It was only last week that we extolled the benefits of having periodic checks made to your investment property. Those visits could be made by yourself or someone from the letting agent that is responsible for managing the property.
We felt that such inspections would help ensure the tenants are complying with the terms of the rental agreement and are maintaining the property, fixtures, fittings and its contents in a satisfactory condition. If it was discovered that they were not then action could be taken to protect your investment.
Therefore, we are sure that you will find the following statistics produced by the National Landlords Association (NLA) interesting and, in our opinion, merely support our views expressed in last week’s blog post.
The research revealed that over a period of one year, 28% of landlords had a property damaged by their tenants. When you consider that there are estimated to be in the region of 1.5 million landlords located in the UK that is a considerable number of properties.
Interestingly, it is in the North East of England that landlords are more likely going to encounter damage to their investment properties. The research showed that around 46% of such properties were damaged. The area of the country with the lowest percentage of damaged properties was in the South East at 21%. Nevertheless, we are sure that you will agree, even that figure is worryingly high.
Another interesting statistic was that, in the same period, 8% of landlords had claimed on their Landlords Insurance policy.
We are sure that you will endorse our view that periodic checks should be made to any investment properties that you are letting out. Furthermore, it is important that suitable Landlord Insurance cover is in place to provide you with the correct level of protection and peace of mind.
Your comments, as always, are welcomed.