Landlords 'dipping into own pockets'
Nelson landlords are dipping into their own pockets to sustain a rental market hit by rising house prices, industry insiders say.
Wednesday, February 4th 2004, 9:43PM
by The Landlord
That meant investors who bought when house prices increased were either getting a smaller return or were spending more money to keep their investment working, Nelson Property Investors Association secretary Glenn Morris said.
"There are people out there who don't have enough money after paying their rates, insurances and other expenses to meet all their mortgage costs, and have to dip into their own pockets to put more money into their investment," Mr Morris said. "Without a doubt people buy with an expectation that they will make a whole lot of money which, to be frank, is becoming a fool's paradise."
Read More - Opens in a new window
| « Rates rebel attacks ARC over database | Landlords hit rental walls » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
