RENTING A HOME IN YOUR 20'S: THE STRUGGLE
More than 400,000 Londoners struggle with paying their rent; either completely or on time. Londoners on a strict budget and a low wage are forced to cut back on essentials like clothing, food and more materialistic things like internet and TV subscriptions. Those completely unable to pay their rent are finding themselves on the streets or moving back in with their family so what exactly is the future going to be like for our children?
My parents own two houses and are currently renting one out in East London. It's in a very over popular and diverse area of East London which means we have never have any problems in finding renters. Being a landlord means my parents are able to make that extra money on a house that none of us live in. This is a scary prospect but with reliable and cheap landlord insurance it means my parents are completely covered against any problems that should occur with the people renting such as damage to the property, domestic accidents etc.
Due to our current home being in Essex and on the outskirts of London; it means renting around this area is actually the 3rd cheapest area in London to rent. I'm out of the bustling city but only a 5 minute from the local tube station. Give it half hour on the tube and you can be in central London. Go the opposite way and you can be in the middle of Essex in half hour too. Due to being out of the city but not too far from places like Stratford have meant that house prices to buy are increasing and properties have a lot more worth. However, rent prices are cheaper because this area is well known for families; with a very high percentage in young mothers and unemployment.
The current house we live in is also owned by us and has been a happy home for nearly 15 years. However, my parents want to sell, pack up and buy a bigger house completely out of London within the next year. So, where does that leave me?
There is an option for me to rent the family home off my parents once they sell the other house and buy a bigger house. Depending on how much it costs to pay the mortgage, if it's a struggle then I also have the option to let two other bedrooms in the house to other people which means I would become a landlord. Quite a scary prospect so I really need to read up on all these things before the time gets here to decide what will happen.
HomeLet are launching their second edition #LandlordsAdvice e-book this August (mid) that offers advice to local landlords. The first edition covered Greater London, South East and North West. This new and second edition covers Wales, South West and West Midlands and is a collaboration of top industry experts.
andhad contributions from Tessa from the Landlord Law Blog, Jonathan from The Money Shed, and was featured on HomesGoFast.com.
I am certainly going to try and get hold of the first edition for my local area but it's great they have now brought out a second edition for other new and existing landlords in other UK regions. Hopefully by the time comes, with a good knowledge of being a landlord; it will make renting the house out to other people a walk in the park!
Disclaimer: In collaboration with HomeLet. All words and opinions are my own. Photographs are stock images from Pixabay.