Why the hell would you spend $12k to update a rental property that you don’t own? This is more like /c/midllydumbass
I get it to some degree. It’s hard renting for decades and not being able to improve where you live. If the person here thought they had a decent landlord and they’d still live there a decade from now, I think it can make sense.
The way to do it is to work in either a rent decrease for X months for the work and materials or lock in a low rent for X years based on the work being done.
Another alternative is to do the above and get the landlord to supply the materials.
I’ve done it in the past and it has worked out well though usually for minor things (like replacing generic doorknobs with nicer looking ones, replacing a toilet with a better flushing one, or installing a ceiling fan).
Adding insulation to the attic if it’s missing in spots can also make sense to do if you’re paying the utilities. Though again I would get the landlord to at a minimum to pay for materials or discount it from the rent.
If the upgrades are things that will help make the unit more marketable when you move out, then they’d be dumb to turn it down.
yea you really want something on paper showing awareness and consent from the owner
Turns out, she’s “never there” so, I’m assuming it’s a second home. Like she goes to the area frequently enough that she doesn’t want to deal with hotels. Makes this even dumber
https://twitter.com/eade_bengard/status/1696982908022739091?s=20
My landlord served notice on me after 13 years, I’m moving home next month. He is a greedy little cunt, constantly tried to pressure me to refurbish his property for him despite me being the tenant. Last time I asked for a minor repair, he immediately notified the letting agent that he would be putting my rent up this coming October. Regardless, I agreed the new price, only to still be served notice on (I assume because he knows he can get a slightly higher rent by getting a brand new tenant in, rather than an increase).
Genuinely though I was tempted to do some redecorating. This is (for now) my home. It sucks living in a rundown home; the wallpaper / carpets in this house afaik are at least 25 years old. But when you get ‘too demanding’ then you suddenly find yourself out of a home.
That’s capitalism. If you invest money you want a return. It’s the entire system. Maintaining anything if not required goes against the whole ethos.
I get what you’re saying, but he hasn’t invested jack. He inherited a portfolio of local properties when his dad passed away a few years back, all mortgage-free (I know other members of his family so have more info about him than he realises).
When his dad died, his cousin warned me: “His son is taking over the properties, he is a bastard, be prepared for your rent to go up”. Within weeks of gaining control he put my rent up. I dunno, maybe he immediately remortgaged all the properties to buy more. I hope he goes bust.
A landlord was being shitty to someone and it was clear he wouldn’t get his deposit back no matter what, so when the renter moved, he took everything. Meaning he unscrewed the plugs from the wall and took those with him, took the toilet seat and so on. Play stupid games, win stupid prices I guess.
Wow, that’s some nuclear revenge. I’m about to do something similar (though legal). When I moved into this property, the curtain poles were crappy & had sellotape for pelmets; one ‘curtain’ was a bedsheet, another was some pathetic gossamer thin material; no shower curtain, crappy showerhead. They’re all going back up before I leave, for sure.
One of my neighbors lived in a large 1 bedroom apartment. It was in the family since the 60s. It’s rent stabilized and in a popular area. A decade ago she was paying $850, market value at the time was $2k+. She renovated her kitchen when I lived there…. The downside was that her new upstairs neighbor was a musician and had a full sized piano that he’d practice on daily for hours at a time…
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
How does one end up in an apartment with rent stabilization? I’ve wondered this.
Not to this scale, but my partner’s father has spent a fair bit of money doing upgrades and repairs that are technically for the landlord. However, I should note that the contract isn’t registered, meaning the landlord cannot index the rent. This also makes it hard to hold the landlord responsible for doing any repairs. On the other hand, renter can’t be held responsible for modifications either. So legally there is more freedom on either side. Thing is, the renter can always demand registration. But usually this means no renewal of the contract. It’s very likely here the property would get sold and even if he brings up the money, it may be sold to someone else. So the short answer is really that people in poverty often don’t know or don’t dare to stand up for their rights and loopholes like this keep existing because you can get a cheaper rent on a building not up to standards.
