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Maintenance Tips for Landlords: Don’t Suffer The Consequences of Neglected Property Repairs

Maintenance Tips for Landlords

Owning a rental property in Tower Hamlets comes with its own set of responsibilities, and one of the most critical is ensuring regular maintenance.

That’s why we find that maintenance tips for landlords are always welcomed!

Unfortunately, many Tower Hamlets landlords neglect this crucial aspect of property management, which can lead to issues affecting both landlords and tenants.

In this article from the team at City Realtor, we’ll explore the common mistakes landlords make by failing to maintain their rental properties.

We’ll also look at why prioritising property maintenance is essential for a successful rental experience.

You may also be interested to read 8 Things Every landlord Should Know

The Consequences of Neglected Property Maintenance

Neglecting property maintenance can have far-reaching consequences that affect landlords and tenants. These are some common issues, along with our maintenance tips for landlords:

Deteriorating Property Value Due to Neglected Repairs

When landlords fail to invest in regular maintenance, the property’s condition naturally deteriorates over time.

This decline can lead to a significant reduction in the property’s overall value. A poorly maintained rental property becomes less appealing to prospective tenants and can also result in lower rental income when compared to well-maintained properties in the same area.

Additionally, the resale value of the property may decrease, making it difficult to realise a profit if you decide to sell.

Tenant Dissatisfaction Due to Neglected Property

Tenant satisfaction plays a pivotal role in the success of your rental property business. A neglected property can lead to tenant dissatisfaction, and unhappy tenants are more likely to terminate their agreement early or report maintenance issues, creating additional stress and expenses for landlords.

Unresolved maintenance problems can also lead to legal disputes and potential fines if the property violates government regulations.

Increased Maintenance and Repair Costs Over Time

One of the most significant mistakes landlords make is postponing necessary repairs and maintenance tasks. When minor issues are ignored, they escalate into more extensive and costly problems. For example, a small leak can lead to water damage, mould growth, and structural issues if left unresolved. Regular inspections and timely repairs prevent costly scenarios, ultimately saving landlords time and money.

The Importance of Regular Property Maintenance

Now we’ve discussed the consequences of neglecting rental property maintenance, let’s delve into why regular maintenance is crucial for landlords. Our property management service includes the handling of maintenance and repair issues!

Longer Tenant Retention

Happy tenants are more likely to stay long-term, reducing void periods and turnover costs for landlords. Regular maintenance ensures that the property remains in good condition but also fosters positive tenant-landlord relationships.

When tenants see that their landlord is proactive in addressing maintenance concerns promptly, they are more likely to renew their tenancy agreement.

Legal Compliance Met

Landlords with rental properties in Tower Hamlets are legally obligated to provide safe and habitable living conditions for their tenants. Neglecting property maintenance can result in legal repercussions, including fines and penalties. To stay compliant with local housing regulations, it is essential to conduct regular inspections, address maintenance issues promptly, and keep thorough records of maintenance activities.

Enhanced Property Value

Maintaining a rental property’s condition and appearance attracts quality tenants and enhances its market value. Well-maintained properties are more appealing to prospective renters and potential buyers.

By consistently investing in property maintenance, landlords can secure higher rental income and achieve better resale value when the time comes to sell the property.

Tips for Effective Property Maintenance

To avoid the common mistakes associated with neglecting property maintenance, here are some tips for landlords in Tower Hamlets:

Create a Maintenance Schedule

Establish a regular maintenance schedule that includes routine inspections and preventive maintenance tasks.

This schedule should cover essential areas such as plumbing, electrical systems, roofing, and heating systems. Regularly inspect appliances and address any issues promptly.

Prioritise Tenant Communication

Encourage open communication with your tenants regarding maintenance concerns. Provide tenants with clear instructions on how to report issues and respond to their requests efficiently.

Make sure tenants are aware of their responsibilities in maintaining the property, such as reporting minor problems and promptly addressing any damages they may cause.

Budget for Maintenance Expenses

Set aside a portion of your rental income for maintenance expenses. Having a dedicated budget for maintenance ensures you can cover the costs of repairs and improvements without dipping into your personal finances.

Remember that proactive maintenance is an investment that will save you money in the long run.

Property Maintenance is a Responsibility Landlords Must Embrace

Regular property maintenance is not just a choice. It’s a responsibility that Tower Hamlets landlords must take seriously.

Neglecting rental property maintenance can lead to financial losses, legal issues, and tenant dissatisfaction.

Need expert landlord advice?

If you’re a landlord who would like more information on how to enhance your rental property value, attract and retain quality tenants, and maintain legal compliance, our team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact our team on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About Preventative Maintenance Tips for Landlords

What are essential property maintenance tips for landlords to prevent costly repairs?

