More landlords are becoming self-sufficient

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.

Management

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.’[1]

More landlords are becoming self-sufficient

More landlords are becoming self-sufficient

Ownership

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.

[1] https://www.property118.com/an-increasing-number-of-landlords-independently-managing-their-properties/90661/

 

 

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