Smart Landlords Repair their Properties
With the economy still lagging and recession ever looming, landlords and property managers are under constant pressure to reduce costs any way they can. Often, this means that property repairs get put on the back burner. Unfortunately, this approach to cost reduction may end up taking more money out of your pocket than simply addressing the repair in the first place.
In England, tenants who notify their landlord of repair issues (via proper notice) have remedies available for those landlords who do not attend to repairs within at least 21 days. There are three types of monetary claims they can make: contents damage, injury or damage to health, inconvenience and rent reduction or refund. On top of the potential damages, landlords face the cost of legal counsel to defend against the claim.
All of this is completely avoidable by staying on top of repairs and fixing damage and wear and tear promptly. Landlords must beware the little things. For instance, while most landlords are prompt to fix things like leaky pipes, broken boilers or storm damage, too many ignore the little items brought to their attention, such as leaky taps, broken drawers or railings. And these items can cost them if they fail to make repairs.
While awards for these small items may not seem costly, the expense of going to court and having to make the repair anyway is simply absurd and unnecessary. Additionally, the cost of earning a reputation as an unresponsive and uncaring landlord or property manager is incalculable. The internet age has made it easy for tenants to determine who and who isn’t a reputable agent or landlord. Although rents in London are on the rise, you may find yourself unable to take advantage of this trend because your reputation for managing your property repairs has caught up with you.
Smart landlords know that making the repair is the best, most cost-effective way to increase your margins in the long run. Make the repairs and avoid unnecessary costs.