As a property owner, one of the biggest challenges is managing the cost of property maintenance. Maintenance is a crucial part of keeping your property in the best condition, but the expenses can quickly spiral out of control if not planned properly. In this blog, we are going to talk about hidden maintenance costs, offer tips for budgeting, and discuss reducing expenses without compromising quality.
Planned vs Reactive Maintenance, what’s the difference?
An important decision to consider as a property owner is whether to rely on planned maintenance or reactive maintenance.
Planned maintenance involves scheduling regular site inspections and upkeep. This is a much more proactive avenue which can prevent minor issues from turning into major (and often expensive) problems. Sticking to a planned schedule will give you ease of mind that your systems are regularly serviced and maintained and that any issues can be resolved in a timely manner. By addressing these smaller problems early on, you’re not only extending the lifespan of your appliances, but also reducing the likelihood of emergency repairs. A well maintained property helps to protect the long term value of your property.
Reactive maintenance, on the other hand, happens when something goes wrong unexpectedly. Examples of this might be a broken door, a burst pipe or a damaged roof. Emergency repairs are often very costly due to the urgent time frame they need to be resolved in. Labor charges are also higher due to last-minute call outs. To reduce the need for these call outs, consider investing in planned maintenance, as this will save you money in the long run.
Don’t Let the Cost of Emergency Repairs Catch You Off Guard!
No one likes to deal with emergency repairs, they always feel like they come right when you don’t need them to. Unexpected and last minute visits from contractors tend to be the most expensive part of property maintenance. Far too many times we have seen easily prevented issues turn into inconvenient, high cost repairs. A tip to avoid these high costs is to make sure you have an emergency repair fund. This is a fantastic way to safety blanket your budget, meaning you can handle these repairs without leaving yourself short for the month to pay them off. You will be thankful for your past self at the time!
Upgrades can seem like a huge expense, but not all upgrades have to break the bank. They will save you money in the long run.
Cost effective upgrades like installing energy efficient appliances, or replacing old lightbulbs with LED bulbs can actually reduce your energy bills and may reduce the need for frequent repairs! This can be the same for old windows. If you have old, single glazed windows, you’re more likely to have bad insulation, making your heating bills skyrocket in the colder months. Another example of a great way to effectively upgrade your appliances is replacing old plumbing fixtures with more modern, water efficient and echo friendly models. This could be a low flow shower head, or faucets that reduce water leakage. This is another great way to lower your bills, keeping water and energy costs at a manageable rate. This will also reduce the risk of water damage and frequent plumbing repairs, keeping those expensive reactive maintenance costs far away!
These upgrades will require an initial investment, but the longer term savings will make them worth it!
So, is it better to outsource your maintenance or DIY it?
DIY always feels easier in the short term; more cost effective and quicker. And if you have the right resources, it’s a great way to test your skills! But, if the job is done wrong, testing those skills can be an expensive hobby. More complex jobs like electrical, plumbing and HVAC repairs are also considered incredibly dangerous if not done by a specialist professional. It is never worth the risk of attempting a job yourself if you have even an inkling that you may be out of your depth. It’s important to be realistic in understanding when a job may be too big for you to complete.
Outsourcing your maintenance will relieve the stress of carrying out these jobs yourself, and it also means you won’t need to source materials, run the risk of injury, and know that the job is going to be done correctly the first time round! Outsourcing can be pricier, especially for urgent repairs. The key is to find the right balance, outsource the tasks that require specialist attention, and keep a paintbrush handy for any touch-up jobs!
So, final thoughts? Maintaining your property doesn’t have to be costly. By focusing on planned maintenance, investing in upgrades and balancing your in-house maintenance will keep unnecessary costs at bay. Presence & Co. have extensive knowledge in all areas of maintenance. If you’re unsure of what you need to do to ensure your expenses are kept to a minimum, we can help you along the way and guide you through a realistic and sensible plan for your property. Our job is to make managing your property easier, we can help you stay on top of your scheduled maintenance, give you fast and effective responses and guide you through managing your budget for maintenance. We take pride in taking the stress of property maintenance off of people’s shoulders, tenant satisfaction is always a number one priority.
“Maintenance doesn’t have to be hard, its about the simple things being done well. We’re lucky to have a team that has extensive knowledge in landscaping, plumbing, carpentry, electrical works and decorating. No job ever feels too big or too small when you have a great network working together.” – Rob Laming, Commercial Operations Manager at Presence & Co.
If you wanted to find out more about what maintenance services we provide, contact us at info@presence.uk or call 01892 507699. Whether you need regular upkeep, emergency repairs or advice on upgrades, our team are ready to assist.
