As a landlord, you’ll be all-too familiar with the number of challenges you face on a regular basis. Making sure your tenants are happy, collecting rent and adhering to your legal responsibilities all come with the territory – not to mention dealing with any particularly troublesome occupants.
Of course there are plenty of upsides too – a surge in demand means rental prices are on the rise, which is good news for you. But in order to be able to charge the going rate, it’s only fair that your properties are adequately maintained and presented to the highest possible standards. So, how can you go about this?
Why is it important to maintain your properties?
If your houses or flats begin to fall into disrepair, your tenants are unlikely to want to stay. After all, it is your responsibility to look after their general upkeep, and ensuring your occupants are happy is in your best interests as it means you have a steady source of income. Regular maintenance will also help to retain the property’s value, so that if you do have a turnover in tenants, you won’t struggle to find new ones and you’ll be able to charge the same rates as before.
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How can you ensure your properties are in good shape?
The first step is to take preventative measures – don’t simply wait for things to go wrong and then set about fixing them. So, make sure all the plumbing, electrical and heating systems are working correctly by carrying out regular assessments – on an annual basis at least. You should call in the professionals to do this, as it’s vital that you adhere to industry standards, while you should always lean on an expert for any major repair works – to the gas pipes or the drainage, for example.
However, there may be a few things that you can tackle by yourself, if you’ve got the skill and confidence to do so. If you want to put up some shelves, all you’ll need is the materials, screws and the right drill bits from RS Components to get the job done. Similarly, you don’t need to be a full-time decorator to invest in a few brushes and pots to give the walls a refresh with a lick of paint.
How can you make sure you’re fully prepared to pay for the upkeep?
It’s important to plan carefully for all eventualities, and that means setting aside a budget to deal with any repairs or maintenance work. Sometimes, things can go wrong without much notice and that could leave you in a difficult situation if you don’t have the finances to pay for it. To mitigate against that, you should build up a reserve fund so that you have money to fall back on in the event of emergency work, such as a broken boiler, flooding or storm damage.