Essential property maintenance tips include creating a maintenance schedule covering plumbing, electrical, roofing, and heating systems, promptly addressing tenant-reported issues, and budgeting for maintenance expenses to avoid dipping into personal finances.

How can landlords ensure a well-maintained property to attract quality tenants?

Landlords can maintain a well-kept property by conducting regular inspections, addressing minor maintenance issues promptly, and hiring professional contractors for specialised tasks, enhancing its appeal to prospective renters and buyers.

Why is it important for landlords to develop mutually beneficial relationships with tenants through property maintenance?

By prioritising tenant communication and promptly addressing maintenance concerns, landlords can foster positive tenant-landlord relationships, leading to longer tenant retention and reduced turnover costs, benefiting both parties.

What are the responsibilities of landlords regarding property maintenance in the UK?

Landlords in the UK are responsible for ensuring the property meets safety and habitability standards, conducting regular property inspections, and promptly addressing maintenance issues to comply with local housing regulations and provide a comfortable living environment for tenants.

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April 2024 Property Market Update

April 2024 Property Market Update

With the first quarter of the year now behind us, April 2024 has brought a positive forecast as some of the uncertainty of the past 12 months is starting to ebb away. Thanks to the latest developments in the economy, the property market is looking brighter for the next few months as we move forward towards summer.

Inflation Set to Impact Mortgage Rates

According to the Office for National Statistics, March saw the Consumer Price Index fall to 3.2%, taking the UK’s economy ever-closer to the target of 2% set by the government. This looks like good news for the property market, thanks to the influence it will have on mortgage rates.

The most up-to-date data from the Bank of England shows that the flurry of initial activity seen at the beginning of the year has now begun to calm. February saw a significant increase in the number of mortgage approvals as mortgage rate cuts prompted market activity. However in March, the number of agreed sales dropped to 2% above 2017-2019’s average, down from February’s 13% above.

Since mortgage rates now are almost back to the same level as seen in late December, it looks unlikely that the pace of activity seen so far this year will be maintained into the summer months.

Potential Action on Leasehold Maintenance Contracts

Homeowners locked in private new-build communal area maintenance contracts have a glimmer of hope on the horizon as over 40 Conservative MPs call for a ban. As the Leasehold Bill slowly works through Parliament, the Housing Secretary is now under pressure to include a “Fleecehold” ban to help the millions of people living under this model and facing steep estate fees.

The CMA (Competition and Markets Authority) has also recently recommended bringing an end to this model too, putting forward a proposal that local councils be required to adopt new housing estate public amenities once complete. According to the housing minister, the government is now paying careful consideration to this report, which also suggests introducing a property agent regulatory body to address leasehold issues and raise standards across the industry.

With news of homeowners facing shocking increases as high as 274% in their annual service charge bills for 2024, the prospect of the some positive change in the status quo can only be cause for cautious celebration.

Watering Down of Renter Reform

The news isn’t so good for renters, though, as the government set out changes to the planned protections in England for renters following concerns from a number of Conservative MPs that the original proposal would be too much of a burden for landlords.

The latest alterations include requiring tenants to commit to at least a 6-month contract rather than being able to end their tenancy with 2-months’ notice from day one and, most controversially, delaying the no-fault eviction ban on existing tenancies pending the outcome of the justice secretary’s assessment of the court system’s ability to handle repossession claims.

One positive proposed change, however, is the introduction of a right to local council homelessness support for tenants who find themselves evicted under the new grounds for possession.

While this watering down of the Renters (Reform) Bill is sure to be received negatively by those tenants who are aware of its existence, recent research published by the TDS Charitable Foundation shows that a surprising 83% of people who are currently living in a rental property lack any awareness of the Bill’s proposals. Of those who know about the proposed reforms, most are pessimistic about their ability to result in tangible changes. 42% believe the Bill will change little about the rental sector, while 37% believe it is unlikely to be implemented at all.

Good News for Landlords as Tenants Stay Longer

While tenants may be less than thrilled with the latest developments in the property market, things are looking up for landlords as The DPS (The Deposit Protection Service) released its research that revealed tenants are staying in their properties for a third longer than in 2020.

Today’s typical tenancy is now lasting for 924 days, a significant increase over the 706 days seen four years ago. It appears that a combination of the cost-of-living crisis, high rents, and a competitive market for new rental properties are leading to renters remaining for longer periods in their homes.

In further positive news for landlords, Octane Capital reports that the typical buy-to-let property yield has now increased to 5.8%, up from 4.9% over the last two years, and while running costs have gone up over the same period, landlords are still enjoying attractive net profits overall. This report, paired with the proposed delay in the no-fault eviction ban, is likely to encourage existing landlords to remain in the market for the foreseeable future.

