As a landlord of some ten years now (two rental properties!) I am perplexed as to how often toilets break down & other plumbing problems occur in the rental properties compared to our own! - we also rent by the way (location important for my other work) and treat the place as if it was our own! Landlords particularly those with outstanding mortgages, will be painfully aware of how little if anything is left after repair bills etc! and even though I do some of the work myself over the years I have poured tons of money in to both properties and never scrimped on the quality of fixtures and fittings. With rents I appreciate becoming unaffordable for many, I am wondering what the heck I can do? and I am thinking aloud now to landlords and tenants on this forum alike! So here we go, next year rather than increasing the rent to cover inflation + anticipated maintenance. I am think of only increasing for inflation only with a Section 21 advising that the TA is to revert to a full maintenance agreement! thoughts and opinions welcomed please?
It’s amazing to me how much of the rent can be eaten up by this kind of stuff.
However, 95% of any maintenance I do is to the fabric of the building e.g. roof repairs, new boiler, replacing a blown down fence. Although it’s been a long while since I had a year when I didn’t get hit with something needing doing, I consider this an investment into the return I’ll get on the capital when we eventually sell up.
If I had continual internal issues like toilets/plumbing, I would be looking very carefully at the T’s lifestyle and the wording in my TAs to make sure that it was clear that the cost of repairs in that dept is borne by the tenant if it can be shown that it was down to their treatment of the property. But I have to say it’s an issue I’ve never faced in over 25 years of renting property.
You cant enforce certain maintenance requirements to a tenant and toilet (and a lot of others) would certainly be included in that.
I just say to tenants rent reviews will be based on inlation, maintenance costs and work i have to do. My rents are below average for long term tenants so they can see the benefit to them in looking after the property. I’m amazed how little i get asked to do.
if its not working for you then try something else. time you sell there may well be CGT to pay on any capital appreciation.
I guess you charge all the materials?. By doing maintenance yourself it isn’t chargeable in the eyes of the revenue which seems a bit unfair but thems the rules
personally I think the bottom has fallen out of the rental market. we are steadily selling off and have been for years now. you get one bad tenant in a property who does a lot of damage and doesn’t pay and it can set you back years.
When labour get in government I dread to think what they may do to 'protect" tenants. It s a vote getter
As Richard 19 says, you have a legal responsibility to carry out most repairs, so your plan isnt going to work. If the toilet malfunction is due to tenant actions, you can recover the cost of the repair from them.
Its likely that s21 wont be available to landlords next year, so if you are finding it difficult to make the figures stack up for your rentals, you may need to consider other solutions.
Unfortunately I fear the alternatives are limited if none existent now?, Starting this a long time ago, I am too embedded in this as my pension provision! Always interested to listed to alternatives through?
Er… could I humbly suggest you need to get out into the investment market more?
There have never been more alternatives to property to invest your money in. What’s more, many of them will make you the same if not greater returns with far less risk or hassle. That’s one reason why I have liquid investments that equal the value of my investments in property. Those investments are diversified across a huge range of opportunities from pure cash earning interest and various ISAs to shares in Mama Bamboo (look it up… and then buy some, cheers).
Well my toilet seat broke and I bought and fitted myself, quite easy. Though the pipes behind the toilet leak a bit, which was cleaned when I moved in so no sign of it, and next to the bath there is a damp patch which is oviously from the plumbing of the baths taps which has been confirmed by plumber friend o mine. I can live with it at the moment but not for ever, but untill I can get another property that feels like a home.