Brexit has highly impacted the UK rental market, causing a slowdown. Private landlords’ profit margins have been affected as a result of a lower demand, while costs with properties maintenance have remained the same. Generally, landlords deal with costs such as, Gas Safety Certificate, capital gains tax, installation of smoke alarms, letting agent fees, licenses, mortgage interest and, appliances insurance. Apart from that, they also need to refresh properties after tenants move out. Therefore, cosmetic maintenance and repairs are necessary every few years, if not even a property total makeover, depending on how old the property is, or how much damage the tenants have caused. Low maintenance determines a high tenant turnover rate. The better maintained a house is, the quicker it is rented out when demand is high.
At the moment, it is quite difficult to spot the rental market trend. However, in order to keep their margins, landlords could reduce their property maintenance costs, as follows:
- Investing in quality materials, as, cheap materials and fittings may incur spending more on repairs after a while.
- Acting upon immediately, to protect their investment, as, issues that have not been looked into can turn into much greater problems later, with bigger repair costs.
- Avoiding paying any percentage fees to letting agents, for sourcing the maintenance works needed, and instead, looking themselves for subcontractors to reduce their property maintenance costs.
- Looking out for subcontractors that can service properties out of working hours. Appliance maintenance contract fees with big suppliers may seem reasonable, however, if tenants are outdoors between 9 am and 6 pm, their money is wasted.
- Working with a small property maintenance company can sometimes be a better option, as it will neither tight them in annual contracts, nor charge them as much as the big players on the market. Moreover, regular business can turn into lower charges on the long term. These companies can deal with anything from redecorating and repairing, garden landscaping and cleaning services to appliance maintenance.
If you are a private landlord and looking for a property maintenance company, then look no further. Our team not only has several years of experience in dealing with all sort of issues in private and commercial properties, but can also provide you with the best option in terms of cost/quality. We aim to be a one-stop solutions, for most of your property maintenance needs.