Being a Landlord you are guaranteed to face levels of uncertainty and stress. This can be caused from a combination of new legislation causing changes in the sector and general responsibilities of being a landlord. The pandemic has impacted their mental health too, 40% of landlords feel it has had a 'negative or very negative' impact. As we approach Mental Health Awareness week, we are explaining how stress can impact a landlords mental health. The information of this blog is to help landlords in the difficult moments they have being a landlord.
How can you protect your mental health as a landlord?
- Take note of stress symptoms
Stress causes physical changes in the body that are designed to help you take on threats or difficulties. Stress can be related to a range of factors that often results in a feeling that you are not in control. The symptoms of stress affect how you feel emotionally, physically and mentally and also can impact the behaviours you action. Some signs you are stressed are; physically through headaches, muscle tension, dizziness, and changes to how you eat and/or sleep. Emotionally; feeling overwhelmed, anxious and irritable. Mentally; constantly worrying, difficulty making decisions and/or racing of thoughts. It is important not to just push through when you are stressed, you should discuss what is stressing you out and seek professional advice. https://www.nhs.uk/mental-health/
Even when you are busy being a landlord you need to find time to eat well and take purposeful breaks. You need to have a routine that incorporates your health and wellbeing. Why not try walk between properties where possible?
- Be kind to yourself
It is easy to look forward to the next big goal for your buy to let business but it is so important to celebrate where you already are and what you have already overcome. Taking a moment to appreciate how far you have come may help you feel more positive about where you are going and the stress to get you there.
- Reach out for help
Suffering in silence is never a good idea, having someone there to listen can make a huge difference.
- Protecting your peace of mind
Landlords insurance is really important as regular insurance is not secure enough for the needs of a landlord and what it needs to cover. Only through landlords insurance will you be covered in the event of malicious or accident-prone tenants and having this cover in place will certainly help put your mind at ease.
To help eliminate problem tenants it is important to put them through tenant referencing such as Vouch. And if all fails, don't be afraid to follow your gut if something feels off.
To help keep updated on how a tenant is looking after your property you should always have a professional home inspection carried out by an experienced agent. Regular checks should prove beneficial.