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Nope, I am still not in agreeance, when you purchase a property you pay a deposit to 1, protect the lender and 2, to show your commitment to the deal .
Imagine what your mortgage company would say if you said that you were not going to put any money in on the deal but instead would promise to pay should the property get repossessed.
I think the video explained everything well, so will let that do the talking.I was skeptical at first, but now I understand the ZD option, I think it makes perfect sense and the cash deposit will eventually become a thing of the past imho.If tenants have the choice between a Zero Deposit option and a cash deposit, they are going to choose the property with ZD every time, even if they have £10K in the bank! They might want that deposit money to buy new furniture for their new home, for instance. It means the cash stays in their bank account for the duration of the tenancy for them to spend as they like. So, if you are not offering this option, your property is not going to be as attractive as one that is. So your property will take longer to rent.
We no longer generally buy things with cash. We swipe a card instead. It's just the way the world is going. Time will of course tell and I will be sure to report how my tenancy started with ZD progresses.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Personally I have always found August a terrible month for viewings, so I would stick it out a couple of weeks before dropping the rent.
Good point Ann. Everyone has their head in "holiday" mode and not thinking about moving house until after the summer break.
That's a couple of weeks of no rent. I strongly disagree
Shane Griffiths - The Lettings Advisor
All opinions are my own and do not reflect those of my firm. No comment made should be taken as legal advice and you should consult a solicitor or other legal professional for advice on your specific situation.
Disagree with zero deposits and the holiday period.
Hard to say without knowing the area or seeing the listing, but I generally find if you have just listed your property and no enquiries within the 1st 2 days (a listing has the most views when it is first listed), highly likely the rent is too high.
It's way too risky to wait if you aren't getting any enquiries. You must act quickly.
Well its been on a week now and since I dropped the price I had a lot of viewings. But I now seem to have a new issue?
Everyone has said OK what do I need to do to have the property. As soon as I mention I want your bank statements for the last 3 months it gets there back up. Even when I explain half of them are like no sorry and then don't want it. Only 1 did give me his bank statements which was a good thing as looking into this person they were very dodgy. I found out through an estate agent they pay the deposit and first months rent but then no more money.
I'm just wondering am I expecting too much from people now? Before if I liked a prospective tenant I would just get a reference and do a quick credit check (they would pay for it) and job done. But now with the tenant fee ban and the last tenant turning into a heroin addict I am being extra careful. Doesn't help we live next door as well so I want a good neighbour. It's the first time in 4 years the place has been empty