Research reveals the costs of setting up as a buy to let landlords
More than one in five, some 21% of UK landlords have to wait longer than four months before signing up their first tenants, according to new research into buy to let purchasing.
But 53% of landlords have paying tenants within a couple of months of completing their first buy to let but for other delays can pile the pressure on their finances, says the report from the Nottingham Building Society.
The study also shows that around 62% of those questioned said they had to redecorate or refurbish properties before letting them out with 28% saying redecorating work took two weeks or more.
‘Becoming a landlord remains attractive for thousands of people, but it is clear landlords need to think carefully before making the decision and also to plan ahead,’ said Stephen Reade, lettings operations manager at The Nottingham.