With falling property prices and an increasing regulatory burden, it's no wonder some landlords are considering jumping ship.
One of the most significant hurdles? Evicting tenants. A process that can be time-consuming, costly, and emotionally draining.
Picture this: a tenant living rent-free in a Mayfair property, six months in arrears, costing the owner a whopping £75,000! The tenant demanded property upgrades, refused to pay rent until the works were completed, and even after the owner complied, the tenant still ignored rent arrears demands.
We've all heard the horror stories, but is being a landlord really more trouble than it's worth?
Michael Gove recently delayed the "no-fault" eviction ban amid court chaos. It can take up to a year to serve an eviction notice and actually evict a tenant. It's enough to make any landlord question their decision to provide private rental accommodation.
However, let's flip the coin and look at the positives. Being a landlord is a long-term investment. If the plan is to own the property for capital appreciation, it's still a safe bet. Many landlords use periods of low interest rates to expand their portfolios, a clever investment strategy indeed.
So, should you continue to rent your property or sell? If you're renting, brace yourself for projected rent increases of approximately 25% over the next 4–5 years. If you're considering selling, our advice would be to hold your horses.
Being a landlord may be a bumpy ride, but it can also be a worthwhile investment. The choice, as always, is yours.
Made with TRUST_AI - see the Charter: https://www.modelprop.co.uk/trust-ai
Comentários