As we move further into the second quarter of the year, time will tell how the property market will develop. Traditionally, spring sees more homes being listed for sale, so we will wait with anticipation to see what May has in store!

What Next?

We are delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Tower Hamlets, please get in touch with us at City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

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8 Things Every Landlord Should Know

8 Things Every Landlord Should Know

There are a whole host of things every landlord should know, yet many opt to set up their rental property as quickly as possible, disregarding this essential knowledge.

So, when questions start getting asked about unpaid rent payments, legal responsibilities, and other frustrating circumstances, these landlords are left scratching their heads, wondering how they got into such a position in the first place. Read our lettings jargon buster here!

Whether you’ve just bought your first property in Tower Hamlets or your fifth, being a landlord is a role where you can continually keep learning new things and facing new challenges.

Other than keeping abreast of what’s happening in the property market, you also need to ensure that you’re following all the latest rules and requirements for landlords.

At City Realtor, we’ve got years of experience working with landlords and dealing with the property market, so we’ve pretty much seen it all!

To help you keep on top of all that you need to be aware of, we’ve created a handy list of the eight most essential things that every landlord should know.

8 Things Every Landlord Should Know

1. Remain aware of what’s happening in the property market

The conditions of the housing market are continually changing. First and foremost, a good landlord should keep an eye on property market conditions.

This will help inform you on how to market your property, as well as give you an idea of what price you should be expecting for it. You’ll also have a much better idea of the competition if you regularly do your market research

2. Understand the facilities in your property’s location

Knowing the local neighbourhood that your property is located in can significantly affect how well you position your property. For instance, here in Tower Hamlets, there are some excellent schools in the area, so you may want to market your property as a family home.

Likewise, if it’s located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household.

3. Ensure that your property is up to scratch

When you rent out a property, you need to ensure that it meets certain requirements. You must ensure that it is a liveable space with a safe environment for any tenants that move in. Some of the things you need to consider are:

  • Does it have the necessary smoke alarms?
  • Are there any safety hazards?
  • Are electrical and gas certificates up to date?

Ask our team at City Realtor, as we can help you understand all the requirements your property needs to meet before you can rent it out.

4. Work out your taxes

Before you start getting rent paid into your bank account, you should register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000.

It’s important to mention, too, that there are different tax rules for landlords depending on the type of property you own. Look into this on the HMRC website to ensure you’re doing all that’s legally required.

5. Set aside some money for emergency funds

As a landlord, you should always be prepared. To remain within your budget, set aside a small amount in case anything goes wrong. For example, if your property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without rental income. 

Set some money aside for any unexpected issues as well. No matter how new a property is, wear, tear, and weather conditions may lead to the need for maintenance and repairs.

6. Comply with all legal requirements

There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:

  • Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. These state that all gas appliances must be safe and checked annually.
  • The Smoke and Carbon Monoxide Alarm (England) Regulations 2015. The landlord is responsible for ensuring that their property is fitted with working smoke alarms and carbon monoxide alarms.
  • The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Under these regulations, the landlord is required to make sure that all electrical appliances in the property are safe to use.
  • EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards). These state that all landlords must provide a valid EPC certificate to their prospective tenants.It’s rare, but sometimes landlords also experience problems with tenants. Perhaps it’s late rent, or creating problems for other tenants. Without the relevant experience, dealing with situations like this can be challenging. In the event a legal approach is required, don’t worry, we’ve got it covered!

7. Check whether your local council requires any specific licences

Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory rules and regulations above and beyond the ones mentioned above.

8. Learn each tenancy agreement like the back of your hand

Becoming a landlord has plenty of benefits, especially when you have fantastic tenants. However, even after conducting a detailed risk assessment and deeming them as suitable, not every tenant is stress-free!

When you are faced with a situation where tenants in one of your rental properties are causing you issues, it’s crucial that you know the tenancy agreement inside out to know what your options are.

Whether it’s the notice period, the tenancy deposit protection scheme, rent arrears, or anything in between, having this information is crucial for ensuring you are acting firmly but fairly.

Need expert advice?

Require a valuation, or searching for property management services in Tower Hamlets? Contact our team on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

In the meantime, here are the answers to the most frequently asked questions on this topic.

Frequently Asked Questions About the Local Property Market in Tower Hamlets

What factors influence property prices in Tower Hamlets?

Property prices are primarily influenced by location, demand, economic conditions, and local amenities.

How can I estimate the fair market value of a property and its rent potential?

Fair market value is typically determined through comparative market analysis, considering recent sales of similar properties in the area.

What are common challenges when renting a property in the local market?

Common challenges include market fluctuations, property conditions, and effective marketing strategies to attract potential tenants.

We’ve answered even more of your frequently asked questions here