A landlord’s job does not end after renting out the property to a tenant. In fact it begins from there as he or she now has to look after the repairs and maintenance requests that the tenants will make throughout the tenancy. Also the landlord wants to maintain a healthy relationship with the tenant at the same time.
Despite all the regular maintenance you might be doing for your property, certain repairs and other costs always come as unexpected and you need to be prepared to deal with these financially. To be a successful landlord in the long term it requires you to be diligent while handling the repairs and maintenance requests of your tenants. This not only helps you maintain a cordial relationship with tenants but also helps you upkeep your property in a very good condition. This again will help you get a well paying tenant in a much shorter time frame.
There are several common but perhaps unanticipated expenses that you might be faced with, including:
Repairing roof tiles and chimneys
The high winds we’ve experienced this winter have certainly taken their toll on the exposed external parts of all properties, so it’s quite possible that repairs to lose/fallen tiles may need to be made. This may be costly if scaffolding is required to access the roof. You may also require negotiations and conversations with other adjacent property owners if your property has a shared roof which all adds to the time it will take to get the problem fixed.
Repairing broken fences
Again, high winds have caused considerable damage to fence panels this year. Some landlords may not view these as ‘essential’ repairs, but it’s crucial to maintain good tenant and neighbour relations to get these repairs organised in a timely manner with a reputable gardener. Broken fences look unsightly, and will affect your chances of successfully reletting the property if not dealt with.
Breakdown of an appliance
Expect to replace washing machines and electric showers on a regular basis every few years, particularly if your property is in a hard water area. These items also need to be fixed or replaced urgently as essential items a tenant will need while living in your property.
Vacancy costs when there is no tenant occupying your property
Such situations are financially draining as you may have to bear the mortgage cost as well as other routine costs out of your pocket.
Hence it is important that you save money for such unplanned events. Otherwise there are likely to be occasions when you may not have enough funds to handle these requests which may cause issues with your tenant.
One way to prepare for these events is to maintain an emergency fund. Some landlords create an emergency fund out of the monthly rent that they collect. A predetermined proportion of the rental collection is usually set aside for such a fund. The emergency fund is deposited in a bank and is not utilized for anything else but to meet such unanticipated expenses.
Here at Martin & Co, we offer a Fully Managed Service which eliminates the stress of day-to-day management of the property by taking on all of the essential daily tasks. We will simply pass each months rent on to you, to leave you free to get on with your normal life. If you’re keen to find out more, why not get in touch with the York branch on: 01904 648888.