Rentals for freeloaders

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
28/03/2010 17:34

Are everybody crazy on this site that are looking to rent their properties out!



The rents people are getting for long term lets, etc. are basically dog turd. On top of that you are not garaunteed that people will pay up! Eg; £275 a month (including maintenance) for a 3 bed apartment fully furnished is a joke. You could get more than that for a bed sit on a dodgy, crime ridden estate in salford!!



Property owners should get a bit of backbone and tell the freebie hunters that they'd rather leave em vacant than rent for the current prices. Before you know it owners will be asked to pay people to stay in em so as not to leave em empty.

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
28/03/2010 17:48

To have some income is better than no income. If it goes to paying for your villa/apartment then get it. The consumer leads this market, and if your rents are to high they just won't bother.

A house in my street was up for £80,000. It sat on the market empty for 2 years. It was eventually repossessed by the building society and was sold at auction for £55,000. When I moved here nearly 2 years ago I paid £60,000 for my house, so them getting £80,000 was going to be impossible.

By the way, North Cyprus isn't Salford. North Cyprus is place of quiet and tranqulilty where people goto rest, not live a fast paced life in a busy inner city. Now if you compared North Cyprus to Phuket in Thailand, then your analogy would be more accurate.

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
28/03/2010 18:04

Actually one of my mates has just had a place built in Phuket. 4 bed villa on complex (amazing standard, sleeps 8) costing £80K. He's renting it out for £650 per week. The build quality is far better over there than in TRNC and you can still pick up a condo for less than £20K, so basically your analogy is also off the mark!



Non-property owners settling in TRNC want the best of everything. They want 10% interest on their savings and pay nothing for rent. They have quickly come to the rightfull conclusion it makes more financial sense to do this. No worry of maintenance, upkeep or anything. £100K gives around £10K a year in a bank. People, at present, can rent places worth £100K for less than £4K pa. All I'm saying is owners should get a bit stronger and not put up with people renting places out for peanuts.

MaggieAndBernie



Joined: 26/07/2008
Posts: 2012

Message Posted:
28/03/2010 18:06

Middlestubbo "Before you know it owners will be asked to pay people to stay in em so as not to leave em empty."

That is exactly what I have just done - I am paying a friend to 'caretake' my house while I'm away in UK. I will have peace of mind that my garden will be watered and know I'm not coming back to a vandalised electric meter box like last time I went away. A property is much better occupied than empty - especially in the winter!

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
28/03/2010 18:10

Maggie&Bernie



So what you are saying is that you are paying someone to live in your place while you are in UK?

greenman


Joined: 16/02/2008
Posts: 526

Message Posted:
28/03/2010 18:20

Middlestubbo, It would appear to me that you have found the secret to making money, but sadly not the meaning of life. Not everyone is driven by the need to increase their bank account. If that is important to you then I would suggest you are on the wrong message board. Like your mate you should consider Phuket.

Diogenes


Joined: 12/11/2008
Posts: 139

Message Posted:
28/03/2010 18:22

Yes, middlestubo, that is what they are saying!



The market dictates the price.

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
28/03/2010 18:51

Greenman, I've got a property but not for rental. If your refering to keeping your capital in the bank, it appears that most people settled over in TRNC have found the same meaning! Isn't that one of the pluses to living in TRNC?



It's the uneducated owners that don't realise the value of there own property and the renters taking advantage. most people who rent the'r's out probably don't state in their insurance policy it is to be Let out.



Diogenes, go to dubai and you are looking for rents of around 8% rental yield. A lot of places are left vacant because of oversupply, but owners don't reduce the rent to 4% because as you know, once 4% it will then be 2%. Owners over there remain strong and refuse to rent out for reduced rates as that brings down the whole property rental market....... exactly like what's happened in TRNC!

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
28/03/2010 19:55

Good luck with your theories about Dubai. A lot of places there are vacant because of overpricing and under supply, try actually living there and owning or renting before you make statements about it. The majority of Dubai investors purchased expressly to sell on at profit and did not decide to rent out because it would mean being tied into rental agreements which the rental commission of Dubai normally sided with the tenant in a dispute if you were non-emirate.



Market rates are what drives rental prices not whether you think it is right or not. If you feel so strongly about it, invest all your money in property and then don't rent it out for less than you think it is worth and see how many takers there are when the rest of the landlords are willing to accept what renters are willing to pay.

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
28/03/2010 20:27

Hi proger1



Agree I with your points about dubai, but with the market over there flat (nothing selling) people are chosing to rent them unfurnished for a healthy 8%. They are not willing to rent them out for anything less . It's not worth the hassle. There is nothing worse than having to sort out probs with the unit if you are a £500 flight and 6 hour flight away. People aren't prepared to do it for nothing. All I'm saying, and going off past experience with renting houses out (in the UK), is that once a lease is up you never get them back in the same state. It can cost a fair bit to put right. I don't think people renting their villas out realise this, that's all.



