Each week, we round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
As a landlord of 15 properties in North Yorks all mortgage free – let me tell you that landlords in this area do not make that return, even without any borrowing you still have void periods, rates to pay when the property is empty, ongoing repairs – tenants who do not pay (even when they have had the full rent paid to them by the council!), gas certificates, electrical checks repainting/carpeting, insurance, accountancy, agents’ fees.
One office I have empty costs me £750 per month rates – how long does that take to get back in rents – that is what the rent would be so as it has been empty for 10 months the first 10 months of rent has already gone and so has the next 2 months if agents fees so goodbye to a year’s rent.
Stop giving folks the idea that a landlord’s life is all profit. Do the calculations in the article again taking into account ALL costs.
Do not get me wrong property has been good to me or will be when I sell up AND then have to pay 28% CGT.