When to do maintenance works on buy to let properties08 Jul 2016
We have now hit the busiest rental period, with old tenants leaving and new tenants moving in. So is now a good time for Landlords to carry out necessary maintenance or improvement works at properties?
Now is a good time if it is planned – it is always best when planned. For a number of reasons
- Availability of tradesmen
- Minimising void periods
If we look at cost – it is important to factor in a plan – after all the property is an investment. So a time frame of every 5-7 years for improvement work as opposed to standard day to day maintenance should be considered on a buy to let. Normally this will allow time to build up the reserve to reinvest back into the property. Why should I carry out the work, my property always lets quickly? There will come a day when, if no work is done, this will slow, the rent will struggle to be increased and the quality of the tenant will go down. Keep up with a plan and your investment will always give you a decent return.
Good tradesmen are always busy – and contrary to popular belief they do like to plan what jobs happen when. In a rental property, you want to get the tradesmen in; they want to know what they are doing and then get the job complete. Of course things can crop up but this is the exception. Organise the day they are due to go in, plan what works they have to do and then get the property back on the market. Hopefully if this is well planned then there is a tenant waiting to occupy when the works are complete.
The property is an investment and when empty there is no return, therefore it is important to minimise the void periods. If everything is planned beforehand, if the tradesman is organised and knows exactly what they are doing, not wee extras here and there but a comprehensive list, then works will be completed and job done.
All of this will help maximise your return and with all the progressive legislative changes – that return is harder to get.
If you are considering any works, speak to your maintenance manager and they will be happy to provide estimates and quotes.