Poor property maintenance – Can cost you dearly
Maintenance is crucial to the survival of any building, not only for the structure but the buildings earning potential too. Many people recognise that the best way to protect and maintain buildings is to take on a combination of planned and response maintenance; unfortunately this policy is rarely adopted and implemented.
When a property starts to decay, you need to consider whether the building will be fully insured. For example, if a poorly maintained roof is damaged by a storm, your insurance company may say it simply deteriorated over time and a matter of wear and tear/ lack of maintenance, rather than being damaged by the storm. An argument, which could result in, a small percentage of the cost being paid out.
Increasingly, private landlords are being fined over the poor condition of their property portfolios. Many are wilfully ignoring the needs of their tenants but run the risk of being fined thousands of pounds. One member of a council said, “People renting in the private sector should be able to expect to have their homes maintained to an acceptable and safe standard”.
On the flip side of the coin, good property maintenance can attract better tenants and creates a greater return. Understandably, there is a tendency to minimise on-going expenditure to maximise returns, but savvy investors know that spending money to keep a property in good condition results in better performance, including more appreciative tenants, above average rents and fewer vacancies.
If you are in the Northamptonshire area and would a free estimate to inspect/maintain your property, email us on: firstname.lastname@example.org or call 01604 629 966