You like to throw that word around a lot to insult others aye. Says more about you than anything else.
Politics 🗳️ NZ Politics
- Thread starter wizard of Tauranga
- Start Date
NZWarriors.com
Had a really interesting discussion last night with a person who actually made Chlöe look like a poster child for Atlas with some of his views... especially on house ownership and renting.
In his view, I am putting the renters of my rental property into a live full of servitude by having them rent our property.
Firstly, we've had three lots of tenants since we owned the property with the first leaving us with $5,000 of repairs after they skipped off to Oz in the middle of the night without giving notice. The second tenants moved out after they had brought their own first home for a lot less than the value of the place they were renting from us and shifted down to Huntly.... so much for a life of servitude we'd condemned them too.
And, yes, the current tenants could afford to buy the place we are currently renting to them and have their mortgage repayments the same as what we charge them in rent.... but only after they had saved a deposit worth 54% of the value of the property.
The rent we charge them each less what they would need to allow for insurance (can't get a mortgage without it), rates and maintenance/repairs. Why? Because as the landlord, we currently pay for these things. Those "costs" for owning the property would become their responsibility.
So, here's the rough figures...
Current rent PW = $650.00
Less rates per week = $80.00
Less insurance per week = $45.00
Less maintenance per week = $55.00 (based on last year's repairs and maintenance costs)
Gives $470 PW left over for the mortgage without requiring additional finance above what they currently pay in rent to own the property.
Given the house has an approximate value of $850,000, using the BNZ's trusty mortgage calculator, that would allow them a mortgage of $390,000 and a deposit of $460,000. So, yes, the tenants could own the house for the same as they're renting it, if they could get that sized deposit together.
In his view, I am putting the renters of my rental property into a live full of servitude by having them rent our property.
Firstly, we've had three lots of tenants since we owned the property with the first leaving us with $5,000 of repairs after they skipped off to Oz in the middle of the night without giving notice. The second tenants moved out after they had brought their own first home for a lot less than the value of the place they were renting from us and shifted down to Huntly.... so much for a life of servitude we'd condemned them too.
And, yes, the current tenants could afford to buy the place we are currently renting to them and have their mortgage repayments the same as what we charge them in rent.... but only after they had saved a deposit worth 54% of the value of the property.
The rent we charge them each less what they would need to allow for insurance (can't get a mortgage without it), rates and maintenance/repairs. Why? Because as the landlord, we currently pay for these things. Those "costs" for owning the property would become their responsibility.
So, here's the rough figures...
Current rent PW = $650.00
Less rates per week = $80.00
Less insurance per week = $45.00
Less maintenance per week = $55.00 (based on last year's repairs and maintenance costs)
Gives $470 PW left over for the mortgage without requiring additional finance above what they currently pay in rent to own the property.
Given the house has an approximate value of $850,000, using the BNZ's trusty mortgage calculator, that would allow them a mortgage of $390,000 and a deposit of $460,000. So, yes, the tenants could own the house for the same as they're renting it, if they could get that sized deposit together.
Imagine thinking this is a good quality take. Imagine.
Who is Jipsi Julz mate? Wtf corners of the internet are you delving into.
NZWarriors.com
Probably better off buying a new mobility scooter & a prostate examine.
The cognitive dissonance of thinking NZ is inconsequential and then posting in the NZ Politics thread all day every day.
Geez you’ve taken your funny pills today!
NZWarriors.com
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