Not all landlords are the same.
There are the traditional landlords who have deliberately built a property portfolio over many years, perhaps starting with one investment property and gradually adding to it.
There are also landlords who own a property as part of their long-term retirement planning, looking for a combination of rental income and potential capital growth.
Increasingly, we are seeing other type of landlord: we have written recently about Generation Z and the rise of the younger landlord but the accidental landlord is on the rise too.
An accidental landlord is someone who never intended to become a landlord in the first place. They may have inherited a property, moved in with a partner, relocated for work, or bought another home without wanting to sell their previous property in a difficult market.
Rather than sell, letting the property can appear to be an attractive alternative.
For some, this can work extremely well. A property can provide a regular income and remain a valuable asset for the future, but becoming a landlord also brings responsibilities, regulations, and costs that should not be underestimated.
This is where professional advice can make a real difference.
The rental market is becoming increasingly regulated, and landlords need to understand their responsibilities towards tenants, as well as the practicalities of maintenance, safety checks, inspections, and managing a tenancy.
For an accidental landlord, particularly someone who has never let a property before, using a professional lettings agent can provide reassurance and take much of the day-to-day responsibility away.
Looking ahead, we believe accidental landlords could become an increasingly important part of the lettings market.
For some homeowners, retaining a property and letting it may become a sensible part of their long-term plans. For others, selling will still be the right decision.
The important thing is to understand the numbers, the responsibilities, and the options before making a decision.
Hancock and Partners can provide good local advice whether you are a lifelong landlord or have accidentally found yourself becoming one.