Many landlords worry about maintenance costs – and it’s a topic that often comes up in The Buy2Let Shop’s property seminars. Maintenance costs are something of an unknown quantity, as you can never guarantee what might go wrong in the property, and how much it’ll end up costing you. For example, even buying a replacement boiler can cost thousands, which in turn, eats into your profits.
The good news is, there are ways to reduce your maintenance costs. If you’re looking for buy-to-let property for sale, or already invest in UK property, here are a few handy tips to help you.
Property Seminar Tips – Reducing Maintenance Costs
- Select your property carefully. When you’re searching for buy-to-let property for sale, always keep maintenance costs in mind. For example, that house with the incredible garden might look fantastic, but are you happy to commit to paying a certain sum each year for a gardener? When viewing a property, ask as many questions as possible. Good questions to ask are:
- How old is the boiler and has it been serviced recently?
- When was the electricity and gas last checked?
- Are there any leaks? (Look under sinks if possible).
- What’s the water pressure like? (Flush the toilet to test).
- Has the current owner made any structural or cosmetic improvements?
- How old is the property? (Usually, the older it is, the higher the maintenance costs).
- Choose tenants wisely. Select the right tenants, and they’ll probably look after the property well for you. Choose the wrong sort, and you might find yourself facing a whole range of problems. When interviewing tenants, request up-to-date references and ask to see proof of earnings. Also, go with your gut instinct – if you feel that something isn’t quite ‘right’ about them, chances are that you might be right! Remember, as a landlord, you’re legally required not to discriminate against prospective tenants though.
- Don’t go for the cheapest. The classic phrase ‘you get what you pay for’ is especially true when you’re a landlord. When investing in fixtures and fittings, don’t just select the cheapest, as it’s likely to be a false economy. Look for items that are durable, hard-wearing and built to stand the test of time.
- Decorate wisely. Painting all the walls white might seem like a strong, minimalist look…but regrettably, it’s likely to be more of a dirty shade of off-white within a few years. Unless you’re happy to keep decorating, go for more durable shades (which don’t show the dirt so much). The same applies for flooring.
- Invest in warranties. Warranties can be worth their weight in gold, especially if any major kitchen appliance goes wrong. Consider extending warranties to offer even more protection further down the line.
The Buy2Let Shop
If you’re looking for buy-to-let property for sale, and aren’t sure where to start, talk to The Buy2Let Shop team. We’re expert property investment agents in London, and it’s our job to help you find the ideal property investment opportunities at a price that suits.
We also offer assistance with buying a house at auction, and host regular property investment seminars, designed to boost your knowledge of the market. To find out more, simply visit The Buy2Let Shop website today.