Being a landlord comes with a price and a lot of responsibility too. One of the most annoying aspects of being a landlord is having to deal with maintenance issues. If you are not careful you can end paying out more for repairs than you are taking in rent. This is why you should do two things. The first is to take out landlord maintenance cover. The second is to employ only certified tradesmen or a property management team to take of your portfolio.
One of the largest expenses that you may have to pay out for as a landlord is emergency boiler repair. Boilers are expensive. It is also illegal to rent a property that has not hot water. So, if a tenant’s boiler breaks, you need to fix or replace it, regardless of if you have the money to do so.
Landlord Maintenance Cover : Why Employ a Management Team
If you have more than a couple of properties in your portfolio then it is well worth your while employing a management team. Otherwise you can actually never go away on holiday without worrying. Things break at the most inopportune moments, and these include boilers. If a tenant’s boiler breaks while you are on holiday, then you cannot rely on a tradesman to turn up to your property. They may have a backlog of work. Your tenant has the right to hot water and they could easily call in their own tradesmen and send you the bill. A nightmare situation that needs to be avoided I am sure you will agree.
Maintenance and emergency insurance in the form of a landlord’s insurance policy is designed to take away the headache of being a property owner. As a landlord it is imperative that issues are dealt with quickly. Otherwise you could be the one landing in hot water! If you provide a poor service to your tenants, they may leave. They may disrespect your property, and they may even leave you a nasty parting gift.
Resolving issues that arise quickly will stop you having to find a new tenant for your property. Your property management team will always ensure maintenance issues are resolved straight away, meaning tenants will stay happy at all times. Tenant safety is your obligation, and if you put your tenant’s health at risk, the consequences are not just expensive but could lead to your arrest or imprisonment.
Peace of Mind
If you choose to take out landlords maintenance cover and/or employ a property maintenance team, you will have peace of mind. Your tenants will have a 24 hour helpline where they can contact someone in an emergency. There are certain emergencies that cannot wait until the next working day. These include gas leaks, flooding, broken locks, and electrical failures. Not forgetting broken boilers!
When you have landlord maintenance cover, the cost of repairs can be paid in manageable monthly payments. If you cannot afford to buy a brand new boiler until the end of the month, you do not need to panic. Landlord insurance will give you the peace of mind you need and it is often available from only 10 pounds a month.
Landlord cover includes boiler breakdown, carbon monoxide testing, gas safety checks, 24 hour callouts for your tenants, and more. Although it is not a legal requirement to take out maintenance cover, it is a wise choice. If you are a small property owner with just a couple of houses you rent out, you may not have the money sitting in the bank to buy a new boiler.
Boiler maintenance is actually the biggest nightmare for landlords. What’s more, you cannot leave your tenant without hot water. Boiler cover is not a legal requirement, but it pays to take it out. New style combi-boilers normally come with a five year guarantee. So if you have any boilers in your properties that are older than 5 years, it makes sense to replace them when you can even if they are still working. Replacing an old boiler can actually save you money in the long run. If you add up how much you spend on repairs, you will realise why.
Landlord Maintenance Cover : Conclusion
As a small landlord, taking out at least emergency boiler cover should be a must. Also, you should have trusted tradesmen that you know to carry out repairs. Bristol Builders Network can help you here. And for larger portfolios, we highly suggest that we put you in touch with a reliable property management in Bristol team.