Income v’s Expenditure12 Mar 2018
Repairs and maintenance are always higher at this time of year. Fact!
When the weather is cold and wet and the days and nights darker, tenants are less tolerant and more needy repairs tend to be necessary and more urgent. Boilers are used more and are needed more and due to heavier rain and a tendency for more wind, leaks either through windows or roofs are more apparent.
It should however be of no surprise to Landlords that if boilers are old or windows older then at some point these are going to need replaced and in order to do it correctly, it is not a low cost repair. It is important to remember that if a “patch repair” is chosen either to increase the life of the appliance/item or because in an ideal world it would be better preparing for the replacement, once costs have been accurately saved for then, it is likely that the “repair” will occur again. Things can only be patched so many times. Fineholm tradesmen cannot work miracles unfortunately!
Fineholm will always report the findings to the landlord and follow the instructions given, we understand that income from properties can be tight but properties need to be kept at a standard fit for the tenant. It benefits no one to let the repairs go unattended; least the actual overall value of the property. It is after all an investment. It can lead to higher costs with tenants then demanding compensation.
It is therefore so important to remember to keep some monies aside for maintenance costs in your property and to fully understand that sometimes (and hopefully not too often) the rent money needs to go straight back into the property.