Councils using ‘Intelligence’ to track down low EPC properties and fine £5,00015:08 PM, 29th March 2021
About 3 weeks ago 39
The illusion or delusion of buying your own home.
Let me tell you about my Parents. We lived in a Council House on an estate. My Parents were conditioned to aspired to own their own home. To get on the property ladder! They brought a rundown small terraced house, back then, for £10K. They both worked two jobs to pay for it, and did it up, going without Holidays or newish cars. Just before my father’s retirement, they paid the mortgage off. A few years later my farther now an OAP, confessed he wished he hadn’t brought it. He said, when they lived in the council house, he only had to pay rent and the Council fixed everything. Now in the middle of the night, he worries about the slates falling off the roof, the water taps braking and Tradesmen ripping him off.
My Father passed away. I went to look at an assisted living apartment, in a brand new block, for my 80-year-old mum to move into. I was told that because she owned her little terrace house, now worth about £150K she would have to sell that to buy her flat at £95K and pay £100 a week service charge until she only had £16K left. Virtually all the other occupants had come from the same council estate my parents had left. They had moved in for free and didn’t pay anything. My mum would have completed a loop and been back with the neighbours she left 30 years earlier.
My mum stayed in her Terrace house. If she goes into care, we will have to sell it to pay for the care home, whilst no doubt there will be others in the same care home that will have come from the same council estate and will be there for free. My Parents worked hard and went without, to buy and pay for their own home. Later the maintenance of it became a liability. Yes, it’s an asset, but the Government stands first in line to profit from that asset. If we the children get anything, it will be about enough for each of us to buy a second-hand car. In reality, my parents never made it out of the “nothing to nothing loop”. In fact, they became more trapped by owning their own home, than benefitting from it. I wish I could go back in time. I would have advised my parents to stay in their rented home and work fewer hours and spend their money on foreign holidays and expensive cars.
I am a landlord and have a portfolio, so I have broken out of the loop and risen above my roots. Property owning does work for me.
I have had Tenants who have moved out of one of my rented houses to buy their own house and I have also had Tenants who inform me, that whilst they are on their month-long holiday in Australia, it would be a good time for me to redecorate their house or renovate their bathroom. Which is right?
For these reasons, I have come to question, that in this increasingly socialist country, that people that saddle themselves with the task of buying a modest home, are doing the right thing. I suspect private homes will also soon become the target of capital gains tax and equity release loans will be taxed.
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