ACCIDENTAL landlords – Many over 50s don’t set out to rent
• A fifth of landlords over 50 became one by ‘accident’ due to inheriting property
• On average, landlords over 50 own two properties
• 32 per cent of landlords have had tenants refusing to pay rent
• One in 10 landlords have had a court battle with tenants
A poll of landlords aged 50 and over has revealed that a fifth only became one by a twist of fate.
These 'accidental landlords' may have inherited a property in a relative’s will or found they have a spare house after moving in with a new partner.
Becoming a landlord is not for the faint-hearted however, as a poll of over 900 landlords by Saga Landlord Insurance has revealed.
The average over-50s landlord owns two properties and just under half of them manage the property themselves, this means taking on all the challenges of being a landlord such as unpaid rent, damaged property and dealing with repairs including burst pipes or boiler trouble.
The poll also reveals that 32 per cent of landlords over 50 have had tenants who’ve refused to pay rent, 27 per cent of those asked said tenants had damaged property and one in 10 (11 per cent) have had to take legal action against tenants.
One in eight (12 per cent) landlords say they have lost rent after evicting a tenant.
There seem to be a lot of future landlords in Britain too, according to the polI.
Asked if they had inherited a property, more than one in 10 of 10,600 over 50s said they would rent it out.
In addition, 12 per cent of 'accidental landlords' say they expect to inherit more property in the future.
Some would-be landlords are put off by the costs and pressure associated with letting out property. Two fifths of over 50s asked say potential disputes with tenants would prevent them letting a property. Almost the same number are put off by the costs of maintenance.
New Defaqto 5 Star Rated Saga Landlord Insurance provides accidental damage cover as standard, legal expenses cover and optional rent guarantee cover, so landlords, both seasoned and accidental, are not left too out of pocket if the unexpected strikes.
Roger Ramsden, chief executive, Saga Services, commented: “It seems that ever more over 50s are becoming landlords, whether by accident or design. Those who manage their own properties take on a huge amount of responsibility, so getting decent insurance cover to help them out if things go wrong is vital.”