More than a fifth (21 per cent) of buy-to-let investors face a wait of at least four months before finding their first tenants.
While 53 per cent of new landlords sign up a tenant within two months, others face a more significant - and costly - delay, according to a recent study by Nottingham Building Society.
Completing an investment but not having tenants ready to move in costs buy-to-let investors an average of £2,000.
Allison Thompson, managing director at property specialist Leaders, says: “Property remains an extremely attractive investment and has the potential to deliver both fantastic rental returns and substantial capital growth in the medium to long term.
“However, it is clear investors need to plan for the first few weeks and months of their new buy-to-let, including the possible costs of a delay in finding a tenant.
“The good news is there is a way to avoid this problem entirely – and also minimise some of the other potential risks attached to any buy-to-let project. Investors can search for and buy an investment property with a tenant already in place through our Property Investment Hub, an online resource which brings together the largest selection of available investment properties in the UK.
“Many of these properties are being sold by landlords with reliable, fully vetted tenants in situ, which is an extremely convenient way to purchase a buy-to-let.”
The key benefits of buying a tenanted property through Property Investment Hub include:
Start receiving rent on completion and enjoy a return on the investment from day one
Reduce costs and hassle
Avoid the cost and hassle of having to find a tenant, as well as potential delays getting the property let
Peace of mind
Enjoy the reassurance of knowing the tenant has been thoroughly vetted, can afford the rent and has proven to be reliable
Insight into the property
Receive a maintenance history of the property before buying (if the property has been managed by Leaders)
Expert advice and support
Receive free advice on maximising the return of your investment going forward, with reduced letting and management fees