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As a current landlord about to extend a lease at exactly the same terms for 3rd year in a row (and I fix everything within 24 hours) - I agree with this too.
It's ridiculous that my largest store of value is a speculation bubble and a piece of paper with my name on it
Will be in your situation in due time.
Inheritance will give my siblings and I property.
My siblings and I have already talked about it. We're looking to see if we can transfer it to Community Land Trusts or sell.
Here's a link to the Canada wide association: https://www.communityland.ca/
Here's the one specific to Ottawa: https://www.oclt.ca/
There are others in other cities.
Some (like Ottawa) don't take individual units yet but we'll prob sell and then invest in them or if they choose to buy individual units, sell to them.
If you can find one. Sell to a community land trust or housing co-op. You can get your capital back and the people living there can manage and own their own homes.
You can then reinvest the capital into other projects: https://tapestrycapital.ca/
Or in renewable energy: https://www.orec.ca/
Or credit union class B shares.
They try to aim for 4-5% ROI so above inflation. Unfortunately, most people want the ubsustainable returns in real estate.
Ooo! Those are good alternatives. I'll give em a read through. It might solve something on my end.
Say I want to move cities for a new job. There are at least two uncertainties I need to resolve -
This prevents me from wanting to buy immediately.
What prevents me from selling immediately is losing a stable footing I can plan around if the new city doesn't work out. More broadly for everyone in this situation though is the cash sits.
I will need to buy immediately or park it in some investment that keeps pace/liquid enough to convert back to a house, which requires additional knowledge/research.
So to be risk averse, sitting on the house is generally a safe default...
But thank you for starting me on considering this as an options and what parameters need to be met to make sense.
Glad to help.
For now. I'd at least put it in your will and talk to the beneficiaries of your estate about it.
I have family members who are more into the whole Real Estate "game" and would rather the property. Putting it in your will prevent any shenanigans.
The whole "society grows great when old men plant trees whose shade they will never know" and all that.
You're right about moving cities part of it. Ideally if there are enough community land trusts and housing cooperatives you won't face such issues as the distinction between "renting" and "owning" will disappear. And your investments will be divorced from land and onto actual projects.
Ban corporations from owning residential properties. Houses shouldn't be held like stocks or cryptocurrency. Only allow individuals to own a maximum of two residential properties, which must be occupied by the owner at least 5 months out of the year or be surrendered to the government, to be sold to an individual who will live in the house.
In the Netherlands we have wooncorporatie, which are non-profit home rental companies. I think it's a reasonable model, although the center right government tried to get rid of them for years. (Now we have a coalition of far-right parties in power, and they don't even have anything like a consistent ideology much less policy so who can know what the future brings?)
I am a former landlord and I approve of this message. We are back in the house we rented out for 22 years after we moved across the country to a better job, in a place we didn't care for. We kept our house here so we could come back. We rented it out for 22 years at 30% or even less than market rate ($1600 a month in 2022 for a 3 bed two bath house near LA and a 10 m walk from the train) and we endured crooked and incompetent property managers, failed appliances and tenants who didn't pay rent. One became a bank robber after we evicted them for not paying rent. They could have started robbing banks earlier I guess so they could at least pay the rent. Anyway, it worked out very well for us. We are back in our house where we like to live. People and companies who buy a bunch of houses and don't rent them out to give people places to live shouldn't be able to profit from doing that.
Anyway, it worked out very well for us
This proves the point. This is the kind of story that should end "so, in the end we ended up losing money on the place". But, if an absent landlord can hire crooked and incompetent property managers, deal with deadbeat tenants, and still have it work out very well for them then it's an investment where you really can't lose.
I'm sure you're lovely people. I don't mean to criticize you in particular, just the game.
Had we sold our house when we took that job back east we would never have been able to come back here on what we could have saved from what a working person makes. So like I said, it worked out for us.
I don't know why you're getting disliked, it's straight facts. And you weren't even mean!
I only see one downvote, but thanks for saying that.
There are literally amendments to the Constitution preventing this from happening have you all lost your mind!
Why do we have to pretend the constitution matters when our enemies don't?
They're just kids living out a simplistic power fantasy. "If I were king of the world, I'd solve this huge, intractable problem with a simple order". Like Mao ordering all the sparrows to be killed. Hopefully, once they experience the world a little, they realize that big problems are big because they're difficult and complicated to solve.
Housing is more complex and the proposed solution may not work, but there are some problems that could be solved by someone with absolute power pretty easily. For example, if we shipped health insurance CEOs off to El Salvadorian labor camps instead of innocent immigrants, people would stop having their claims denied and the concept of a deductible would go the way of the dodo.
Do you think you provide housing? Here's a list of common signs:
If someone stole all your tools, you'd kill them, and you don't think that's weird.
Unhealthy relationship with caffeine (bonus points for other substances too)
At least one fucked-up bone or joint
There's some Liquid Nails or silicone caulk stuck in your favorite work shirt
Your hearing isn't as good as it used to be
Regular porta-shitter use
If two or more of these fit your lifestyle, you may be a provider of housing.
Canada instantly bursting in flames
why do you hate me so?
Hey, I just rented my property for exactly what the council rates and body corporate expenses are. A $160 pw home. Not even a mark up to cover repairs etc, because capital gain will more than cover that. I did it because I hate what is happening in housing currently, especially for young buyers. Now my new tenant wants to delay moving in for 3 weeks, and not pay any rent during that time. /sigh....what scum I am....
try 100%. housing should be covered by taxes.
Meh, they would redefine vacant and claim "their" property isn't affected by the law.
People have vacant home??? Where?
There are 15 million vacant in the US: https://usafacts.org/articles/how-many-vacant-homes-are-there-in-the-us/
...since gross vacancy rate is a measure of all vacant properties — including vacation properties — states with several popular tourist destinations, like Florida and Hawaii, will always register slightly higher rates. The Census Bureau notes that the largest category of vacant housing in the United States is classified as “seasonal, recreational, or occasional use.” In over one-fifth of US counties, these seasonal units made up at least 50% of the vacant housing stock.
Is the movement now to ban vacation homes?
Also note that California, with the worst housing crisis, has one of the lowest vacancy rates, while Maine, Alaska, and Hawaii have among the highest rates. There's not a housing shortage on average, there's a housing shortage in the places people want to live - which largely means the places where they can get jobs.
It is a position not to be controverted that the earth, in its natural uncultivated state was, and ever would have continued to be, the common property of the human race. In that state every man would have been born to property. He would have been a joint life proprietor with the rest in the property of the soil, and in all its natural productions, vegetable and animal. But the earth in its natural state, as before said, is capable of supporting but a small number of inhabitants compared with what it is capable of doing in a cultivated state.
(...)
Cultivation is at least one of the greatest natural improvements ever made by human invention. It has given to created earth a tenfold value. But the landed monopoly that began with it has produced the greatest evil. It has dispossessed more than half the inhabitants of every nation of their natural inheritance, without providing for them, as ought to have been done, an indemnification for that loss, and has thereby created a species of poverty and wretchedness that did not exist before. In advocating the case of the persons thus dispossessed, it is a right, and not a charity, that I am pleading for.