If you are a landlord, keeping your properties in great condition is always a priority, however, we all know that maintenance can be costly. Here we take a look at some tips to manage those upkeep costs whilst ensuring your property is up to standard.
The process should start before you even purchase your buy-to-let property. Getting a full survey done by qualified gas, electrical and structural experts, should save you any unexpected costs down the line. Even if you have already purchased the property, every few years it is a good idea to revisit the survey and give the property a thorough check over. It’s better to catch a problem when it just starts before it gets worse and will end up costing you more.
Getting the right tenants can often be the key to a hassle free letting. There are certain measures you can take to ensure your tenants are the right fit for the house and unlikely to cause you too many problems during the tenancy. A good idea is to use a letting agency to vet prospective tenants to ensure that they can afford, and will respect your property.
Renting a property furnished or unfurnished, is another way you can manage costs but there are pros and cons to both. A furnished property means you will have to pay for the furniture, and if anything breaks it is up to the landlord to pay for repairs. However, often letting a property furnished will attract more tenants. It is worth seeing what your tenant needs and offering the suitable option.
A good tenancy agreement is vital if you want your property to be kept up to the standard you expect, which can again save you on upkeep costs. An experienced letting agent will usually be able to take care of this for you by ensuring the document is worded correctly and contains all your requests. It is important to state in your agreement whether or not you allow your tenants to keep pets, your stance on smoking in the property and how you expect the home to be maintained by the tenant.
When it comes to property, failing to fix repairs quickly can often lead to far bigger problems arising from what may have initially been a ten minute job, and it will you cost you a lot more to repair. If you use a letting agent, they will usually have a direct repairs line and will sort it all out for you, so it’s one less thing for you to worry about. Having a quick fix attitude will save you money over the long-term, and it will keep your tenants happy which will mean they are more likely to stay in the property long term.