What idiot pays for upgrades to a house they’re just renting, Jesus wept.
Seriously. The most I’d EVER do is free basic repairs and that’s only because my last landlord was my good friend, meaning I was getting a killer deal.
I did that when I had an awesome landlord. I just sent pics about what I was fixing and gave her a price. Then I got my rent reduced by that much.
But that was the only rental property she owned. It was extra money for her, not her primary income. And I paid several hundred less than anyone else in the area according to Zillow.
But that was the only rental property she owned. It was extra money for her, not her primary income.
These are the best types of landlords. One of my previous landlords was retired, but he used to be a CTO at a tech company. He was renting out the property just for something to do during retirement - he didn’t actually need the money. He was fantastic. The air conditioner stopped working one summer and he had a new one installed within a week.
She could have used that $12k as part of a down payment on her own place… what on earth is she thinking.
Might’ve been financed on credit - but even still, it takes a lot more than $12k for a down payment.
Assuming the median price for a home is $500k, you’d need $100k for a traditional 20% down payment. Sure, $12k is 12% of the way there… but it’s nowhere near what is needed for an actual down payment.
There are also closing costs and other fees. I bought a house in 2020 using the native American home loan program.
I had to put down two and a quarter percent as a minimum and on a $500,000 house that should have been $11,250, but the total to close was actually a touch over 20 grand.
It took me several years to save up that money and it disappeared in a flash.
FHA loans need 3.5% last I checked. So her $12k wasn’t far off for a $500k dollar place. Yes they also require PMI for a bit, but better putting money into something that causes gains for yourself than for a landlord. As this article so clearly proves.
It’s not far off but in the current market someone will just offer more than you and you won’t get it anyway.
People will often ignore FHA offers or take lesser conventional offers. FHA loans fall through more often and have additional requirements on the property. I’ve worked in mortgage for years. Took an offer for 5k less when I sold my first home to take a conventional loan offer…
Anyone who’s dealt with real estate knows how much more likely the conventional offer is to close. In a seller sided market no one wants to take government loans.
Nah you can put lower you just need mortgage insurance so you’re paying a bit extra on mortgage due to not having to save up for 5 years to afford it (which would mean the price probably rising by enough in those 5 years that you’ll need to save up for another year and now you’re 6 years behind on a payment lol.) if you’re saving up while renting you’re probably paying close to mortgage for rent (or more if you’re in certain areas) plus putting more aside to save for that down payment so you should be able to afford the slightly higher mortgage until you get to that 20%.
I doubt your pulled out of ass price for a house. And you don’t need a 20% down payment. The highest down payment minimum is like 10% and most people don’t need that much. All depends on the type of loan though.
The reason why people go for the 20% Mark is because once you clear 20% then you don’t have PMI, or private mortgage insurance. That typically runs three quarters of a percent of the purchase price of the house until you have 22% of the house paid off, and you have to pay that on top of your mortgage, the interest, and the taxes and insurance.
For every $100,000 you finance that means that if you pay less than 20% down you will have to pay an extra $750 a year just as a “couldn’t afford 20% down” fee.
And typically to get the first quarter of your mortgage paid off takes 10 years, so for many people that will be $7,500 per $100,000 they borrow to buy a house as the poverty cherry fee on top of everything else.
Assuming the median price for a home is $500k
Depending on where you live that’s way too high. That’s like an NYC price or something.
Also depending on where you live that’s way too low. Median home price in California is almost $800k.
https://www.redfin.com/state/California/housing-market
Almost like $500k is a good rough number used to make a point.
verbal consent
That’s a big mistake. He got $12k for free and will find people who will pay a higher rent.
Dealing with a landlord is just like dealing with HR at work - they aren’t there for YOU. The tenant here wasn’t stupid, just naive. Besides, from a liability standpoint, a tenant should NEVER do any property upgrades or repairs without some kind of written agreement (and hopefuly waiver of liability). If something goes wrong, guess who will be on the hook financially when it goes to court? Hint: The landlord turned plaintiff won’t be it…
