0:05 AM, 4th July 2024, About A year ago 5
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More than half of landlords say they manage their portfolios themselves, treating it as a full-time job.
Surprisingly, those who self-manage are often spending more on property management, the survey from buy to let lender Landbay reveals.
Their bills are more than what they would pay a letting agent or property management company.
However, just 19% of landlords said they relied on a property management company, with a quarter using an agent.
The lender’s sales and distribution director, Rob Stanton, said: “We are increasingly seeing landlords treating their portfolios as a full-time business, with the sector becoming more of a career choice.
“There is no doubt that managing your own portfolio can be very rewarding although taking professional advice at the right time is essential.”
He added: “We continue to see high levels of activity across the buy to let sector.
“The sector is proving remarkably resilient, despite some challenges.”
The survey also reveals a preference for limited companies among landlords, with 65% owning their properties through this structure.
Landbay also found that for landlords who said they didn’t have another job, the majority owned small portfolios of between four to 10 properties.
That’s closely followed by 34% who owned more than 20 properties – 18% owned between 11-20 properties.
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Paul Essex
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Member Since June 2019 - Comments: 631
13:04 PM, 4th July 2024, About A year ago
I suspect an apples and pears comparison with self managing costs including repairs, certificates etc and the agency costs excluding the extra.
moneymanager
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Member Since February 2018 - Comments: 596
18:27 PM, 4th July 2024, About A year ago
We used to use an agent but found the gap between expectation, false perhaps, and delivered service to be wider than that at Bank Station, interims inspection reports didn’t reflect reality and maintenance was more expensive and less effective.
Rob Thomas
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Member Since August 2017 - Comments: 149
11:18 AM, 6th July 2024, About A year ago
I agree with Paul Essex. There is no reason why using a managing agent would be cheaper. In my experience managing agents also won’t do as good a job of looking after your properties as you.
Alison Clark
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Member Since April 2024 - Comments: 284
12:14 PM, 6th July 2024, About A year ago
Hi We are managing just the one property. This is currently in both my husband and my name not a LTD company.
I understood there would be no difference tax wise? There is £60k approx mortgage left to pay. I fall under the 20% bracket and my husband 40% we were considering a transfer of equity to me?
It’s very confusing when reading advice.
Please can anyone advise?
Thank you
Alison
Southern Boyuk
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Member Since August 2023 - Comments: 92
11:23 AM, 22nd July 2024, About A year ago
If you have a joint mortgage, you will have to declare your intent to the lender and request consent and they will more likely charge for moving the mortgage into your name, They will probably do an affordability assessment on your income visa your expenses and the mortgage.
You have to do a declaration of trust deed
By transferring some or all of that property to your spouse, you can drop back into basic rate tax – and all of your property income will be taxed at the basic rate. Of course, there are drawbacks to spousal transfers. You really, really have to trust your spouse
Also if you have an income plus all of the rent you may end up entering the 40% tax bracket for all income over the 40% level