A maintenance schedule can help landlords budget for any expenses and protect their property investment.
This means planning what money needs to be used from the rental income to keep your buy-to-let maintained, and setting that aside in advance to cover ongoing costs.
A property is an investment, so you’ll want to protect it. And keeping your buy-to-let properly maintained makes sure it's safe, while attracting good tenants.
There are several pieces of maintenance that need to be done as a matter of legislation.
A boiler check needs to be carried out annually and will cost around £75 a year depending on the services available in the local area. The less well-known Legionella risk assessment can cost around £95.
When it comes to electrical safety, you’ll need to test your property every five years. The cost varies depending on the size of your property and how many appliances you have.
If your property is managed by a letting agent, they may be able to arrange these safety checks for you as part of the managing contract.
You should update fittings such as fans in the bathroom and fix leaking taps. This may involve hiring a plumber or electrician, which is a cost that landlords are likely to be liable for.
Consumable items such as light bulbs tend to be a tenant's responsibility, while fixtures tend to be down to landlords – but always check the exact wording of the tenancy agreement.
Fire alarms need to be checked annually and there are strict rules about where they need to be placed – such as one on each floor – or a landlord can face a fine. This article explains more about smoke alarm requirements.
Replacing carpets can be a big expenditure, but these tend to be replaced between tenancies to minimise any disruption. New carpets can be maintained with professional cleaning.
Waiting for a tenancy handover also tends to be an ideal time to carry out a full redecoration of your property. Along with replacing carpets, this can be a much larger expense that can run into thousands of pounds depending on the size of a property.
Unless you have plastic windows, it’s worth considering – and planning for – how often wooden windows will need to be painted.
It’s important that you don't neglect the outside area, as there’s maintenance to consider there too – for example, replacing old fences or looking after the lawn.
By being aware of these ongoing maintenance costs, and when they’re required, you’ll be able to plan your finances and protect your property investment.
Do you have a maintenance schedule for your property? Let us know in the comments below.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
22 June 2020 • 9-minute read
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