LETTINGS NEWS: Letting property is ‘stressful’
If headlines are to be believed, buy-to-let is a secure way to generate a healthy return on your investment. However, it seems, being a landlord is not all a bed of roses. A recent survey of nearly 800 landlords by Landlord Tax shows that 25% say the whole experience is more stressful than they had expected, and 67% per cent saying they were more stressed than 12 months ago. The stress was exacerbated by the fact that majority did not expect to make a profit in the coming year.
The survey also showed that over half of landlords have to use part of their annual leave to sort issues with their properties, and 46 per cent of landlords spent up to 20 hours a year on phone calls, negotiating with tenants and sorting out insurances, house repairs and maintenance. Other factors adding to the stress included late rent payments and tax issues.
The survey tallies with figures from the NLA which revealed that over 25% of single property landlords only just break even, or even operate at a loss. In such cases, just a few unexpected expenses can cause hardship.
Nevertheless, almost three quarters of landlords surveyed said they had no plans to stop letting out their property in the next year.