The modern, fast-paced world that we live in has seen an increase in stress levels due to various reasons. A common 'stress' that many suffer from is the pressure of supporting a family on income levels that haven’t risen in line with inflation. To fix this, people have taken to increasing their annual income with passive revenue in the form of freelance work or, where possible, renting out an additional property. However, a recent survey has found that becoming a landlord isn’t as stress-free as you may think.
According to a survey of 759 landlords by UK Landlords Tax, an online self-assessment service, 25% of respondents found that the role was more stressful than they had ever anticipated, with 67% of landlords more stressed than they were 12 months ago.
The survey revealed a number of interesting figures that showed why renting out a property is making landlords increasingly stressed and disillusioned. Late repayments topped the stress levels with 59% placing this as their number one reason; 40% of landlords were also concerned about maintenance costs and repairs, while 35% had worries regarding their empty properties. It was also revealed that 20% of landlords were concerned about managing tenants expectations as well as time frames due to other work commitments, and interestingly, 46% of landlords said that they spent on average 20 hours a year on the phone dealing with problems.
In spite of this, 74% of landlords indicated that they had no plans to stop renting out their properties to tenants in the next 12 months, but 51% didn’t expect to make any money during this time.
Simon Thandi, Director of UK Landlord Tax, suggested that stress levels are increasing among landlords due to the high number of accidental landlords (home-owners who have not intentionally purchased a buy-to-let property) in the market. He stated that renting a property is a serious business which should not be taken lightly, and because the number of accidental landlords has increased dramatically, it’s no surprise that landlords are feeling the pressure of renting out a property.
Here at CPS Homes, we understand that landlords are busy people and don’t always have the time to deal with missed payments, maintenance issues and other problems. That’s why we provide a wide range of services to help landlords make the most of their property assets. We offer a ‘fully managed service’ which includes everything from finding tenants through to dealing with maintenance and rental collections. And if you would rather be in charge, we offer a ‘rent collection service’ where we’ll manage the financial side of lettings for you, or ‘tenant find service’ which includes rental assessments, marketing and tenant sourcing.
No matter what your need is, we can help! If you’d like more information about any of the landlord packages we offer or to discuss buying or renting a property, contact our teams across Cardiff in any of our three branches in Cathays, Cardiff Bay and Roath.