How can landlords reduce maintenance costs
For landlords, maintaining a rental property is a legal requirement, but perhaps more importantly, it's an essential part of having a good relationship with your tenant, and taking care of your asset.
Anyone who owns a property knows that maintenance is an ongoing process, but without a planned approach costs can spiral, eroding rental income. The key is not to skimp on maintenance, but to take a managed approach.
In this article we offer our thoughts on how landlords reduce maintenance costs, including how to plan for the unexpected, without compromising on the wellbeing of your property or your tenants.
Read out complete landlord’s guide to property maintenance and safety standards
Pre-let planning
Maintaining your property easily begins with the way it's set up in the first place. If you are redecorating it before tenants move in, it's a great opportunity to plan ahead. Investing in hard-wearing fixtures and finishes can save money over time. For example, you can opt for:
● Neutral paint colours for the walls and woodwork to make it easy to touch up and repaint.
● Hard-wearing paint that can be wiped clean and withstands scuff marks more easily.
● Hard-wearing flooring options such as heavy duty vinyl, tiles or stone.
● Modern materials that are both cost-effective and stylish, including eco-friendly Lino options, and stain-resistant carpets.
Preventative maintenance
As mentioned, the best way to prevent problems at a property and keep costs down is to stay on top of maintenance so that issues don't occur in the first place, as well as ensuring that they are caught early before they escalate and become a more expensive issue. We suggest a five-step approach:
1) Regular planned property checks
Schedule seasonal inspections (especially before and after the winter months), record any issues, and address them in a timely manner. Make sure these are at an agreed time with your tenants, and if they can be present then it's a good opportunity to ask them if they have spotted any issues as well. By doing this regularly, you not only show the tenant that you're acting responsibly, but you minimise the amount of time in which an issue can go unnoticed.
2) Planned maintenance
There are some things that need doing every year, and while it seems a little counterintuitive, this is arguably the easiest way to help keep maintenance costs down, and certainly under control. By staying on top of things - sometimes even doing them when perhaps you think they could wait a little longer - you are more likely to stay in control of your budget. For example:
Painting and cleaning exterior walls and spaces:
This doesn't just help to keep the property looking smart, but is also a good opportunity to spot wear and tear that can lead to bigger issues if left unchecked. For example, if you clean outside patio spaces of algae and dirt in the spring, you will be more likely to spot cracks in the pointing or in any paintwork on the walls, which can be easily repaired at a low cost. Equally, a property that looks and feels well maintained is more likely to encourage tenants to also take pride in how it's looked after.
Treat exterior woodwork
If you have exterior woodwork such as fences, decorative cladding, gates, or garden furniture, treating it is a good way to make sure it lasts longer and doesn’t need replacing unnecessarily.
Cleaning windows and gutters
Keeping windows and gutters clean and clear is important for helping to prevent damage and minimise the chances of damp developing through sitting water and blocked pipes. Gutters should be cleaned at least twice a year - possibly more during the autumn months, depending on the location of the property.
Preparing for winter
The winter months can bring their own specific challenges for property maintenance, but many of them you can prepare for to minimise the chances of damage. For example, if you have outside taps and pipes, you can help to protect them in the winter months by disconnecting garden hoses, insulating exposed pipes, or installing frost-proof outside taps.
Servicing your boiler
While it's mandatory to renew your Gas Safety Certificate every year, having the boiler serviced annually can help to make sure it stays running safely and efficiently (also helping to avoid winter breakdowns), whilst also maintaining the warranty and identifying any potential issues early on.
3) Conduct timely property repairs
Where you do spot the need for repair and maintenance work that isn't already within your scheduled plans, try to address it in a timely manner so that the problem doesn't escalate. It’s important to check whether these repairs are considered hazardous and consequently have specific timeframes attached to them by law. Make sure works are arranged at a time that’s mutually agreeable for you, your tenant, and any professionals that are required, and keep a record of the works, the dates, and the outcomes for reference.
4) Establishing good communication with your tenant
This one is the real gold standard of property maintenance. While no landlord wants a tenant to complain unnecessarily, establishing a trusting relationship with a tenant, and encouraging them to care for your property as if it were their own, is essential for catching issues early. By encouraging tenants to be observant around the property, and let you know if they think there's an issue, you can check it promptly and either address it, record it, or reassure them as needed. That way, the tenant feels supported, and you're much more likely to catch problems before they become unnecessarily costly.
5) Establish a trusted network of tradespeople
Having a go-to list of reliable plumbers, electricians, and handymen is something every landlord (or property owner), should have. Knowing people you can trust to do a great job is worth its weight in gold, but establishing good relationships can also lead to faster response times, better rates, and consistent service.
Planning for unexpected maintenance
Even the most diligent of property owners will find that sometimes things happen - usually when it’s least convenient. Pipes can burst in the cold, high winds might cause damage to the roof, boilers break, and so forth, so it makes sense to have a buffer for expecting the unexpected.
Budget for a maintenance reserve
Set aside around 5 to 10% of your annual rental income for maintenance. This proactive approach to budgeting will help cushion the blow of unexpected expenses, and prevent the need for emergency funding, minimise the chances of disrupting your regular cash flow, and also means you aren’t at risk of leaving a property in breach of any health and safety standards.
Stay up to date with legal requirements
Last but not least, make sure you stay up to date with the latest legislation when it comes to rented properties. Not only is this important as a matter of ethics, but it also prevents you from being caught out with the need for maintenance and repair works to meet standards you were unaware of.
Furthermore, under the new Renter’s Rights Bill, the penalties for non-compliance include the possibility of financial penalties. For example, a civil penalty of up to £7,000 for initial or minor non-compliance, or a civil penalty of up to £40,000 for serious, persistent, or repeat non-compliance.
Key areas in which you should stay informed regarding safety and maintenance include:
● Electrical Safety Standards (EICR)
● Gas Safety Certificates
● EPC requirements
● Smoke and carbon monoxide alarms
Chestertons is the premier London lettings and estate agency with more than 200 years’ experience and a team of experts offering a range of services from a full-time compliance department to property management, for both long- and short-term lets. If you would like to find out more about working with Chestertons contact your local Chestertons letting agent at any time.