Beware the perils of the accidental landlord - This is Money

Beware the perils of the accidental landlord - This is Money

The stagnant property market has heralded the return of the accidental landlord.
But many are discovering that letting a former home is full of pitfalls.
An estimated 264,000 people have been forced to rent out their homes because they cannot sell.
Experts say that inexperienced landlords can be at risk of picking disreputable tenants, who do not pay rent on time and trash their property.
Many landlords are desperate to find a tenant quickly to secure the extra income.
But rushing to find ‘any’ tenant can be a costly mistake, particularly when the huge demand for good rented property means landlords should be able to cherry pick the best candidates.
Some landlords are tempted to opt for the higher risk tenants – students and those on housing benefits – because they produce the highest yields.
But this can also turn into a nightmare. .....