“Should I Carry Out Maintenance Work Before A New Tenancy Begins?”
The easing of the pandemic restrictions has made many landlords realise the benefits of employing a reputable agent to manage their properties. One of our most frequently asked questions is: “Should I carry out maintenance work before new tenants arrive?”. This question is often not referring to the installation of a new bathroom or kitchen; it’s referring to the list of minor repairs that has built up over time.
Should You Be Spending Before New Tenants Arrive?
The answer is No.
Why? Because you have two important factors to consider:
- Basic requirements to meet compliance may already blow your budget; and
- What you believe important may not be important to your prospective tenants.
Your First Duty: Meet Compliance
There are many things a landlord must do to be compliant when renting out a residential property, all of which come at a cost. These include (in no particular order):
- Gas Safety Certificate – including any remedial costs if it fails.
- Electrical Safety Certificate (EICR) – including any remedial costs if it fails.
- Energy Performance Certificate (EPC) – including any remedial cost if it does not meet the minimum standard.
- Mortgage – any fees or financial budgeting to move your mortgage to ‘Buy To Let’.
- Lender Permission – you may have to apply for permission and pay your lender to sublet your property.
- Insurance/Contents – any increased premium for your contents insurance because you would be renting out the property.
- Insurance/Landlord Insurance – optional, but we recommend this to protect you against loss of rent, damages, etc.
- Accountant – would you need their help to declare your new rental income?
- Freeholder Permission – if you are a leaseholder, you may have to apply for permission and pay your freeholder to sublet your property.
- Fire Safety – do you have the required equipment, and for some properties, do they have a maintenance schedule in place? How much would that cost annually?
- Property Licence – would you need one? Most London properties do.
What You See Is Not What They See
As a homeowner, you will view the property differently to tenants. What is unacceptable to you may be completely acceptable to prospects and vice versa, i.e., what you thought was fine may be a dealbreaker. This is where we can help. We are experts at understanding a tenant’s needs and identifying what could become a sticking point before someone moves in.
What Work Should I Do?
As a landlord, you may already have a list of work you need to carry out. We recommend this list to be shared with your agent so they can explore the problem areas in real life, i.e., during physical viewings. If you are working with the right kind of agent, you will receive feedback. Those items that were pointed out by prospective tenants as issues should be prioritised for attention, as it’s likely that other tenants will have noticed the same problems.
Need an agent that can give you good advice from the outset? Call us on 020 3588 5115 to discuss how we can help.
Disclaimer: Marybow Property takes all reasonable care to ensure that the information contained on this website is accurate. However, we cannot guarantee its accuracy or completeness of content. Our website, including the blogs, are not legal or financial advice and should not be construed as such. We reserve the right to change the information on this website at any time.