Are you prepared for your next void period? A study by the National Landlords Association is found that a staggering 90% of private landlords say they haven’t factored in the financial impacts of void periods when letting their property.
Of the private landlords surveyed when questioned how they propose to cover the cost of a rental void 19% responded by using their day job earnings, 17% when questioned would use existing savings and a 16% said they would just accept the fact their property was not let.
34% of landlords who responded to the NLA survey said they had experienced a void period in the last 12 months.
According to the NLA, the findings suggest that a significant number of landlords may not have a business plan in place when they start letting.
“It’s imperative that prospective landlords don’t underestimate what they’re getting into,” said Carolyn Uphill, chairman of the NLA.
“We’ve always said that being a landlord is a business and to run it successfully means you have to plan for the future to make sure you avoid the pitfalls such as voids.
“We recommend budgeting for 10 months’ rent in any 12-month period to allow for missed rental payments and voids. It’s also essential that landlords carry out checks on potential tenants to minimise their risk of non-payment.”
At Rent Guarantee Cardiff we provide private landlords with an alternative solution , our guaranteed rental scheme is the perfect way to eliminate the void periods, while ensuring your property is managed by a professional Welsh accredited landlord.
If you have a property in Cardiff or across South Wales and would like to find out how you can eliminate void periods while not incurring any agents and management fees, please complete the short contact form below: