Ask a group of landlords what worries them most, and one concern is likely to come up time and again: losing rental income.
That is why void periods matter so much.
Most landlords understand that an empty property means lost rent. What many do not realise is how quickly the costs can add up beyond that.
A six-week void on a property renting for £1,200 per month could mean around £1,800 in lost rent alone.
Mortgage payments continue.
Council tax may become your responsibility.
Utility charges still need to be paid.
Also, there are often cleaning, maintenance, and redecoration costs before a new tenant moves in.
Before long, a relatively short void period could cost thousands of pounds.
The good news is many void periods can be reduced by acting early.
Marketing a property as soon as notice is received, pricing it realistically and working with a proactive local letting agent can all help minimise the gap between tenancies.
We’re proud members of the Ethical Agent Network.
#AgentsYouCanTrust