How To Keep Maintenance Costs Down On A Rental Property

How To Keep Maintenance Costs Down On A Rental Property

When it comes to keeping your rental property maintenance costs low, ‘prevention is the best cure,’ as the adage goes. That means you should make sure the building’s fabric is in excellent repair before renting it out, and then have a continuous inspection and maintenance programme in place to help prevent any significant and expensive concerns. Read on to find out more.

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Have An Independent Survey

Unless you’re investing in a new home with a warranty, you should always use an independent surveyor to reduce maintenance costs. Remember that the valuation that your Buy to let mortgage lender prepares is just to protect them – not you – and it may be as simple as a surveyor searching up “comparables” online – they may not even visit the property in person.

Surveys are classified into numerous tiers. The ‘right’ one for you will depend on the age and condition of the property you’re purchasing, so consult with a RICS-qualified surveyor to see which is best for you. Make certain that the report include guidance on both current and possible future difficulties.

Do As Much Work As Possible Before You Let It Out

Fixing serious faults or making repairs after you’ve begun renting out your house could be far more difficult and expensive than performing the work before anybody moves in. If problems emerge during a lease, you’ll have to negotiate with tenants about when repairs are made and may have to arrange for them to be relocated somewhere if the project is large. If you wait until the property becomes unoccupied at the conclusion of a tenancy, you could face a lengthy period of time with no rental revenue.

As a result, it’s normally a good idea to do as much work as possible after finalising your acquisition, which should enable you to ‘future proof’ the house for at least the next 10-15 years, reducing maintenance costs.

Carry Out Regular Inspections

Once the property has been rented, it is critical to do frequent inspections – every 6-12 months – to examine both the interior and outside for any indications of deterioration that might lead to difficulties. It’s often a good idea to get an inventory clerk to do this for you. For example, if a roof tile has slid or the guttering has fractured, water might infiltrate the masonry and cause moisture inside. If surface mildew in the bathroom is left ignored, it may spread and develop into a significant mould problem. Depending on the reason, this might need specialised treatment and possibly jeopardise your tenant’s health. In summary, always solve issues as soon as they arise, before they become more expensive duties.

Give Your Tenants A Home Worth Looking After

If you give your tenants a home that is in excellent shape and has a high degree of interior décor, it normally encourages them to take care of it – and this should result in you spending less on maintenance costs and repairs. So it’s worthwhile to invest in quality furniture, repaint the walls every few years, and reply as soon as your renter complains anything isn’t functioning. Not only will items stay longer, but you should be able to charge more rent as a result.

If you’re considering making a new investment or remodelling an existing home, call us and talk to one of the staff about ways to save money on upkeep.

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