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
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