Considering a Buy-to-Let Property? Here’s What You Need to Know About Maintenance

Landlordism has become a uniquely popular form of business strategy over the last fifty years, with the number of landlords in the UK having increased by more than double since as recently as 2000. Owning property has been seen as a rock-solid investment strategy for some time, and the ability to increase income via letting out said properties has been an alluring prospect for many aspirant entrepreneurs.

However, building a portfolio as a landlord is not as simple as collecting rent each month. Landlords have responsibilities, property repairs being chief among them. Maintaining a property costs money, but what should you expect to cover as a new landlord – and is buy-to-let wise at present, at all?

A Volatile Market

Before we tackle the subject at hand, it is important to acknowledge the shaky ground on which many landlords – including buy-to-let landlords – currently stand. 2022’s interest rate hikes had a dramatic impact on mortgage rates, increasing mortgage payments for many and, consequently, reducing profit margins for buy-to-let landlords.

Between this and shocks to market value in the property market, rental investments are now embodying their inherent risk. Many landlords are currently selling up to avoid the significant costs that could be headed their way. With this in mind, you might decide that buy-to-let isn’t for you right now. But if you have the money to bankroll short-term losses, you might be inclined to carry on. In which case….

Repair Costs

Acting as a landlord, in any capacity, is a role of responsibility. Landlords are legally required to ensure that their properties meet basic safety standards and that they are comfortable, liveable environments for their tenants. This means accepting responsibility for wear-and-tear repairs, as well as for meeting basic regulatory compliance as with PAT testing and an annual Gas Safety Certificate.

Over time, the repair costs for a rental property can add up significantly. Quality-of-life improvements like replacing the radiators can, in some circumstances, justify increases in rent rates – but the vast majority of repairs and renovations are to sustain a standard of living for existing tenants. 

Who Repairs What?

In pretty much every circumstance, it would be your responsibility to effect any repairs or alterations to a property in your portfolio. This holds even where a tenant is directly responsible for damage not covered under the wear and tear clause of the tenancy agreement.

What can change, though, is who foots the bill. Where tenants have presided over damage to the property and any contents belonging to you, the cost of repairs can be offset via their deposit – provided there is adequate documentation and financial protections in place.

There are situations, particularly with minor repairs, where you may ask your tenant to solve the problem themselves. But major damage should be handled by you if only to protect the value of your investment. Essential services like water, electricity and gas supply are your responsibility wholeheartedly.