Best foot forward in 2023
A new year for many represents a new start, a chance to do away with things that aren’t working out too well and kick start new, more positive habits. This is as true of property owners as it is of anyone else. But if you are thinking of making some changes and are looking for some inspiration, here is what some of our clients told us they plan to be doing in 2023:
1. Assess your properties
Whether it is your own home, or you have a portfolio of rental properties, this is a great place to start off. Walk through the property as if you were a buyer viewing it for the first time. List down any problems you might see and then put these into categories – repairs (structural and mechanical), decoration and cosmetic issues and a wish list. These three lists will help you decide how much you might need to spend to bring your property to the standard you want and how you will prioritise your spending. If you don’t have the time to dedicate to a larger portfolio, then get your agent to do this for you. The benefit is knowing exactly what condition your properties are in and what you need to budget to keep them in good condition, tenantable and holding up their value.
2. If you haven’t already got one, set up a budget for essential works for each of your properties, or get your property management agent to do this for you. Most landlords would need to consider setting aside between 1% and 3% of the property value on annual maintenance and repairs. If you have an older property or have not had works done in it for some time, you may need to consider exceeding that for the first year or so to bring it to a better standard.
This is a rough guideline – other factors may need to be considered such as the age and location of the property. But the principle is the same: create a budget so that any unpleasant surprises during the year can be limited and you have a back-up fund, just in case.
3. By this time of the winter, you will have spotted any leaks coming from the outside when it is raining, but if you have not, this is a good time to check the guttering and make sure this is clear (best done in the autumn before the bad weather sets in, but better late than never!), the drainage on your balcony to make sure any debris is not blocking the drain holes, and the seals around your windows and doors, including your door thresholds. With property, as well as with physical health, prevention is better than cure!
4. Test your smoke alarms and carbon monoxide alarms – these usually have test buttons. You just need to hold the buttons down and wait for the bleeps which indicate all is functioning well. Keep a spare set of batteries for these in a drawer just in case.
5. Have all your appliances checked and maintained, including the heating and cooling systems. A relatively inexpensive maintenance check each year will prolong the life span of the appliances and avoid nasty surprises, as most checks will discover potential issues well in advance and give you a chance to save for the repair work before the item fully breaks down.
These checks should include the changing of filters for your air conditioning units, your washer / dryers and your cooker extraction hood. Regular changing of these (every 90 days, ideally) will improve hygiene in the air, make sure your appliances work more efficiently and, in the case of tumble dryers, could avoid a fire – debris in the dryer vent can pose a fire hazard.
Many property owners dread the word “maintenance” but in 2023, resolve to embrace it. A little bit of attention to forecasting your property’s maintenance needs for the rest of the year will save a good deal of anxiety later. And don’t forget to think about future maintenance of a property if you are planning to invest in something new, or make an addition to your portfolio this year: factoring in maintenance estimates will help you to determine if a property is a financially viable option for you.