Here is a very real surprise for everyone; I am a landlord. I am also the only 28-year-old landlord I know or have even heard of. Sure, I’ll probably never understand exactly why my parents thought that I was already responsible enough to own property, but I’m not going to lie, so far it has been brilliant.
So I currently have four renters in the house, and I was loving it. While having a little extra cash is great, I honestly love being able to offer such a low rent in what is normally an incredibly expensive neighborhood. It was a fantastic set up; dirt cheap rent kept my tenants ecstatic and I thought it was all going smoothly. Until a month ago, the heating in the house, which had been chugging along reliably until then just gave up.
I did what landlords have to do, and I called someone to come and repair the heating, going into a pretty chilly Melbourne winter it was truly necessary, and I wasn’t going to screw my tenants over and not fix it, not after so many years living in share houses where the landlords couldn’t care less about repairs and keeping up the house.
But after calling up a few companies who did ducted heater repairs, I almost realized why landlords and owners do what they do in scrimping and cutting corners in their houses, because getting this heating system repaired costs almost as much as getting a whole new heating system. The hugely expensive nature of home repairs and upkeep was certainly a shock to me, and an even bigger shock was that the cost of installing central heating is the same as repairing an old one!
I truly dread the possibility of raising the rent, with the housing market in the state it is, I know first hand how difficult it is to pay rent and still have enough money to live. I am just trying to provide a safe haven for young people who need it, but if any more of these big-ticket costs come up, I might just have no choice! I can’t afford to pay for it out of pocket myself, and since it wasn’t the fault of any of my tenants there is really no other option for me.
Try as I might, I just can’t resign myself to putting even more pressure on my renters and if that means that I won’t have as much spending money for a while, I guess I will just deal with those consequences as they come, and make sure that all the young people renting from me know that if rent goes up, it is certainly not because I want it to.