5 Ways to Minimise Maintenance Costs for Your UK Rental Property

Pluxa Partners

June 6, 2024

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Key Takeaways:

  • 5 proven ways that can help you minimise maintenance cost for UK rental. 
  • Associate with professionals who can help you manage all the maintenance and repair of your rental property.

Do you know that the average UK rent is currently around £13,524?

However, the cost of maintaining the average rental property requires 21.2% of rental income.

That’s a huge chunk of your rental income, right?

But what if you could minimise maintenance costs for UK rental?

There are multiple ways you can choose to save your profits, let’s go through the top 5 ways to reduce your maintenance cost for rental property.

5 Ways to Minimise Your Maintenance Cost for Rental Property

Being a landlord, you have to manage your maintenance expenses for better profitability. We have filtered out the proven strategies that can help you make a wise decision in different situations to achieve your desired results. 

Have a look:

Ensure regular inspections

Prevention is better than cure. 

We all have heard it at least once in our lives. That’s the approach you must follow with your rental property. 

Being a landlord you have to handle the maintenance and repair aspect of your property, so you must make a ritual to check your property every once in a while. 

It can help you spot the issues early and prevent them from turning into an expensive repair in the long run. 

Inspect your property’s common areas and shared amenities. You can also hire professionals in the fields of plumbing, electrical, HVAC systems, and more to remain on top of the functionalities of each aspect. 

Associating with professionals can represent your seriousness to the tenants, and they can build a long-term relationship with you, resulting in consistent rental flow.

Plan your maintenance cost reduction

Planning can do wonders for your cost savings. 

If you have a clear proven plan, you have to stick to it and avoid all the additional expenses that other landlords face who are not serious about their efforts in maintaining their rental property. 

A plan can help you analyse what maintenance has been done recently and what needs to be done in the future. It can also help you stay on budget and reduce maintenance costs within your property.

You also focus on time-to-time investments that upgrade the existing amenities and energy-efficient products that lower utility bills.

Negotiate contracts with service providers

Who doesn’t like discounted rates and better service?

Before you invest in the maintenance of your property, you must consider multiple quotes from reliable service providers. It will help you compare prices and negotiate better deals to reduce maintenance costs. 

Once you get into a long-term agreement for property maintenance and management with a reliable and cost-friendly service provider, it will be a win-win situation for both.

Remember: You must ensure that the quality of your chosen service provider is exceptional. Don’t compromise the quality of the service based on the pricing. 

You can check the testimonials and go through the local links to give you a brief idea about the reputation of the property management.

Encourage tenants involvement

You must build a solid relationship with your tenants and inject a sense of ownership and shared responsibility by asking for their input and suggestions in the maintenance process. 

What if their idea could help you reduce your maintenance cost?

They live in your rental property 24*7, and they are aware of the property situation better than you. So, you can trust them and make them feel important in these decisions. 

Once your tenants have this feeling, they’ll be active in reporting any signs of damage around the building

Allocate your maintenance funds wisely

As discussed at the start, you want to reduce the maintenance cost percentage of your rental property. In your property maintenance plan, you must make some time to allocate your funds effectively. 

A great thing can be to establish a reserve fund specifically for property maintenance.

From operating expenses to emergency funds for unexpected property maintenance costs, you must cover all these factors. 

However managing all these factors can be overwhelming, so you must associate with professionals who can help you with the maintenance aspect. 

Pluxa Partners Can Assist You with Property Maintenance

Being one of the top property management service providers in the UK, we, at Pluxa Partners, understand how to help you with your maintenance and repair aspect.

Our team knows the ins and outs of handling maintenance costs and reduces them for your rental property. 

Apart from the maintenance cost management, we can handle end-to-end property management to ensure you don’t have to go through the hassles. From guest screening to marketing your rental property, our team is skilled in delivering tailored services.

You can also list your serviced apartment with us today and experience hassle-free property management.

So, what’s making you wait?

Contact our professionals, who can assist you with maintenance costs.

FAQs

What is the average maintenance cost for a rental property in the UK?

The average maintenance cost for a rental property in the UK is £2,864. But if you are a landlord in London, you can face even higher figures of £5,379.9. So, it highlights that the cost varies based on factors such as location, property size, and your requirements. 

Who pays maintenance charges when renting in the UK?

The landlord is responsible for paying the maintenance charges for a rental property. That’s the industry standard, and you sign an agreement with your tenants that highlights this aspect. However, tenants are expected to take care of everyday tasks like keeping the property clean and reporting any issues to the landlord.

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