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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Frugal neighbours, 7 houses no intention of selling ever

206 replies

Mrspitt3 · 15/10/2017 09:58

My neighbour and wife live in a 3 bed modest semi, is in late 50s, has been really frugal (still has 20 year old carpet tiles in kitchen etc) all their life which I do respect actually, they have always invested in property (totally understand), what I don't get is that they are now retired they have no intention on selling any of the houses and having a really nice retirement even though the rented houses cause them a lot of stress with their tenants, I said to my neighbour a few weeks ago about one particular troublesome property, why don't you just sell it? His reply was "well what would I do with the money?" ...... if they had no intention of selling them/enjoying a nice retirement then I don't understand why you would buy property. I understand they get a monthly income but they still live frugal lives. It feels immoral to me and greedy when they could help the housing market by selling the houses. AIBU?? Have I missed something??

OP posts:
AnnabelleLecter · 15/10/2017 13:28

Agree it's their business but some people get so obsessed with saving and accumulating assets that they forget to spend on what makes them happy or comfortable now. Hence the moaning.

I don't think it's immoral or greedy to try to invest to look after yourself and your family though. I try to, in a more of a balanced way than your neighbours, but that's my choice.

Ttbb · 15/10/2017 13:31

Immoral? Really?

FlandersRocks · 15/10/2017 13:38

What is it with the constant 'why do you care? What's it to you? Why are you posting about other people's business' posts?

The whole of bloody AIBU is filled with posts about SIL's job woes and people down the road doing xyz and the girl from work who named her kid Zeckywoofydoodah.
It's often about other people, it would be a boring forum without being able to have your own opinion about others.

scaryteacher · 15/10/2017 13:49

If you look at the age at which the state pension kicks in for those in their late 50s, it is about 66/67, so they could have another decide before they get a state pension. Being late 50s is hardly having one foot in the grave though; perhaps they have post retirement plans and an investment strategy that they haven't shared with you. I'd have told you to foxtrot oscar by now if you were my nosy NDN, and we are early and late 50s.

CoughLaughFart · 15/10/2017 14:31

OP, has it ever occurred to you how they could afford to buy seven other houses in the first place? I obviously know even less about their finances than you're determined to know, but if I had to bet on it, I'd say they didn't raise that kind of capital by buying new carpets every two years.

Let's say they own all the properties outright. With no knowledge of where you live (or even if they own within the same area) I don't know what the rents are like - but if we say it works out as an average of £600 a month per house, that's £4200 a month. That's a very comfortable retirement income if you're mortgage-free on your own home. Selling all seven might give them a nice lump sum, but a lump sum is finite. If they've never had a problem tenanting the properties, they have guaranteed income for years to come.

On the other hand, maybe they bought them all at the height of the pre-2008 property boom. Depending on the area, they may still not be worth what they paid for them. BTL mortgage requirements were also less stringent then - maybe they borrowed heavily using the minimum deposit. Maybe it's not having tenants that stresses out Mrs Neighbour, but the fear of losing tenants and how much an empty property would cost them.

And for all the people saying 'It's fine to speculate, what does it matter if it's none of the OP's business', well no, it doesn't really matter. But we don't have the answers any more than she does. What's she getting out of this?

bianglala · 15/10/2017 15:03

Why should they sell the properties? Interest is so low, investments are risky with the uncertain political condition. Rental income is safe. And yes. You are fucking nosey!

SilverySurfer · 15/10/2017 15:22

IT IS ABSOLUTELY NONE OF YOUR BUSINESS

Is that simple enough for you to understand?

I just never understand the endless threads on here where the OP gets their knickers in a twist about someone else's life - MIND YOUR OWN BUSINESS.

Original poster
Mrspitt3 · 15/10/2017 15:28

They bought the houses over 20 years ago cos they had them when I moved to the area.

I am really nosey yes... I'm a curtain twitcher too 😂, can't help it it's in my genes.

I've been educated to logic I hadn't thought of and appreciate others thinking and opinions.... isn't that what we do on MN?

