Tips for reducing the costs associated with property maintenance 

To ensure that you can minimise costs for your rental property, it’s important to remember that prevention is key.  Before renting out your property, it’s crucial to ensure that the building’s structure is in excellent condition.  Once that’s done, implementing a regular inspection and maintenance schedule will help you avoid any major and expensive problems down the line.

New BTL purchase?
It is crucial to always prioritise your own interests when it comes to property investments.  Unless you’re dealing with a brand-new construction that comes with warranties, it is highly recommended to hire an independent surveyor.  Keep in mind that the valuation arranged by your Buy to Let mortgage lender is solely for their protection, not yours; in fact, it could be as basic as an online search for ‘comparable’ without even setting foot on the property.

Before your tenant moves in
It can be a lot more difficult and expensive to fix significant problems or make upgrades after you’ve already started renting to tenants.  If any issues come up during their tenancy, you’ll have to discuss with them when the repairs can be done and possibly find them temporary housing if it’s a major project.  However, if you wait until the property is empty at the end of a tenancy, you might experience a longer period without any rental income.

Mid Term Inspections
It’s important to conduct mid-term inspections, every 6-12 months.  These inspections involve checking both the inside and outside of the property for any indications of damage that may cause future problems.  For instance, if there’s mildew on a bathroom surface that is left untreated, it has the potential to spread and develop into a severe mould problem.  In short, always fix problems right away, before they turn into more costly jobs.

Showcase your property to its full potential.
Providing your tenants with a well-maintained property tends to motivate them to take care of it.  This, in turn, reduces your expenses on maintenance and repairs.  Therefore, it’s wise to invest in quality furnishings, touch up the paint every few years, and promptly address any issues reported by your tenants.  By doing so, not only will your property last longer, but it will also allow you to charge a higher rent.

If you have recently bought a property to let out or maybe your tenant is due to vacate then give one of our dedicated lettings team a call and arrange your FREE, no obligation market appraisal to see how we can help you on 01995 603180.

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