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germann

House Prices On The Isle Of Man

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Why? Right now you are better off paying rent.

 

You reckon?

 

Depends on circumstances I suppose but I would much prefer to rent rather than buy at the moment.

 

In the price bracket I am looking at even a 3-4% drop in prices over the next 12 months would cover my rent for a year, I will have a significantly bigger deposit this time next year and renting gives me a bit of freedom in uncertain circumstances.

 

Suits me to a tee at the moment

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Talking to an estate agent today. She told me that they have a lot of unlet property on their rental list. In part due to the fact that this time of year has lower uptake than Spring/Summer. In part due to people seeking to rent out their property rather than sell it in slow selling market. She implied that the rental market is over-supplied and that rents are reducing. If this is the case there could be some pressure on people who are currenly trying to hold out for a high price to sell in a few months time if they cannot get a tenant.

 

BTW did anyone hear what was said the other night at the presentation mentioned in this thread ?

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Also incredibly annoying that you pay the same amount for rent as you would a mortgage on same property at the moment.

 

 

I'm now paying £460 a month on a large 3 bed semi with gardens and a driveway...doubt you could rent for that :lol::lol:

 

Apparently, I would be paying about £900 pcm to rent.

 

 

you were probably on a tracker mortgage and the payments would have gone down after the rate cut. A first time buyer will never get such a low rate.

 

 

I am indeed on a tracker rate, and I've seen my repayments drop from £715 pcm to £460 pcm in 1 1/4 year...BoE + 0.17% lifetime rate.

 

You will never see a deal like that again :)

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Talking to an estate agent today. She told me that they have a lot of unlet property on their rental list.

 

I am currently searching for a 2 bed flat/house to rent in Ramsey, most of the places that come on the market specify "No smokers, no pets, no children"

No smokers allowed I can understand, no pets I can understand, but no children? Who is going to make a better tenant, someone with small children who go to bed at a reasonable hour and therefore the parents aren't partying all night or someone with no children who is likely to have a damn sight less respect for impact of noise levels on those in surrounding properties?

 

Not only that, I have lost count of the amount of times I have seen 3 and 4 bedroom houses to rent at outrageous prices with the specification No houseshares/no children. What the fuck?

 

Do the estate agents actively encourage this?

 

And another thing (While I'm ranting) if Ramsey is such a shithole, as many members of this forum like to point out at every available opportunity, then why are the rents so much higher than in Douglas?

 

Rant over, I'll go and take my medication now.

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I think the reporter for the Isle of Man house sales has been too close in bed (metaphorically speaking) with all the advocates and the likes all these years.

 

The reporter goes down the registry once a week. Nowt to do with the advocates.

 

Do you think the worst of everything?

 

I fully understand the procedure for reporting property sales in the newspaper. Much of my work over the past 10 years involves the Land Regsistry.

 

The properties reported in the newspaper are a selection.

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And another thing (While I'm ranting) if Ramsey is such a shithole, as many members of this forum like to point out at every available opportunity, then why are the rents so much higher than in Douglas?

 

Because most off Island landlords thought they would buy cheap and then rent high to local idiots.

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Not only that, I have lost count of the amount of times I have seen 3 and 4 bedroom houses to rent at outrageous prices with the specification No houseshares/no children. What the fuck?

 

And another thing (While I'm ranting) if Ramsey is such a shithole, as many members of this forum like to point out at every available opportunity, then why are the rents so much higher than in Douglas?

 

I think some landlords see children as the ruiners of carpets and the destroyers of decorated walls and possibly the bashers of furniture, but speaking as somebody who rented his house out to two young professionals for two years - those brainless morons did more damage to my property than I suspect some toddlers would have done. Took me two weeks and a LOT of bleach to put the place straight <shudder>

 

And I think Ramsey has mega high rates does it not? That might be why landlords have to 'up' the rental (assuming the landlord pays the rates which happens quite a lot - I know I did)

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No smokers allowed I can understand, no pets I can understand, but no children? Who is going to make a better tenant, someone with small children who go to bed at a reasonable hour and therefore the parents aren't partying all night or someone with no children who is likely to have a damn sight less respect for impact of noise levels on those in surrounding properties?

 

We've let one of our places to someone with kids once. There was damage, there was scribbled walls, and there was noise complaints. It's simply much less hassle to let to someone without kids, shame but true.

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The penultimate worst ones to rent mine were newly qualified teachers. Noise, complaints, damage, mess, and an extra 'permanent' visitor staying. The worst ones were a couple in their 50s, who decided to just stop paying the rent, hoping I wouldn't notice, when I was away - took me ages to get the money off them.

 

One of my friends in the RAF came back from Cyprus to his house he had rented out in Shropshire, to find all his skirting boards had been put into the wood-burner.

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Well thank god for that. Another estate agent has come out and said all is well

 

http://www.iomtoday.co.im/news/Manx-proper...d-as.4877361.jp

Mr Wilson said there was a shortage of available rental properties.

So this means my estate agent contact (at Dean Woods) who reckons there are a lot of properties for let and that rents are 'flat' is either living on a different Island or one of them is telling porkies...

 

Have let out properties on a number of occasions to families with children and pets wihout any problems - the worst people we have had have been professionals. One managed to set fire to the curtains and filled an incinerator chute full of his old newspapers - the flat was on the third floor and the chute was full above the second floor.

 

If you have a good tenant don't get greedy about rent.

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I welcome pet owners, parents of children and smokers as tenants, assuming they are financially viable. It seems like stupidity to me to wilfully restrict one's target market. If you are unable/unwilling to turn the state of a rental property around on a regular basis then maybe you shouldn't be in the rental game.

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