While there are many reasons people become landlords, there are no two ways about it – the most common reason is money.
If you’re a landlord, you may well have invested savings or taken out a buy-to-let mortgage on a property. You’ll be thinking about the return on investment in terms of rental yields and the property’s potential value in the future.
Whether you’re a landlord through choice or an accidental landlord, perhaps through inheritance, you must think of it as a business, keeping your costs low where necessary, while at the same time providing a decent and safe place that your tenant calls home.
Of course, you want to keep costs low, but you also have to think about it in terms of protecting your asset.
To help you, we’ve put together the top five ways landlords can reduce upkeep costs.
If you’re a landlord in the Lancaster area, then get in touch with us as we also have more detailed help and advice we can offer you!
Survey and Inventory
The best way to manage upkeep costs is to get it right at the start. Have professional surveys done to see if any issues need looking at in the immediate future, as any delays could incur additional costs further down the line.
You should also carry out an inventory of the property prior to a new tenant moving in. Not only will this give you indications of any potential issues that need your attention, but you’ll know every detail of the house before a tenant moves in.
Top Tip: It is possible to do inventories yourself, and you’re probably very capable, but we would recommend using professionals to get the job done. Not only will it save you time and money in the long run, it’s also impartial, balanced and will be a reflection of the property.
Get the Right Tenants – and be the Right Landlord
Landlords often focus on securing the right tenants, and we understand why. You want your place to be looked after, and your investment protected having the rent coming in on time and in full.
So, there’s definitely huge benefits in the fact that getting the right tenants helps you keep upkeep costs low. Good tenants are likely to take care of the property and notify you if anything needs attending to. But here’s the thing; you need to be a good landlord too.
We suggest you do this by making sure you keep your property in good condition and attend to anything that needs fixing quickly. Not only do you maintain a good relationship with your tenant, but you make sure your investment is looked after.
Top Tip: Be contactable and be responsive. Show you care about the property and the people living in it.
Great Expectations
Set out your expectations from the start of a tenancy. Obviously, there are contractual matters, but when you’re speaking with the tenant, let them know what is expected of them regarding upkeep and when to let you, the landlord, know if something needs doing.
Top Tip: Make sure you and your tenant know what outcomes to expect should they contact you. If they call you about an issue, they need to know you’ll get the issue under control within a reasonable timeframe.
Be Quick, But Don’t Cut Corners
When you know you need a job doing, get it done promptly as this will prevent issues (and costs) from escalating. Don’t be tempted to cut corners by getting a cheap solution just because it’s cheap. A cheap job may mean it isn’t completed correctly and will only need doing again later. You will probably save money initially by doing a job yourself, but sometimes a professional repair is the best solution.
Top Tip: Keep a list of when you have needed to carry out repairs and the tradespeople who completed the jobs for you. Trusted contacts and suppliers are important.
Let Us Do It For You!
Property Management is what we do at Property23. We have more than 20 years' experience helping landlords buy, let, manage and maintain properties throughout Lancaster and surrounding areas. And we've won several awards for it too.
While some of our clients look after the properties themselves, we’re often trusted to fulfil that role with our Full Management service. It means we will keep on top of things for you, be your eyes & ears and act quickly when & where needed. It also means that you can rest safe in the knowledge that your investment is in tip-top condition, and your asset is looked after.
Top Tip: If you choose a lettings agency to manage your property (and we’d love it to be us), make sure you choose one who will represent you properly.
As a landlord, keeping your upkeep costs low will take time and thought, and getting it right from the start is crucial.
We would love to help you. Get in touch or browse the website to find out more.