An interesting new report has revealed that a growing number of buy-to-let landlords are becoming self-sufficient, by letting and managing their own properties.
65% of landlords take an active role in the day-to-day maintenance of their property after taking out landlord insurance. These investors deal with any tenant issues independently, without the help of an agent.
41% said that they manage everything, while 35% leave the their investment to a reputable letting or managing agent. 24% said they use an agent to find suitable tenants, then manage the property themselves.
The report analysed in excess of 10,000 addresses and found that one-fifth of investors live within just one mile of their investment. 46% live within one and ten miles.
A spokesperson for Property 118 said: ‘if a landlord lives close to their buy-to-let, it is much easier for them to manage the property because if an emergency arises and something needs to be repaired quickly, the property can be reached relatively easily.’
Further data from the report indicates that the majority of landlords questioned (45%) own just one rental property.
40% own between two and five homes, while 15% said they had more than five.
In addition, 65% said they made a decision to invest in a buy-to-let, while 17% said that they were so-called accidental landlords.
9% said that they had invested in property in order to give a family member somewhere to live. For example, these could be parents purchasing accommodation for their children to live in for the duration of their university studies.