It’s really interesting that rent can only raise by a small amount each year there. I’m rolling around in my head whether that would work in the US. What happens when the assessed value of the property raises over the years and causes the taxes to skyrocket? Do the landlords just sell the place in that case? I could see that being a good way to keep the market moving and give people a chance to enter owner-occupied homeownership.
You can sell, but you’ll get way less for a house that has a tenant, because the new owner can’t kick them out. I know someone that bought a house for a really great price, because it had a tenant that had lived there for 50 years or so. It was basically a 10 year waiting game until the tenant died (he was old when this person bought his place). But after that he sold the place for almost double what he paid. I do have to add that in those 10 years the housing market also went up a lot.
I want to add it might seem I like landlords, I don’t, but if we want to get mad at someone it should be the system we accepted as a people.
It’s really interesting that rent can only raise by a small amount each year there. I’m rolling around in my head whether that would work in the US. What happens when the assessed value of the property raises over the years and causes the taxes to skyrocket? Do the landlords just sell the place in that case? I could see that being a good way to keep the market moving and give people a chance to enter owner-occupied homeownership.
You can sell, but you’ll get way less for a house that has a tenant, because the new owner can’t kick them out. I know someone that bought a house for a really great price, because it had a tenant that had lived there for 50 years or so. It was basically a 10 year waiting game until the tenant died (he was old when this person bought his place). But after that he sold the place for almost double what he paid. I do have to add that in those 10 years the housing market also went up a lot.
I want to add it might seem I like landlords, I don’t, but if we want to get mad at someone it should be the system we accepted as a people.