOUTH WEST , FINALLY! WE COULD ALL BE A BIG HAPPY FAMILY! OK that maybe is going a bit too far but it would be great. AND as i have relatives and friends oop north i could go to most away games too and kip over for the weeked too!!!!!!! Toilet, toilet quick!! I've just wet myself!!!

Plus, if you went through a lettings agent, which one and would you recommend them?

[cambgull]

Myself and my lady friend currently rent. I've not had a problem with it but we've been very lucky with good landlords. Our current one owns a nearby petrol station, whenever we have a problem, there is a handyman who arranges plumbers/electricians to fix anything.

[AustrianAndyGull]

Cheers Luke

[bengull]

People generally don't like letting out to loonies or the borderline insane mate.

I fear this may be where your plan hits the rocks.

[AustrianAndyGull]

I'd stump up a big wedge for rental in advance, they'd soon change their mind, money talks. I might even be able to get a 5 bedroomed b*astard house with a buck rogers toilet, laquered egg tree, gratis, and room to swing a tiger in.

[AustrianAndyGull]

oh, and an extender.

[bengull]

Just make sure there isn't a school for the deaf nearby!

[AustrianAndyGull]

I think we're on the wrong thread mate!


They're just deaf though right? Not deaf offenders?

[Gullscorer]

You may be lucky and get a good landlord (or lady). But many landlords (and a few letting agencies) are b.....ds, and will demand a deposit which, at the end of a tenancy, will find every excuse possible not to return. Oh, and avoid landlords who demand and require the rent to be paid weekly/monthly in cash; they're probably fiddling their tax.

If at all possible, buy, even if it's the cheapest one-bedroom leasehold flat, or an old camper van in the corner of a farmer's yard. Why pay rent money which you will never see again, when you can pay it off a mortgage, and, when you move on again, you can sell and get your money back.

[AustrianAndyGull]

Cheers for that GS, buying isn't an option and if i was without child i would definately consider the campervan option!

[SteveDeckchair]

I've always rented as I can't afford a house deposit and I've generally had good experience with both private and letting agents. Like buying a car though, it can be a bit hit or miss. I highly recommend 'Torbay Accomodation Bureau' as the manager (Mark) is really helpful and approachable. They have a website and are a small outfit but I have nothing but good things to say about them.

Lettings agents will usually require more payment up front, but generally you can rely on them to sort out any maintenance issues with the owner. Rather than you doing it yourself. The rent is usally a bit higher with lettings agents as well though as they need to make their cut.

You will usually pay 1 month in advance plus 1 month deposit as well as a £250 ish one-off references and inventory cost (joining fee if you like). The inventory lists all defects to the property, so unless you cause damage other than 'normal' wear and tear, there should be no reason for them to withold your deposit. Nowadays it should be placed with the 'deposit protection service' which has rules against witholding any amount unfairly. If your landlord/letting agent doesn't use this service, I would steer well clear.

I would take photos of any defects (scuff marks, burns etc on carpets, paint and wallpaper) when you move in and make sure the agent is aware of them from the outset.

If you go private, I would ensure the landlord has a number of properties as I have been messed around by the owners wanting to sell, move back in etc. If they have plenty of properties, you are less likely to be moved on due to the above.

If you are able, I would take a drive around the area you want to move to late at night. Get a feel for how noisy it is, how many ASBO kids are roamng the streets. You should also speak to people in the area to get a feel for it.

Drop me an email if you want to know anything else, I've had a lot of recent experience of moving home and can even recommend a decent man with a van based in Torquay!

[AustrianAndyGull]

Hey Steve, there is some really useful information in there for me thanks so much mate and thanks for the offer of any more further assistance, it is most appreciated. It's a shame some members consider posts like these annoying but i had a genuine query which i know blokes like you will be more than happy to come on and help me with instead of having a go because the post isn't about the in's and outs of Torquay United. Have a good day mate!

[happytorq]

Why pay rent money which you will never see again, when you can pay it off a mortgage, and, when you move on again, you can sell and get your money back.

While I can see the advantages of owning a home, I don't think this is one of them. Unless you can pay the whole cost of the property up front (extremely unlikely), you're going to have to get a mortgage, which in most cases will end up costing you twice the sale price of the house. So you're essentially "paying money you'll never see again" here as well.

As already said, renting can be very hit-and-miss. It depends very much on your landlord. I was lucky in the Torquay because my landlord was the MP (I rented the flat above their office in Belgrave Road) and it was a steal. Renting can be a nightmare if you have pets - the beauty of owning is that you're free to do pretty much whatever you want to it.

One final thing - a couple of things here (USA) are different; first, if you're renting you're not responsible for the 'property' tax (i guess it's the equivalent of the council tax). Of course, that's probably taken into account in the amount of rent you have to pay. On the flip side, interest on mortgage is tax-deductible, so most people who are paying off a mortgage end up with a pretty hefty tax rebate each year (especially early on in the mortgage because of amortization) - that encourages people to buy sooner than they can probably afford to.

[edit - I'd missed out the word "here" which led to some confusion]

[Gullscorer]

I didn't know that mortgage interest is tax-deductable. I may be wrong, but my understanding was that this ended some years ago, so you pay the full interest.

In most cases the tenant is responsible for Council Tax, though if a flat is not self-contained this would be included with the rent with an appropriate Rent Agreement.

A mortgage is like any other loan in that you pay interest on the loan, plus an amount to gradually pay off the principal. Your home is collateral for the mortgage loan, so if you don't keep up the payments the bank can apply to seize the property which it will sell to recover the debt. Similarly, if you don't pay your rent the landlord can ultimately have you evicted.

The advantage of owning (assuming you've managed to save up for the deposit) as opposed to renting, is that once you've paid off your mortgage you will own your home. Obviously, the bigger the deposit the smaller the mortgage you'll need. Okay you will have paid out mortgage interest instead of rent which you will not see again, but after a period of years you will own an in asset which you can then sell for a sizeable sum, unless there has been a rare dramatic and sizeable collapse in the housing market, as happened during the government of Margaret Thatcher, which left a lot of people with 'negative equity'. Fortunately, such housing/property bubbles are extremely rare and you'll probably never end up with negative equity, but in any event, once you've cleared your mortgage there's nothing more to pay, whereas rent is forever.

[Gullscorer]

Regarding rented accomodation, rather than renting privately, it may be worth applying for Local Authority/Housing Association accomodation as, in addition to renting, you could apply under the Shared Ownership Scheme, whereby you rent, say, half the property, and buy the other half with a mortgage, a possible option if you cannot afford to buy outright as it would require a much smaller deposit.

In addition, there are flats available for 'key workers' such as those needed for essential services. These aren't necessarily cheaper than privately rented homes, but there may be other advantages.

You can get advice and information from the CAB, local authority offices, banks, building societies and letting agencies. Also check out these websites:
http://www.sha.co.uk/sha_home/our_homes ... dents.aspx
http://www.westcountryha.org.uk/wha
http://www.sanctuary-group.co.uk/Housin ... /Home.aspx
http://www.torbay.gov.uk/index/yourservices/housing