Repair Tips For Landlords from @Fixflo:
January 12, 2016
Investing in property may be seen as a safe way to make money, but it can be an expensive one too!
If you’re new to buy to let you’ll quickly find out that the costs don’t stop once you’ve purchased the property.
While ensuring that rent covers your fixed outgoings (mortgage, insurance, service charge etc) is a critical first step, overlook variable repairs/maintenance costs at your peril.
For those landlords who self-manage and are uncertain as to the scope of their repairing responsibilities, Government website gov.uk lists them as the following:
- heating and hot water
- gas appliances, pipes, flues and ventilation
- the property’s structure and exterior
- basins, sinks, baths and other sanitary fittings including pipes and drains
- electrical wiring
- any damage caused by attempting repairs
It’s also worth noting that upcoming changes to the rules around serving a section 21 notice are reframing landlords’ responsibilities in terms of the condition of their property rather than disrepair. (see more at: www.fixflo.com/Section-21)
Many landlords outsource the additional stress that managing a property causes to their local letting agency.
Professional property management costs but it should mean that your property is managed by someone who knows the sea of legislation and regulation that governs property management and which changes all too frequently!
In addition professional property management should shield you from the day-to-day dramas that tenants may call to their attention – from broken boilers to cracked guttering and anything in between.
They may also benefit from having a wide and deep pool of local contractors who will be available to fix your property around the clock if something serious goes wrong.
If you choose to take up this option, it’s essential to ask your agency exactly how they deal with repairs, what kind of timescale they work on, and how much they plan to consult you on a short-term basis.
Some agents may suggest you provide a working float which they can dip into for minor repairs rather than having to constantly consult you. This means faster repairs for your tenants and a more hands off investment for you.
Others may opt to run each and every repair by you instead.
For landlords who choose not to exercise their right to outsource property management and want to take a more DIY approach, the most important pieces of advice we have is to always deal with issues promptly and to be accessible to your tenants.
Many landlords find out the hard way what a negative effect waiting even a few weeks can have on their property following leaks. This truly is a case of time costing money.
Click here to see if the agency you use has is one of the hundreds across the UK that have invested in a Fixflo system to protect their clients’ properties.
If they haven’t ask them what processes they have in place to:
-communicate with tenants who don’t speak English proficiently
-boost first time fixes and reduce your costs
-ensure your tenants know what to do to protect your property in an emergency
You May Also Enjoy
Weekly News Roundup – 03/05/24
A roundup of the week’s top property and proptech news stories in partnership with Proptech-X Table of Contents Is Zoopla holding back the housing market? Will Yardi’s multi-million gamble on WeWork the former £37Bn Unicorn pay off? Nimbus report gives oversight on retail market post Covid Is Zoopla holding back the housing market?…
Read More 
Rightmove’s weekly mortgage tracker – 02/05/24
Matt Smith, Rightmove’s mortgage expert said: “Next week’s Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer. An uneasy few weeks for the world economy has meant that there is still a lot of uncertainty around when we might see the first interest rate cut – and…
Read More 
Powering Up Your Brokerage: How Real Estate Apps are Transforming the Industry
The real estate industry once literally hand-to-hand with traditional printed flyers and face-to-face meetings became digital-friendly after the revolution of technology. Among the key drivers of this transformation is the real estate app through which brokerages redefine the role they perform and the way they interact with clients. Streamlined Workflows and Increased Efficiency Gone are…
Read More
Breaking Property News – 02/05/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Is Zoopla holding back the housing market? Maybe it is me! and definitely me and my dog Zara do not think like most people, but – each month in the UK just 100,000 properties complete (exchange) and in the past decade this has been the…
Read More
Breaking Property News – 01/05/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Fine & Country relaunches Masterclass Series for 2024 to support network in winning more business Set to take place in both London and Huddersfield, Fine & Country will be hosting informative and engaging Masterclass sessions again this year, sharing insight from property experts on…
Read More 
A Guide To Moving To The UK
Are you considering moving to the UK, perhaps you are relocating for work or returning after some time as an expat elsewhere. Whatever the reason, to help you begin your journey smoothly, we have compiled all the relevant information on how to relocate to the UK. This guide to moving to the UK will cover…
Read More