LT wrote: ksl wrote:
There again if your mortgage loan is only 2000 a month, your profit will be 1500$ right, there are many factors, so its a waste of time trying to justify the rent increases, some are more greedy than others, and lets say the people in your condo
purchase theirs later, at a higher price and higher mortgage, maybe, thats why they are trying to get 3500 to cover the costs, right, still it still doen't stop the greedy! Some may only be paying 1500 a month mortage, but what the hell money is money right! It's important to find the right balance, with a little common sense. The older and i mean very old properties, are trying very hard, to get the price of new modern properties too, because of greed, and there is not much room, for bargaining, if one is stuck inbetween!
It most definately needs controlling, to seperate, the sharks from the goldfish, just like any other country! Because there are many decent landlords too! Most council in some countries have a list of recommended landlords, who meet legal fire and safety standards, with their furniture,,, the sharks of course are not on the list, it is up to landlords if they choose to be respectable or not! Tenants need protection for the whole families against sharks!
Majority of the investors who buy properties are in for one thing only, to make some profit. It's just like doing a business. Charity organisations aside, nobody will wanna do a business that is not making money, will you? The relationship between a LL and a tenant is the same as a business entity and a customer. The LL offers a price for the rental, and if the tenant agrees to it, he will take up the offer. If he doesn't, he can move on to another "shopping centre" to look for a similar products, isn't it?
I appreciate your reply very much and agree, that most are in it for the investment, the more reason why there should be controls on quality issues, just because you have a wonderful apartment for 3.500$ doesn't mean that all properties are up to your standard of property
. This is why controls and tenant charters are implemented.
You will notice that some individuals, that are self building inside there apartments, to rent out space, are no doubt breaking every safety rule in the book, to extort as much profit as possible.
You being a Landlord should be well aware what goes on, in your Country!
The actual greed of some people are above and beyond reality, If they could squeez 50 people into a 5 square metre space, they would, all for profit. Who actually gets the bad name, because of a few!
In 2007 it looks like all landlords are painted with the same brush, cheats, sharks, criminals, you name it they are it! which is of course unfair!
Not everyone wants to chase maximum profits at the cost of reputation, Some people would be quite happy renting long term and not even in 1 or 2 year contracts.
I find it so difficult that all you refer to is market rental, when market rental is also a marker of quality standards! and if you have no one controlling quality, all the good stuff goes first and what you are left with is pure shit for the same price, wise up and look further than your pocket and maybe you will get my point.
Think about the reasons why tenant charters were formed in the first place, you don't really believe tenants went to the local McDonalds, to discuss and implement, without the legal system! If the legal system was involved it was for a reason right! and also in these Countries of tennant charters, there are still market forces, that decide rents, even in London.
Only not every landlord have a firm holding on reality, they need to be guided, because of there greed gets the better of them, in the end all that is left is empty apartments, with landlords stuck on cloud 9!
A good example was my situation in which the rent doubled, from 800$ the place wasn't worth more, it is still empty after 8 weeks, we accepted a rise to 1.000, but that was the limit, 50 year old or more, no aircon, no kitchen, bathroom units with cracks. for 1300$ a month I can buy HDB which we did!
Now he's trying to squeez in foreign workers from the construction sites, although they are not having it either! You should really see, what some landlords are capable of!
But yes I do understand the business aspect behind the investment although there are good and bad businesses, like there are landlords! A couple of more years performance like today, will damage Singapores image with expats and foreigners long term, its time landlords looked at the situation the way it is, in reality!
Because everyone is jumping on the bandwagon, and damaging Singapore image, a little like the minority that rip off tourists and business people in Sim Lim, they soon learn the ropes never to go back, again! because the risks of being cheated by the sharks is there, not the most beneficial way of marketing SIM LIM.
I was amazed that a tourists are being ripped off buying kiddies helicopters, in Sim Lim paying has much as 110$ for something that costs around 7US$ absolute shocking! Time Singapore cleaned up its act don't you think! and Yes it only happens to the unsuspecting people.