Reply to: Many people in their twenties & thirties now are going to be shafted in retirement!

[MarillionFan]

Thats fine provided they are let. If they are empty business rates are a real killer.

As such I would go for residential lets and spend money on putting agent between yourself and your tenants.

Which is why the return on commercial is 7-10% and residential 3-5% at the moment.

[russell]

The only problem with that is that there are some really tulip agents as they aren't regulated.

Some don't inform the landlord when there is a problem i.e. a water leak which could cause structural damage, and others charge as much as possible for a simple repairs.

Oh and if they collect the rent for you there is nothing stopping them from not passing the money on to you and going bust.

You are best of having a portfolio you can manage yourself.

Yeah I agree have 3-4 should be manageable, taking a few calls now and again and setting up repairs etc should be no problem for my wife.

[SueEllen]

Thats fine provided they are let. If they are empty business rates are a real killer.

As such I would go for residential lets and spend money on putting agent between yourself and your tenants.

The only problem with that is that there are some really tulip agents as they aren't regulated.

Some don't inform the landlord when there is a problem i.e. a water leak which could cause structural damage, and others charge as much as possible for a simple repairs.

Oh and if they collect the rent for you there is nothing stopping them from not passing the money on to you and going bust.

You are best of having a portfolio you can manage yourself.

[eek]

Commercial, self repairing is better.

Thats fine provided they are let. If they are empty business rates are a real killer.

As such I would go for residential lets and spend money on putting agent between yourself and your tenants.

[MarillionFan]

There are always students, young couples or singles willing to rent, to name but a few.

The reason i sold my BTLs was, firstly i thought it was the height of the Market(I was a year early) and second I was fed up with having to repair them and answer dumb questions from students. The call I got from a group of Irish students still amazes me. Never before having a gas oven they'd left it running for an hour and a half thinking it was electric and phoned me to say it was broken and a funny smell. When I asked her if she had lit it, she said hang on it's dark I'll just turn the light on 'Noooooooooooooooooo!' I screamed down the phone. Had to evacuate the house!

Commercial, self repairing is better.

[russell]

When everyone does it, who'll pay the rent?

There are always students, young couples or singles willing to rent, to name but a few.

[russell]

I

Everyone thinks that; but it won't work either - More and more tax is being offloaded onto council tax, and in coming years property owners will be treated as big fat waddling geese ripe for the plucking.

They're sitting ducks (or in this case geese), because you can't very well hide property, and it's a tangible asset to seize if you default on the tax.

Utter tripe, a huge percentage of people own property, the government would last 1 day if they tried that. Property is still and always will be the best investment, if you find the right area.

[Fred Bloggs]

Having 4-5 properties paying rent forever (in a high demand area) and you still have the capital which is increasing is a far better plan.

When everyone does it, who'll pay the rent?

[lukemg]

Have to agree with MF, ISA's and SIPP's are the way to go. There will always be people dragging along as they have throughout life + some scare stories of people screwed over late on when the pension turns out to be worth naff all (less now that there is a safety net). Most people who have worked a fair amount will have something coming in + state pension.
Also consider peoples spending in old age, as much as it looks like they are travelling the world, reality is they generally have low expenses and hobbies requiring small amounts of cash ! My mum doesn't get close to spending her pension income, let alone stashed savings !
For myself, seems 3score and 10 is an average innings for blokes in my family so might not need that much anyway !!!

[shaunbhoy]

How much for a one way ticket? Think I'll opt for the vegetarian menu though.

[Greasy Greek mode]

For you I make special price!!!

[/Greasy Greek mode]

[Doggy Styles]

Diversification is best. You're bound to get stiched or have government legislation change over the years, but frankly I prefer to manage my own retirement plans.

Good post.

And to reiterate, save and make your own provisions for the future. I was a late starter doing this so I probably won't have a great package by the time I'm 65.

But I'll have something, and as that geezer milan says, every little helps.

[mudskipper]

No problem. People who are currently in their twenties and thrities will have their retirement age raised to 90, thereby eliminating the need for much of a pension pot. On top of that, we will have introduced voluntary euthenasia by then too, so nobody need worry.
My Plan B of organising "Booze, Snooze, and Death Dues" Cruises, during which the elderly can blow the last of their dwindling fortunes on a drink/drug fuelled orgy of Whist Drives and Sherry, is well on the way to fruition.
Just got to iron out whether or not it is fiscally more prudent to hoick the stiffs over the side into the Oggin, or mince them up for the next days' Hors D-oeuvres. Mmmmmmm

How much for a one way ticket? Think I'll opt for the vegetarian menu though.

[domcobb180]

Everyone thinks that; but it won't work either - More and more tax is being offloaded onto council tax, and in coming years property owners will be treated as big fat waddling geese ripe for the plucking.

They're sitting ducks (or in this case geese), because you can't very well hide property, and it's a tangible asset to seize if you default on the tax.

Yes a few gold bars in a couple of Swiss safety deposit boxes is always a prudent policy.

[Mich the Tester]

So you have to make provision yourself. These days you'll need a balanced portfolio(no doubt the prawn has covered it earlier)

Plenty of people were busy doing that until they were shafted.

[jmo21]

Having 4-5 properties paying rent forever (in a high demand area) and you still have the capital which is increasing is a far better plan.

Hope you diversify the area....