Am I overpaying? Shad Thames for 330pw

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Sunday 5 September 2010 8.42pm
Hi there!

I just recently moved to Shad Thames (Cayenne Court, Curlew Street), 1 bedroom, first floor, street facing, fully furnished, 64sqm, on site porter, swimming pool, sauna, gym. Originally the landlord was asking for 350pw, but i got it for 330pw. So i was quite ok with it.

After moving in, I found the rental agreement of the previous tenant on the dinner table and it turned out the guy only paid 285pw. However, he moved in in May 2009, hence in the high times of the recession. He also secured this rent till August 2010.

When I had the viewing of this place the agent told me that 330pw matched the previous tenant's rent. So he obviously lied to me.

I was just wondering if 330pw is ok for the area? Whats your experience?
Tuesday 7 September 2010 8.17pm
Fine I would have thought. People are not buying, so need to rent. The City has started recruiting again and rents are creeping up.

Worry less about what the previous person was paying and think instead about what you would be paying if you were paying mortgage and service charge. Once agents fees are paid, your landlord is probably not breaking even. (Which is why they may have accepted a lower rent a year or so back rather than risk not having income coming in.)
Tuesday 7 September 2010 8.55pm
Well mortgage rates are at historic lows, so buying (if i had the funds) would definitely be cheaper than renting.
Wednesday 8 September 2010 10.33pm
sounds just about right to me - I think for ST that's not bad...
Tuesday 12 October 2010 4.05pm
eye82 wrote:
Well mortgage rates are at historic lows, so buying (if i had the funds) would definitely be cheaper than renting.

Indeed!
Wednesday 13 October 2010 12.26pm
eye82 wrote:
Well mortgage rates are at historic lows, so buying (if i had the funds) would definitely be cheaper than renting.

Up to a point, Lord Copper.

But once you factor in:
- 3% of purchase price for stamp duty
- estate agent/solicitor/survey fees
- a possible fall in the capital value

for a start, then it's not such a simple calculation.

In case anyone can't remember last year, the days of property being a one-way bet to making huge amounts of money were never sustainable and are unlikely to repeat themselves any time soon.

...if you press it, they will come.

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