Some landlords find role more stressful than expected
Posted on 01/11/2014 by Sulgrave Estates
According to a survey by Landlord Tax, a quarter of participants found being a landlord more stressful than they had anticipated. 67% said they were more stressed than 12 months ago. The survey also revealed that more than half of landlords use up to 20% of their annual leave sorting out issues with their properties. 46% of landlords spend up to 20 hours a year on phone calls, negotiating with agents and tenants, and sorting out insurance, maintenance and repairs. Other factors increasing the stress levels were late rent payments (58%), funding of property repairs and maintenance (40%) and tax worries (38%). Overseas landlords reported feeling the most pressure at 86%. Interestingly, those who had been landlords for ten or more years felt under the least pressure.
Other concerns highlighted were properties lying empty (35%), not having enough time to deal with issues at the property due to work constraints (28%) and expensive agency fees (15%).
74% of those surveyed had no plans to stop renting out their property in the next year but equally 51% said they did not expect to make any money during this time either. Figures from the NLA show that a quarter of landlords who rent out a single property just break even or run at a loss. One or two additional expenses can leave them struggling. A Director of Landlord Tax says “Following the dramatic increase in landlords in the UK it’s not surprising that they are becoming more stressed. Letting properties is a serious business and with the number of so called “accidental landlords” increasing, it’s no surprise that some are feeling the pressure.”