As a landlord, you want to avoid rental property repair issues whenever possible. Not only do repairs cost money, but they can also cause disruptions for your tenants. Here are a few tips to help you avoid the most common repair issues.
Recent study on costs of maintaining rental property
Towergate Insurance spoke to more than 1,000 UK landlords to explore the costs associated with maintaining and repairing a rental property.
The most common repair issue is repairing appliances with a value of more than £100, with ovens and fridges being appliances requiring a lot of support. On average, landlords spend just over £655 every 22 months on repairing these items.
The next most expensive form of repair is dealing with roof leaks, costing £608.03 every 19 months. Over a five-year period, this will see landlords spending close to £2,000 in repairing this problem.
Other issues which need repaired regularly include:
- Carpeting and flooring repairs, with a cost of £540.77 every 22 months
- Boiler repairs, with a cost of £534.88 every 22 months
- Heating repair work, with a cost of £479.94 every 22 months
Other important findings of the study include:
- 41% of UK landlords have carried out DIY work at their rental property
- 35% of UK landlords regret carrying out DIY work at the rental property
- 38% of landlords admit to hiring a professional to salvage repair work they carried out themselves
Alison Wild, Head of SME Marketing, from Towergate Insurance, said: “There is no legal requirement to obtain landlord insurance, however, it is a great way to avoid putting yourself at financial risk in the future, giving you peace of mind. Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like loss of rent. There are a range of different landlord insurance policies, most of which include buildings insurance and property owners’ liability insurance but can be expanded to include policies such as contents insurance. Selecting the right policy is bespoke to you and your property, it is important to consider your location, the types of tenants and the content within your property when selecting the right coverage.”
Tips on managing rental property
At Just Lets Peterborough, we can manage your rental property. We know the best way to care for rental property, and here are some tips we are happy to share with landlords.
Inspect Your Property Regularly
The best way to avoid rental property repair issues is to catch them before they become big problems. That’s why it’s important to inspect your property regularly. Regularly, take a walk around the outside of the property and look for any signs of damage, such as loose shingles or cracks in the foundation. Also, check all of the appliances and fixtures to make sure they’re in good working order. By catching problems early, you can often fix them before they turn into bigger (and more expensive) issues.
Pre-Screen Tenants Carefully
Another way to avoid costly repairs is to pre-screen tenants carefully. When you’re screening potential tenants, be sure to check their credit and rental history. You can also check that they have renter’s insurance. By carefully selecting your tenants, you can minimize the chances of having to deal with damages caused by careless or negligent behaviour.
Respond Quickly To Maintenance Requests
If you do have tenants who damage your property, it’s important to respond quickly to their maintenance requests. The sooner you can get the problem fixed, the less likely it is to turn into a bigger issue (and cost more money to repair). Additionally, by responding quickly to tenant requests, you can show your tenants that you’re committed to maintaining a safe and comfortable living environment for them.
By following these tips, you can avoid many common rental property repair issues. However, even if you do your best to prevent problems, there will inevitably be times when something needs to be fixed. When that happens, just remember to respond quickly and efficiently so that the issue doesn’t become a bigger headache (and expense) than it needs to be.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
The team at Just Lets Peterborough continue to operate remotely to ensure we can continue to serve you and your tenants throughout this covid period and beyond. Please contact us through our usual channels – email us at firstname.lastname@example.org or call us today on 01733 346255.