More than one in five landlords have to wait longer than four months before signing up their first tenants, according to research by Nottingham Building Society’s agency brand HMLettings.
Its study among landlords across the country found 21% said they had to wait four months or more after completing their buy-to-let mortgage before they had their first paying tenants, meaning they had to shell out for repayments.
The average landlord had to pay out £2,000 on their first property before they find tenants although one in three managed to spend less than £1,000, the study shows.
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.
However, once tenants are in the pressure eases substantially – on average in the past year landlords only had one month where they had no tenants while 45% of those questioned say they’ve had no void months in the past year.
Stephen Reade, lettings operations manager at The Nottingham, said: “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.
“Having to wait four months or more before getting tenants in can put a strain on finances and landlords need to ensure they have spare money to invest in their property over and above basic mortgage costs.”
Mortgages – From 0.99% £377pm £100k
Tax – Must Read Tax Guides to save £1000s
Energy – Compare every company save £300+
Broadband – Compare Sky BT Virgin Plusnet
TV – The best TV From Sky Virgin BT & NowTV
Insurance – Home and Landlord insurance