Our recent research into the UK lettings market found that more than a quarter of landlords fall into this ‘unexpected’ category.
There are a number of reasons why you might become a landlord without planning to, including inheritance, relocation, changes in family circumstances such as divorce, or simply housing market fluctuations. Whatever your personal situation might be, we understand the challenges that this can bring.
We have some helpful quizzes for landlords to help you find out how much you know about becoming a landlord.
Contrary to common belief the path to becoming a landlord is not always a consciously chosen one.
In fact, a significant number of individuals find themselves thrust into the role unexpectedly. If you happen to fall into this category, rest assured, you are not alone. In our extensive research, we conducted a thorough survey involving 1,071 landlords hailing from various regions across the United Kingdom. Surprisingly, our findings revealed that 29% of these landlord did not plan or intend to become landlords.
Situations that can lead to becoming a landlord unexpectedly can arise from a number of different reasons.
From unforeseen inheritance of a property or the necessity of renting out a relative’s home to cover their care expenses, the emotional and logistical hurdles faced by first-time landlords can be overwhelming. Managing and letting out a property can prove to be a complex and challenging process, often requiring additional support to navigate effectively.
Our research revealed a notable disparity in satisfaction levels across the various types of landlords.
Surprisingly, those who became landlords unexpectedly showed a greater likelihood of feeling unhappy about renting out their property, in comparison to professional landlords who treat it as a business, and pension pot landlords who invest their property for future financial security.
The stress and unhappiness experienced by unexpected landlords can stem from a variety of factors.
Firstly, they might lack the necessary knowledge and experience in property management, leading to feelings of uncertainty and stress. They might find themselves grappling with the challenges of tenant selection, property maintenance, and legal obligations without adequate preparation.
Additionally, unexpected landlords may feel a sense of intrusion or loss of personal space when renting out a property that was originally intended for personal use. The emotional attachment and privacy associated with a home can be compromised, resulting in a sense of discomfort or unease.
Furthermore, the financial aspect can contribute to their unhappiness. Unexpected landlords might face financial strain or unexpected expenses related to property maintenance or repairs, which can take a toll on their overall satisfaction. They may also struggle with the financial implications of managing a property, such as dealing with late rent payments or covering mortgage costs.
Overall, the combination of limited knowledge, emotional adjustments, and financial challenges can contribute to the unhappiness experienced by unexpected landlords.