6 Top Tips for Essential Rental Maintenance
Published on September 7, 2017 by Sarah Mac
The better the condition you can keep your rental property in, the more likely it is to retain its value and the less chance you have of having to splash out on expensive repairs.
A well-kept property will also help to maintain good tenant relations, which will prolong letting periods and of course provide your tenants with a pleasant and safe place to live: something they are legally entitled to.
The following rental maintenance tips should assist you in achieving your aim of good rental property maintenance.
Tip 1: Engage Trusted Contractors
Whilst it may be tempting to cut rental maintenance costs and choose the cheapest when it comes to tradespeople, this is rarely the most astute decision. If you spend a little time shopping around, it could be you get 100 per cent better quality at an affordable rate. Remember that the better quality the finish, the longer it will last. Think investment and you’ll not go far wrong. Ask for recommendations through word of mouth and online using forums and trusted trader websites.
Tip 2: Forge Relationships
Once you have found contractors you are happy with, work on building relationships with them. The better you and your tradespeople know each other, the more efficient and productive the rental maintenance work. When they know you and you know them, everything runs that bit smoother. Try to build up a trusted team that will prioritise your requests so you know you’ve got people on hand to step in when you really need them, and get yourself a squad so there is back-up in emergencies.
Tip 3: Be Committed
Being a landlord is a profession rather than a pastime. Be prepared to invest time into taking care of your property, your tenants and your contractor teams and of course into making sure your property is well maintained. Always act on issues as they arise rather than leaving them to fester or worsen over time, which will only end up adding to the costs of resolving the problem.
Tip 4: Be Prepared
A good landlord will always maintain a reserve fund for unexpected emergencies and repairs. The general rule of thumb is to keep aside at least three month’s rent as a back-up should something unforeseen arise, or should the tenants default on their rent. Landlord insurance is also a wise investment.
Tip 5: Stay Compliant
Make sure you keep up to date with legal requirements, such as gas appliance servicing, electrical testing and fire safety matters. Not only will this ensure you avoid fines for non-compliance, it will also reduce the risk of anything going wrong.
Tip 6: Be Vigilant
Landlords who rent out their properties and never return to them until the tenancy has come to an end are just asking for trouble. Without making mid-term checks on a property, how could you possibly detect any potential problems and put a stop to them before they turn into costly nightmares? A mid-term inspection undertaken by an independent inventory company will reveal any breaches of the tenancy agreement, such as smoking or pets that were not allowed, as well as developing issues such as tenant negligence or damage. Nipping things in the bud before they turn into full-blown issues is the best approach.
In Summary
As a landlord, your property is your pay-cheque. If you were working in any other profession, you’d no doubt put everything possible into getting the most out of your role. This should be no different as a landlord, and you should always remember that property is an investment that needs attention and commitment. In following the above tips you should be able to achieve the best possible return.