One of the ‘joys’ of being a landlord is the transition between one tenant and the next. This has been my first transition as I only bought the house just under 2 years ago and prepped it for the first tenant and they stayed for 18 months. Now they have moved out, I have the mop up. The agent has done the inspection and based on the report, I have lost the fridge (looks like the tenant has took it!) and there are a few battered walls that need to be filled and re-painted. They have also left a few items that they were supposed to remove on departure!
So I can see that next week I will been visiting to sort out a few of the issues and generally inspect the property before the new tenant arrives. I guess these are part of the landlord’s chores for renting and the void periods can be quite long, this time the void is only 3 weeks, so I should be grateful. As I dont have cheap tradesman to go in and fix things it is up to me to go in and do so. I can then track whether this is a good investment when it comes to time and money in the long-term. Good job I dont have a day job now 🙂
This is all experience to log as part of the review of whether being a landlord is a good thing or not. It’s the maintenance and keeping the property in good condition that’s hard when the tenants do not. They have no incentive to do so as they don’t own the property. Good job a deposit it taken to cover these situations. I don’t think I will supply a fridge for the next tenant, only fixed goods such as the built-in appliances. General wear and tear is one thing to think about when operating a BTL and upkeep of the property is another over the long term. This is a fairly new house so shouldn’t need lots of work but it is something to keep an eye on when it comes to its market value in the future, it needs to look tidy and reasonably well kept otherwise it will not provide any profit on its sale. Not that I am expecting huge gains in its value – looking up the value based on Zoopla* it’s increased by 3% which isnt a lot in cash terms – it is a starter home after all.
*Zoopla valuations have a lot to be desired as while looking up the property value, it has other houses recorded with lower or higher current values so I dont know how they calculate them, how can the same format house (its a pretty standard house estate development – have such a big difference in valuations). It is intersting to see the difference between last sale and current value as some have dropped significantly. If anyone can suggest a better site for house valuations then let me know. I take the valuation provided with a pinch of salt – it is worth what a buyer is prepared to pay.