Being a landlord is more stressful that it used to be according to a new study, but what do property owners and investors need to consider?
More than half of landlords have been forced to use their holidays to sort out property issues and a quarter of landlords have found that being one is more stressful than they expected.
That is according to a new survey from UK Landlord Tax, which also discovered that 67 per cent of landlords are more stressed than they were 12 months ago.
In an increasingly competitive rental market, more is expected of rental property and this means landlords are spending more time on property-related issues.
“Following the dramatic increase in landlords in the UK it’s not surprising that they are becoming more stressed,” said Simon Thandi, director at UK Landlord Tax.
“Letting properties is a serious business…it’s no surprise landlords are feeling the pressure.”
The survey suggested that 53 per cent of landlords use up to 20 per cent of their annual leave to deal with problems relating to their rental property.
Some 46 per cent of landlords also spent 20 hours a year on phone calls, agent negotiation and being in contact with tenants regarding aspects such as insurance, repairs and maintenance.
Other factors causing stress surrounded late rent payments – named by 58 per cent of landlords – as well as funding essential maintenance and meeting tax requirements.
Stress levels were particularly high among expat landlords, with 86 per cent concerned about potential changes to personal allowance entitlements.
Landlords were also concerned about void periods and not having enough time in the day to deal with the issues that were occurring at their properties.
Developing good links with tenants can make the management of tenant issues easier, while suitable checks should also reduce the reasons to be stressed.
Many buy to let investors and landlords will be aware of potential issues that may arise concerning their properties, but prior preparation and planning can make all the difference.
7th October 2014