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Unprepared Buy-To-Let Landlords Spend More Money Because They Fail To Plan Ahead

Unprepared Buy-To-Let Landlords Spend More Money Because They Fail To Plan Ahead

Unprepared Landlords Spend More Money Because They Fail To Plan Ahead

UK private rented sector landlords and property investors need to factor in repair costs into calculations and annual budgets in order to have a better understanding of the profit they are actually making from their investment property.

Rental properties will suffer wear and tear on fixtures and fittings over time, however many property investors who hold property and become landlords fail to adequately allow for rental property repairs or budgeting for essential maintenance costs when calculating the potential yield that they can get from an investment property.

Property investors and landlords should make use of the best landlord insurance deals they can find and plan for expensive repairs in advance, where possible, holding back enough funds to pay for unexpected repairs in a rental property.

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Timely repairs can increase buy to let rental yields

Timely repairs can increase buy to let rental yields

Reducing repair and maintenance costs for a Buy-To-Let landlord can make the difference between a property producing a healthy yield or being a lemon with a high void rate and a poor return.

With this in mind, property repairs and maintenance can be a crucial focal point for landlords when analysing the potential rental yields from any buy to let property.

Ensuring that all windows are energy efficient and watertight is just one area for landlords to improve the energy efficiency of their rental property. It only takes a missing piece of silicone or a small hole in the grouting for water to seep in and pool under tiles or floor boards. If left, the minute leak can become an expensive disaster.

Landlords should always make sure that all areas exposed to the elements remain water tight whatever the weather before a tenant moves in as putting it right when tenanted can cause a great deal of time lost and damage to the professional relationship between landlord and tenant.

When a rental property becomes vacant at the end of a tenancy, landlords or their agents should ascertain the overall condition of the property and identify any potential work that may need doing to get it ready for re-habitation, and that work should be carried out by qualified and trusted tradesmen.

The overall condition of a private rental sector (PRS) property can often attract a similar quality of tenant. If the rental property is in need of a number of repairs or overall improvement and landlords fail to carry out the necessary works, more often than not, the type of tenant attracted will be of a lower standard and they may not be bothered with maintaining the upkeep of the property, causing further financial headaches for the landlord.

Improving the look and quality of a rental property can often be achieved through quick and inexpensive jobs being done such as repainting walls and gloss work and thorough deep cleaning of high use areas such as kitchens and bathrooms.

Landlords should include clauses within the tenancy agreement (AST) to make the tenants responsible for some of the upkeep of the property and these points should be highlighted to new tenants when they are preparing to sign the AST.

Such things as regular cleaning and cutting the grass can be included and it should also be clearly indicated in the tenancy agreement that any changes to the property must be put in writing to the landlord or letting agent.

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