Most landlords bought their property rentals as an investment, and why not, seeing as people have lost some (or all) of their money in pension plans and are increasingly mistrustful of banking institutions.
However, this type of investment comes with its headaches as every private landlord knows. Over half, 58%, of UK citizens who have invested in property rentals did so because of its investment potential. One out of every ten renting property are ‘accidental’ landlords, meaning that in some cases they cannot sell their property in the current market. Renting it is the next best option.
Some landlords (11%) rely on their property lettings for income to top up their salary. Those in this position are particularly frustrated by tenants who don’t take proper care of their rental property and who cause the landlord to pay out for unnecessary repairs which could have been avoided with a little common sense and care.
All these frustrations lead private landlords to take out an emergency cover plan to save them both time and money in dealing with repairs. It gives peace of mind to landlords worried about forking out for unexpected repair jobs. Tenants can use such a service too to save bothering the landlord during unsociable hours – a big bonus for landlords!