I wish I wasn’t a landlord – it’s become such a money drain

We weren’t getting any rent from a property and we couldn't sell it - but we still had a high mortgage to pay. It was one of the most stressful times in our lives, says Paulomi Debnath, has rented out properties for a decade. Here she explains why it has become too expensive and she no longer makes any money doing it.

Recently, we had to replace a broken door as it was coming off its hinges. That cost £400 and wiped out the rental income for that month. Expenses like that happen constantly. If there is any problem with the property, we are down a considerable amount money per month.We sold a one-bedroom flat last year because it was becoming a money drainer. It was a zone three London property that we had owned leasehold since 2007.

We needed to get a short-term tenant quickly, so we decided to repaint the entire flat and modernise the kitchen to attract another renter. That cost £4,500 to do. Then we had to pay a letting agent to put it back on the rental market and manage the property. In total these costs were around £10,000. We emptied most of our savings to pay for the flat and maintain the mortgage and bills until we sold it, which is not something I would advise anybody to do. But we had no option.

But lately, it is such a big gamble. The markets are very volatile and we never know how they are going to react. The interest rates are supposed to be coming down, but have they? It is a very difficult minefield and causes a lot of stress.

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