As a roving IT contractor AND BTL Landlord, I find this interesting!
I've always rented. Why? a) Because Housing Benefit gives accommodation security in case I'm out of work, and b) so I can follow the work if I need to and c) BTL landlords have pushed up house prices so high that I could never afford a house, at least not in this part of the UK.
I never used to worry about a pension, I never thought I'd live that long. But now I'm 50, the retirement age is going up, and the outlook for a state pension in 30 years time looks pretty bleak, I've taken to saving my money and looking for somewhere to invest it. Stocks & Shares? In the current global economic environment, not on your nelly. Building society account? Only see capital diminishing in real value. Gold? Already at an all time high, probably a bad time to buy. Property? Well here's the joke:
I can't get a mortgage for a house to live in myself, but I *can* get a mortgage for a house to let to other people, so I did. That way, I can remain mobile by continuing to rent, while providing accommodation to:
2 people who were homeless immediately prior to moving in, and a series of people needing a place to stay while they sorted out other personal circumstances like marital breakdown. Not *all* BTL landlords rent to people who have such a level of need, but most of the ones I've met *do*.
Put me up against the wall if you must, but you'd have on your conscience the fact of making my 5 tenants homeless.
PS After 10 years of working with various 'idealists' to set up co-operative housing, I am completely disillusioned by the fact that 'idealists' who rail against landlords quickly lose their ideals when they realise the potential profit to be made from letting their units in co-operative housing.
Biting the hand that feeds IT