I admit that I did buy in TRNC as an investment and would consider selling when the market is right and the best way, in my view, to keep it's value is to keep it a good condition. For the time being I'm enjoying holidaying there and having a good time.

Diogenes


Joined: 12/11/2008
Posts: 139

Message Posted:
28/03/2010 21:34

First of all, not every person who rents out a property is a six hour flight away. Secondly, the cost of wear and tear on a property can be negated by the fact that a property not lived in can deteriorate over time. Thirdly, who is freeloading? How can you compare the economy in Dubai to TRNC? Do you know what the minimum wage is here? How do you expect people who earn a living here to rent on an inflated price of a rental property?

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
28/03/2010 21:36

And if by chance you were renting out to a tenant at the time of the market becoming buoyant again and you decided to sell, what protection does your tenant have, there is no legality to a contract but you would expect high rates with no safety net. Admittedly the market prices are low but that is the way the situation here has formed them to be.

In the end it will always be a personal choice of the landlord and in your case I believe that your expectancies are too high for the market here, maybe if the political situation improves and there is stability there is a chance that what you hope for will become a reality however if the conditions here do reach that point bear in mind that one of the first signs will be the banks re-opening mortgage possibilities and then I would assume that many of the tenants will prefer to be owners. Then it may be difficult to get any tenants at all.



Paul

lancashirelad


Joined: 18/09/2008
Posts: 74

Message Posted:
28/03/2010 22:50

middlestubbo, while it's interesting to read your opinion (to which we are all entitled) it is blindingly obvious that you have no business sense or training

If you had either of those, then you would not be dispensing financial advice for free on a forum, you would be selling it for hard cash!

Everyone knows that in this world you don't get anything that's worth anything for nothing

And free advice generally falls into this category

with the minimum wage in trnc set at around 1200 tl a month, who can afford to pay the rents that you are suggesting?

This isn't Dubai!

People are lucky - damn lucky - if they have a WATER well on their land - you're talking as though they have OIL wells!

I see from your earlier posts that you are 'skint' (unsuccessful?) and unaware even of the tax legislation regarding property rental

I'm sorry, but I can't see many people paying much attention to such uninformed, inexperienced, amateurish advice (even if it's free)

Respectfully yours, Fred

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
28/03/2010 23:03

Maybe I have missed something, but I can't see the reason for this thread. For a young single chap living in Manchester to suddenly get out a large 'property' wooden spoon in relation to life over here seems a bit out of place. Rents here are now ridiculous to what they were, for as someone said, average wage of around £500 a month sterling, rules out anything but the lowest of rents.

I would LOVE to go and rent a flat in the middle of town, but don't have the money to do it. We don't get u.K income, and so one should not expect U.K. prices. Unfortunatley to the influx of Brits who bring 'British' heads with them, a false scenario has been created here of unaffordable rents, not only for homes but also for businesses who can hardly earn enough to pay the rent on properties, let alone pay staff and make a profit.

So, again I ask why this thread is being posted. For whose benefit? To improve our life here, or to make us all turn into greedy toads with no respect for others

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
28/03/2010 23:06

Well maybe I COULD afford to move to town. Is this 3 bedroomed, fully furnished flat at £275 a month going? Maybe I could get £400 a month for my home with jacuzzi, sauna, and 5 showers - cos that is about all I could get! But I am not complaining - who is! Barrow boy tactics are always proven the best - a steady income, consistent and reliable is much better than trying to make a fast buck.!

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
28/03/2010 23:26

MarieB, in my completely unfounded opinion this poor chap sounds like he took some bad advice and bought property hoping that through rental he could maintain the 8 to 10% property value return return that is boasted in some countries.

Ironically he has mentioned Dubai where I can assure you that the majority of property owners are in dire straights because the country went insane with rental increase.

When the government has to pass laws that rent increase must be capped at 14% then 7% and then 5% and only on a bi-annual contractual increase it is fairly evident that greed has taken over common sense. It still didn't work but it did help slightly.

The country has I believe in the region of 6 billion USD debts for home and business loans that it can not pay back at the moment but the landlords were doing wonderfully until it peaked and prices have on average dropped 50% for apartments, again it looks like false information has been passed out

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
29/03/2010 00:11

Yup! And I remember all the adverts here about 5 years ago (or less) that stated 'Guaranteed 8% return' and I remember thinking to myself 'Geroff....... no way can anyone 'guarantee' that - not out here. But of course, people wanted to believe it, so maybe our Young Single, Unhappy chap from Manchester is one of those.



But some of us are content with the life style here and don't want high artificial prices. Just been looking at property in Australia and that has gone through the roof, and people ARE getting good returns, but then they all earn more money than you can in N/Cyprus as an employee.



