11 Jul

Landlords warned over costs of market entry

Landlords warned over costs of market entry

People thinking of getting themselves onto the private rented market have been warned about the dangers of overlooking all the costs associated with purchasing.

With fewer people now able to buy homes, landlords have become far more prevalent in recent times, but YouGov's latest survey found that there are many costs people forget to consider.

For example, 93 per cent of people are aware of the fact they need to budget correctly for their buy-to-let mortgage, but only 46 per cent are aware of the costs that come with running a flat or a house in general such as maintenance and repairs.

Perhaps more worryingly, given that they will be working closely with them in most cases, 32 per cent of landlords do not factor in the cost of lettings agents when they are thinking of buying for this particular sector.

The warning from YouGov was that this can have a long-term detrimental effect on the returns landlords can bring in.ADNFCR-1222-ID-801611288-ADNFCR

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