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What type of landlord are you?

10 October 2016 / By: / Under: Landlords

Most landlords own three or more properties to let and are looking for an alternative way to earn a living or a retirement income. However, many find it difficult to do so with so many changes to rules and regulations, coupled with a lack of consistent help and support.

A report investigating who are the individual landlords providing private rented accommodation also reveals… 

  • Most landlords are over 55 years old;
  • The older the landlord, the more reliant they are on rental income;
  • Many started renting out the home they originally lived in;
  • The majority of landlords either run a business or have another job;
  • The main occupations of landlords vary and include education, the Armed Forces, IT, finance, engineering, civil service, transport, legal services and journalism;
  • Landlords invest for a variety of reasons and not all being financial gain. Some, for example, enter the buy-to-let market to help house family and friends;
  • There is confusion among landlords over the law and regulations in lettings.

The UK-wide survey also paints a different picture of a typical landlord than many of us have. The results show that while 60% had bought specifically to let the property, 23% originally bought the property to live in themselves with just over 5% buying to let to family or friends.

what-type-of-landlord-are-youA further 10% invested for other reasons, including intending to make profit from property through, for example, buying to renovate and sell at a profit but then letting the property instead.

Despite the landlords surveyed being quite experienced, with an above average number being members of a landlord association or groups and 49% aged between 55 and 70, only 25% think they are “perfectly aware” of their legal obligations.

On the other hand, 3% do not know what their obligations are, 6.6% have a limited understanding of their legal obligations, 17.5% have an average understanding and 48.2% claim to have a fairly good understanding.

It should be remembered that this research is based on the results of 205 individual landlord responses. Assetgrove’s own research reveals the majority of all landlords who get in touch with us are looking for security when it comes to ensuring they get their rent paid.

Our rent guarantee scheme offers much more than that. We call it the ultimate way to enjoy a hassle-free life as a landlord.

Property owners within the M25 who sign up to our rent guarantee scheme receive the following benefits from Assetgrove… 

  • We can lease your property at a fixed monthly rate for up to five years.
  • We will guarantee there are no void rental payments. This gives you peace of mind – as private tenants are far more likely to miss monthly rental payments.
  • We make sure the property is occupied within 48 hours – as long as it’s up to scratch.
  • We deal with all tenant issues directly with the tenant to save you the trouble.
  • We maintain the property during the term of the contract, an advantage for landlords as private tenants are far less likely to repaint or repair the property.
  • We will take care of evictions. When it comes to getting rid of private tenants, this is a very expensive and time-consuming experience.
  • We will cover all utility and energy bills for you.

For more information about Assetgrove’s rent guarantee scheme, contact us today.

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