Create a property maintenance and financial schedule for your buy-to-let

Protect your property by planning for these maintenance costs

A maintenance schedule can help landlords budget for any expenses and protect their property investment. This entails anticipating how much money will be needed from rental income to maintain your buy-to-let and putting it aside in advance to cover ongoing costs.

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Protect your property by planning for these basic maintenance costs – A maintenance schedule can help landlords budget for any expenses and protect their property investment.

This entails anticipating how much money will be needed from rental income to maintain your buy-to-let and putting it aside in advance to cover ongoing costs.

Here are some useful landlord tips and advise.

Make a budget for your buy-to-let property.

Because a home is an investment, you’ll want to protect it.

And keeping your buy-to-let property in good condition ensures its safety while attracting good tenants.

Legal checks

There are several pieces of maintenance that need to be done as a matter of legislation.

This includes a boiler service, checking for Legionella bacteria in water systems, and electrical safety tests.

A boiler check needs to be carried out annually and a aless well-known Legionella risk assessment is also available besides an electric test.

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.

Updating and maintaining fixtures and fittings

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.

Interior decoration

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.

Outside grounds maintenance

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.

Local expertise

From using a managing agent who can help fix urgent repapirs from leaky pipes to deep cleans. It’s always worth building a good relationship with your realator / estate agent and they can help you find a new tenant.