OP posts:
Original poster
Mrspitt3 · 15/10/2017 15:34

I never understand posters that take the time to comment on threads they have zero interest in. I'm not influencing or interfering in my neighbours business. Just idle curiosity 🤓

OP posts:
Original poster
Mrspitt3 · 15/10/2017 15:49

Flandersrock... ✋🏻

OP posts:
titchy · 15/10/2017 15:58

You talk about them as if they're elderly and decrepit. They're only in their 50's - same as me. I have no intention of giving up work (can't anyway - massive mortgage) for many years yet.

They can't get any sort of pension for 10 years, and then presumably only a state pension. If they sell their portfolio now, they'd have to spend the proceeds, and then what. Just a state pension to live on. Maybe 20 years of nursing home fees to fund. They're being very sensible imo.

And of course they're helping the housing situation by providing rental homes to people unable to buy. As long as they're decent landlords everyone wins.

Iamagreyhoundhearmeroar · 15/10/2017 16:03

You could help the housing market by selling your house and living in a caravan, op

Iamagreyhoundhearmeroar · 15/10/2017 16:04

God, they’re only in their fifties?? God knows what they have planned for their retirement!

couchparsnip · 15/10/2017 16:09

Maybe they are being socially responsible by providing affordable housing and looking after their tenants well.

loveka · 15/10/2017 16:58

There would be nothing on this forum if it was mind your own business!

Curiosity, or trying to understand what makes other people tick is about being human.

The'mind your own business' people, do you really have no curiosity?

Op, I agree with you. I know people who do this, who have always sort of hoarded money/property and yet dont ever buy anything or do anything nice. I suppose it's just my perspective. To them, hoarding money for its own sake is what they enjoy doing. I still don't get it, but I would really like to understand it!

Original poster
Mrspitt3 · 15/10/2017 17:22

The last time they had tennant trouble I asked why don't you sell it? His reply was "what would we do with the money at our stage of life, we don't need it".

less private tenants = more houses available to buy = cheaper house prices

Theory ...Maybe if the government introduced some sort of restrictions for those owning more than one property, this would help the housing market no end and in turn cut down on the need for housing benefit and avoid the HB crisis we are heading for. ..... I stand by for further rants from those who dont think I have an opinion.

OP posts:
Sally52014 · 15/10/2017 17:24

Literally none of your business.

titchy · 15/10/2017 17:38

less private tenants = more houses available to buy = cheaper house prices

May I suggest an evening class in basic economics or politics...

Ermm · 15/10/2017 17:57

The reasons for the issues of housing affordability are vastly complex and much too complex for a few sentences on mumsnet. In a nutshell it ain’t that simple.

The govt has recently made some changes to make it harder to own a second property - increased stamp duty and changes to the way that income is taxed. It has made some reductions to the number of buy-to-let purchases but nothing major and unlikely to be long term. Also important to remember that there were always people who want or need to rent.

OhtoblazeswithElvira · 15/10/2017 17:57

Maybe they are being socially responsible by providing affordable housing and looking after their tenants well.

Yeah, sure they are.

for me, and for many, mortgage repayments are way cheaper than renting ever was. Many people are unable to save for a deposit because renting is so expensive. They might never be able to acquire assets. So the point about hoarding is relevant.

Ermm · 15/10/2017 18:02

But the way to reduce rents is not to reduce the supply of properties available. Reduced supply will only go to increased price (unless you want housing to be allocated all by the state). As said - hugely complex.

sall74 · 15/10/2017 18:03

There's a guy in my village owns 5 houses in the village... all sat empty, won't even consider renting or selling any of them despite numerous approaches by people, now that is both bizarre and selfish!

MerryInthechelseahotel · 15/10/2017 18:04

My favourite post by pinotgrigio

“Do you really have this much free time?” Written on a chat forum at 10.15am

Original poster
Mrspitt3 · 15/10/2017 18:16

Sall .... that's crazy

OP posts:
Birdsgottafly · 15/10/2017 18:20

"..I see how much these properties stress them, they tell me, the wife gets really depressed and has sleepless nights."

Some people like to complain. Could it be that they invested in property hoping to have children and she go part time or give up completely? That hadn't happened and they don't want to sell because it would magnify issues. Couple that with her possibly not long finishing the Menopause and that would explain things (total speculation).

A way to not have housing crisis would have been to not redirect all employment to the South and tell everyone to "get on their bikes".

Invest in the North, we've got lots of houses starting from 30k.

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