5 Property Tips For New Landlords
21 October 2014
1. Make a financial plan
And stick to it. Set aside a contingency fund for all possible repairs or damage to the property (whether by the elements or the tenants!). Although you may have taken deposits from the occupants, sometimes this may not be enough and you don’t want to run the risk of leaving something damaged and dangerous. It’s important that you can keep your property up to date and in working order to fulfill legal requirements and general tenant happiness.
Landlord insurance can obviously protect you against these kinds of mishaps, but fixing the problem before the issue escalates or before your insurance clears is vital.
Fire alarms, carbon monoxide detectors, radon gas checks, and energy performance certificates. All of these items are vital to the safety of your tenants and legal obligations you have towards them. Ensuring you have these precautions in place will give you peace of mind and make you a recommended landlord for future tenants.
Although you don’t need to be an interior designer as well as a landlord, ensuring that your property is clean and well kept are simple ways to protect your property for longer. Decorate in fresh and neutral colours; this gives your tenants a bright and airy residence. Using a silk based paint rather than matt, enables you to clean your surfaces more easily.
You should also ensure that you’ve added extra ventilation within the property to deal with condensation control, especially if you have more than one person within the property. Safeguarding your tenants from health issues because of poor ventilation can aid you in gaining a better reputation as a landlord. As condensation is one of the most common problems found in buildings, it’s important to find the source of the issue and fix it from there.
Condensation is also related to mould growth, so it’s important that you address this issue immediately, as letting it escalate can cause bigger problems within your property.
4. Creating extra space
Of course, the more space your property has, the more comfortable your tenants will be and the longer they may choose to stay in your property. Creating more space is easier than it seems, especially if you have a cellar or basement area.
Waterproofing your basement can turn it into a dry living space, perfect for an extra bedroom or lounge area, dependent on your client’s needs.
5. General property repairs
To keep your property looking the best it possibly can, having regular gutter cleanings, along with bird proofing your building. This can ensure that you have the least amount of damage possible externally and prevent any internal damp issues as a result.
Regular checks each month for important issues, such as penetrating damp, rising damp, dry rot / wet rot, ensure that your property is consistently well kept and doesn’t affect your tenants’ quality of life.
For further information about property maintenance, speak to one our experts for help and advice on 0800 288 8660 or complete the online survey request form for our expert to come and visit your property.