Most countries which offer property deals go sour - Spain, South America, Dubai, Cyprus (south) and many other developing places, so it is the old, old story - unless you can afford to lose the money - don't do it!



Me, I have nowhere else to go and maybe the other places in the world are glad about that.And maybe my friends here are glad to have me stay. But not for the money!

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
29/03/2010 00:44

I think that rents are low as they have to mirror the economy and earnings potential in the TRNC. There are however some people who think they should rent your place for peanuts and do not realise that there is tax,insurance,bills p.m. fees and maintenance to pay.

On principal i would rather leave it empty and have a good p.m. company to keep an eye on it than rent it out to Joe Bloggs for peanuts..................

middlestubbo


Joined: 24/04/2008
Posts: 31

Message Posted:
29/03/2010 01:44

Lancashire lad; how sad to read all previous posts!! It's lucky I've not posted many, but judging by your response I think I have hit a nerve. Don't worry fred I'm not going to read any of your previous. It's just a shame that you resorted to getting childish and imature with your personal gripes.



MarieB, banks were giving out 18% not twelve months ago, and with a the drop in interest and increase in rent I can understand why you are feeling the pinch. People should not have used the past interest rate as a bendmarch as to how much money they will earn in order to liver out here in luxury. It's an easy trap to get into, with the YTL being stable (or there abouts) to the pound it looked like a win win situation. Additionally, I'm content with my single life so feel no need to say anything bad to you (it seems most threads on here end up a slanging match)



Blackpoolfan, I'm with you pal

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
29/03/2010 06:43

In reply the other end of the scale is a supposed friend of mine was lookung for a house to rent i found one they moved in with a contract and havnt paid a penny in 2 months. I feel terrible for the landlord who is a lovely guy. The tenants are english and quite well known here.

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
29/03/2010 18:39

I know what you mean about rotten tenants - I have had them. We left our flat empty for months on end, rather than rent out because of the hassle of clearing out our stuff until we came over (from Australia) and in spite of having an agent, we had some fairly bad experiences. So, I can fully understand leaving it empty. But I think if you buy here to make money you are making a mistake.

We don't have money in the bank on high interest rates - it must be great for those who did for a short time, but I honeslty think that one of the big mistakes that people make is that because of the British past and the current British presence, this is a 'Little Britain'. It ISN'T.

As for slanging matlches here - no it isn't on. Ev eryone has a view point, but one must recognise that those who can come over here on holiday and enjoy the good things of this place, must not be compared to those of us who live with the 'warts' 52 weeks of the year.

As to tenants not paying, it is a shame that it

Maz


Joined: 29/03/2009
Posts: 1924

Message Posted:
29/03/2010 18:41

(I started so I will finish...) .... a shame that it is not Britain in many ways, as there are procedures one can take in Britain that are denied here. Again it is a quesiton of recognising what is and living with it! Of course, if one wanted to be 'strong' then throw out the tenants, change the locks and let them find somewhere they pay the rent or leave the country.

Or what reason do they give for non payment of rent? Any?

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
29/03/2010 19:02

The legal framework in the TRNC does nothing to encourage people to take the risk of renting out their empty properties. It is far too easy for a tenant to move in, stop paying the rent, run up huge utility bills leaving the owner liable, damage the property, upset the neighbours and stay put for years.

littlejohn


Joined: 09/03/2009
Posts: 316

Message Posted:
30/03/2010 01:12

Message22 - you lot are gradually turning the place into "little Britain" much as happened in Spain and many other places.

As I have said in the past you are spoiling what was once a great place for a holiday - a little corner of paradise.

Look at the state of the place now with endless unfinished estates of badly built and often ugly developments.

And you lot bleating about rental rates - I despair.

And those of you who have bought do not know where you stand!!!

Clear off back to the country which is also is being spoilt by your sort!!

Did someone mention barrow boys !?

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
30/03/2010 08:00

Littlejohn

I think that you are being a little unkind about the comments made at message 22. Marie is clearly commenting that, unlike the UK, no protection is given to a landlord here in the TRNC - hardly turning the place into 'Little Britain'. As for blaming Ex-pats for the raft of unfinished properties, yes they fuelled the requirement for more properties but it was local developers who saw the chance to make a fast buck and have systematically ripped off buyers by promising developments that they have failed to deliver.

I assume from your comments that you don't live here so I can only apologise on behalf of all ex-pats who have invested hard earned money in this place if it has 'spoilt' your holiday destination. Maybe you should try to find another 'unspoilt' corner of the world and take yourself there instead.



Just a thought



Paul

Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
30/03/2010 16:19

Message 25

Perfectly and respectfully put sir...........



Littlejohn



What an utter load of tosh!! Can i suggest that you "Clear off somewhere else" to blame the property issues on the brits is without substance, some people i despair................