Why Landlords are looking to reduce their spending
It seems that thousands of landlords across the UK are looking to cut their spending costs. This is because the property market has been tumultuous for the last few years, so many landlords are worried that they may lose money. Why exactly is this happening, and how will landlords reduce their costs?
New laws that don’t favour landlords
Rising house prices mean that there are more renters in the UK than ever before, and new laws are frequently being passed to make sure that tenants are protected. This is great news for tenants, but it does mean that new laws are being passed every year that affect landlords.
One law that was recently passed over the last year or so is the The Home Act. This act ensures that tenants can sue their landlord if they don’t make essential repairs quickly. This is very useful for tenants across the UK, but it has caused some anxiety for landlords – and now many of them are trying to cut costs whenever they can. This is mainly so that they will have money in reserve for any potential problems, but this could cause problems for tenants. Recent research has found that many landlords plan to cut costs by spending less on improvements, upkeep and maintenance.
If you are a landlord and you rent furnished properties, you may want to consider investing in property inventory software. You might be asking yourself, why would I use property inventory software? It actually has lots of benefits. You can use it to keep track of the items you own, so if anything is damaged you can ask the tenants or the insurance company to replace it.
What this means for tenants
There are currently millions of renters in the UK, and it is likely that landlords cutting costs will affect them negatively. After all, the cost cutting will take place in their home, so they may find that their landlord is less willing to maintain the house.
However, this is a catch-22 situation. If landlords spend less on upkeep, they are more likely to encounter problems in the future – and if tenants are unhappy, they are more likely to take legal action against their landlord. Therefore, it is in everyone’s best interests to make sure that the tenants are happy with their home, for example you may want to invest in higher quality wall paint and hire professional Cheltenham Painters or decorating companies nearer you to repaint your walls; this can save a lot of time and money.