DS plans to leave his central London flat totally empty for a year

[Tedsabear]

Hi all, so my DS’s dad passed away a couple of years ago, between his pension, life insurance and home DS and as able to sell his home and buy a flat in central London. He spent over 1 million on this (his dad wasn’t super wealthy or anything he just owned a property in a nice area of London and it was paid off mortgage wise). His girlfriend is Portuguese and also owns property in Lisbon.
They are mid 20s.

They have decided to spend the next year as digital nomads as they are able to work remotely. I told DS he should rent out his flat and his girlfriend should do the same. One from a security perspective and two as extra income. He has said no he doesn’t like the idea of someone staying in his space, he’s said I can go and check on it once a month or “whatever” if I like. He said his girlfriend will be doing the same anyway.

AIBU to think he’s being ridiculous?

You could offer to house sit then rent out your place?

I never understand people who say adult kids aren’t our business, my adult kids will
always be my business, even if I don’t meddle I will always care, worry and be there for them. My dm worries about my children now!

Hope youre joking???

This 100%. My parents rented out our old family house so that we could rent somewhere close to my dad's new job at the time. The family he rented it to trashed the house, set up a fraudulent business there and sublet it themselves as well. Then when my dad tried to evict them for non payment of rent (of over a year) they refused to leave and threatened him. My dad ended up having to sell the house due to the court fees and time it took to get them out a well as the costs to repair the damage and could no long keep up with the mortgage. Being a landlord isn't as easy as it seems and many property management companies aren't that good!

Loving, caring and worrying are distinct from meddling, and inserting yourself where you’re not welcome. In that respect, an adult child is your business to the extent that they allow themselves to be.

While OP may have the right to her opinion, he has the right to deny her a listening ear.

You must be joking?

Excellent points in this post.

Somewhere like Mayfair or St James's probably only get the one bedroom for £1m

I don't think the housing crisis has been caused by people taking extended holidays abroad. The young man owns ONE flat. It is his home. There is no difference in principle between going away for a fortnight and going away for a year.

Real shame to leave it empty

Ha! A 'decent' letting agent didn't prevent my property being trashed, the garden being a rubbish dump, and the tenants refusing to go.

An agent basically finds a tenant and manages the rent. They are unable to ensure that the tenant looks after the place and leaves when told.

I'm inclined to agree with him. I'd recommend he gets an empty property management company on board though - its not too expensive probably c350 pcm. Should make it better with the insurers too.

I think he’s being sensible not renting it out. As a PP has said, it means he can come back, either for visits or if the whole Digital Nomad thing doesn’t work out.

And no tenants to worry about.

Why don’t you offer to visit regularly and act as ‘caretaker’? If it’s in such a great location, that surely won’t be a hardship. And it might help you to rebuild your relationship if you were supportive of his choices, rather than critical.

When we travelled our house needed to be checked at least once a month for insurance. Maybe you could offer as a way to build bridges?

Renting is more than just taking the rent money. If something breaks or stops working, he will have the ball ache of trying to get a tradesman round to sort it, having to liaise backwards and forwards with them and the tenant as to what time and day is convenient, he won't be there to make sure it's been done properly. I had a tenant mix cement on the carpet in order to put up a shelf! It's not the easy money people think it is.

I did my late mum's tax return on her death. She made almost no profit at all on the years rent. And this was an unmortgaged property. The repairs (including a new bathroom) and the tax payable, left her breaking even.
The rent that I've received in the last ten months is massively outweighed by what I've had/am having to spend on house and garden clearance, locks changing, and redecorating. They've also trashed the kitchen units, but the estate agent has said to leave that as new owners will want to put one in. But if I was renting it again, I'd have to pay for that too m

He’ll need empty house insurance….. it was a pain to find when my parents house was empty after my dad passed away and it also cost the earth!!

I am with your son. I would hate someone living in my home. He needs special insurance, though, and someone to keep checking in on it.

Have found renting out to be very costly. Had to fix up bathroom, kitchen, redecorate, have the garden done up a bit. Then they damaged certain things, bit of general low level damage you’d expect, then estate agent fees and storage for my furniture. Occasionally having to arrange call outs with plumber / electrician because they’d blocked or blown something. I’m not sure I’d recommend renting out short term.
Perhaps to a good friend or relative on a trust basis, expecting no damage or maintenance issues. But not a stranger, it’s not worth it.

Also the tax!! It’s more than you’d think

I mean a one-bed in zone 1 would easily 24k in 12 months before tax, but if he can afford to say no to that, ok. Personally I'd get a letting agency and just pay them to do the landlording

Why? Because one man who owns one flat is taking the opportunity to see a bit of the world and doesn’t want Mr & Mrs Anybody living in his house! Get in the bin!

The housing crisis is not his problem. No doubt he’s aware of it, but I’m not sure how being aware of it means that he’s obliged to rent his flat out.

Even with a decent letting agent a landlord needs to be prepared to accept the risks (and costs) associated with renting out a property and he isn’t. So that’s that.

You still need to pay council tax on an empty property, as well as the standing charges to keep the utilities going. He‘d need to factor in these not insignificant costs - aside from the security aspects.