Almost half of landlords prefer to buy a doer-upper property, new research has revealed.
The survey of more than 500 landlords by Paragon Bank found that 44% of target homes require some form of improvement.
At the same time, it found that a quarter of landlords are more likely to buy properties that are ready to rent.
Just under a third, at 32%, said that they have no preference between the two investment strategies.
The survey went on to reveal that the annual investment that landlords put into property improvements reaches an average of £8,500 across a portfolio.
While investment, of course, varies from landlord to landlord, the survey suggested that it tends to increase with portfolio size.
Those with between one and three properties spend £3,500 a year on average, increasing to £8,100 among landlords with between four and ten properties.
Average annual investment of around £11,800 is made by landlords with 11 or more rental homes across their portfolio.
Louisa Sedgwick, of Paragon Bank, said landlords need to ensure that all tenants live in safe, comfortable homes.
She added: “It’s great to see many landlords are already actively improving their portfolios, especially as this a key facet of the Renter’s Rights Bill.”
The Renters’ Rights Bill is currently making its way through Parliament, and will ban no-fault evictions under Section 21, as well as prevent rent rises considered to be unreasonable.
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