We understand that being a landlord isn’t cheap, and that rental property management costs continue to go up as legislation gets stricter. Want help or advice on how to minimise your costs? Our rental property management services help our landlords to work efficiently while still maximising their property investments. Read on to learn what influences the cost of property management in the West Midlands.
The average property owner spends just shy of £850 on property management every year and a landlord’s annual costs can easily exceed this depending on a number of factors:
When the property was built
Properties that were built over 10-15 years ago are likely to need much more maintenance than new-build homes, simply because homes built in the last few years are tailor-made to conform to the latest energy efficiency regulations, i.e. having an EPC rating of at least ‘E’, among others.
Tenant wear and tear
Unfortunately, wear and tear is unavoidable no matter how well your tenants take care of a rental property. This is certainly something to ask your letting agent to take into account when performing referencing checks during tenancy applications. A few common rental property management costs caused by natural degradation and wear and tear are listed below:
- Carpet and flooring replacements
- Gutter cleaning and repairs
- Roof repairs
- Replacement of worn-out appliances
- Electrical repairs
- Plumbing fixes
- Lawn care
The longer you leave it to repair issues, the more expensive they become, so keeping on top of these maintenance jobs will definitely save you in the long run. For example, cleaning out blocked gutters generally costs around £150 – you can even do this yourself – but leaving it too long can cause serious issues like cracks which can lead to damp patches seeping through to the interior.
Your landlord and contents insurance will cover a lot of minor jobs, too, so it really is best to just get jobs done – it also shows your tenants you care!
If you have any questions about rental property maintenance costs, contact our letting agents today and we will be happy to speak through our extensive maintenance knowledge and services with you.
The location and weather
Extreme temperatures like strong winds, humidity, and snowfall can all increase your rental property maintenance costs each year. If you invest in an area that is prone to flooding or termite infestations, for example, you should also budget for more property maintenance costs.