Why Self-Managing Your Thanet Rental Could Be A Costly Mistake
09/08/2023 1590
Pitfalls of Self Managing a property

Not since 2008, when Katy Perry dominated the music charts and Gavin and Stacey were TV favourites, have interest rates soared to their current levels.

This surge has left many mortgage holders seeking ways to decrease their expenses and alleviate the financial strain.

Homeowners are sidelining DIY projects and slashing their budget for holidays and takeaways. On the flip side, some buy-to-let landlords are contemplating managing their rental properties themselves, despite the tax benefits of agent fees.

While the idea of saving monthly on letting agent fees might be tempting, it could end up costing more in the long run. Here's why self-managing your rental may not be as cost-effective as it seems:

Maintenance and Repairs

A competent letting agent will organize and oversee maintenance, performing regular checks to identify potential issues early on. They can pinpoint and rectify small problems, such as leaky pipes or clogged gutters, before they evolve into larger, costlier issues.

Avoid Void Periods

Good tenants are more likely to stay in a well-managed property where their concerns are addressed. However, if you're often tied up or traveling, being constantly available might be challenging. A reliable letting agent can foster lasting tenancies and prevent vacant periods, which would otherwise mean you're left covering the mortgage and council tax.

Red Tape

Regulations in the private rental sector have surged recently, and more are expected. Landlords who falter risk facing substantial fines or protracted legal battles. Having a knowledgeable professional on your side who comprehends the complexities of the law can be financially beneficial in the long haul.

Safety Checks

Landlords are legally required to ensure their rental properties are safe. This means adhering to stringent electrical and boiler safety regulations. Failing to comply not only risks invalidating your insurance but could also lead to legal repercussions – a potentially expensive outcome.

If you’re keen on understanding more about our property management services, don't hesitate to reach out to Kelly or Kirsty at Cooke & Co Estate and Letting Agents today.

Dangers of Self Managing a Rental Property
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About Cooke & Co

Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.

Contact our offices at the following numbers:

Visit our main website at www.cookeandco.com or contact us via email at enquiry@cookeandco.com. If you would like a free instant valuation of your home, then visit our free instant valuation site.

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Category : legislation