Arnolds has issued advice to ‘reluctant landlords’ – following a national study showing that the number of people undertaking ’unplanned’ lettings has risen during the past 12 months.
The Association of Residential Lettings Agents (ARLA) found that more people were turning landlord because they were finding it difficult to sell their property, or because they wanted to hold off until they could achieve a better price.
Such ‘reluctant landlords’ are more likely to suffer from the pitfalls of being poorly prepared, according to Ashley Smith, Lettings Portfolio Manager.
“People who find themselves becoming landlords in an unplanned way are less likely to be prepared than those who have planned to enter the lettings market,” said Mr Smith. “Letting can be a good way of generating income from your property if you find you can’t sell it, or if you need to wait for its value to increase – but there are pitfalls.
“Unfortunately, lettings is an unregulated industry, so it is vital that every landlord entering the rentals market seeks expert advice before embarking on a rental agreement.”
The ARLA study found that detached and semi-detached houses are the most common types of property to come onto the market via the ‘reluctant landlord’ route, with studio flats the least likely.
Arnolds has come up with five top tips for reluctant landlords to help them ensure they don’t fall foul of the most common problems:
Posted By AndyNewman on Thursday, March 1st, 2012
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