A year of distractions: The things we do as landlords instead of checking our properties
Thursday 25 May 2017
We all have priorities in our lives… but are we putting the wrong things at the top of our list?
When you’re a landlord, your property portfolio is clearly important as a source of income in the short term - and as an asset for the long term.
But, how often do you find the time to go and check that everything is OK?
At Simple Landlords, we found that about a quarter of landlords check their houses just once – or not at all – in a calendar year. That’s a stark statistic that might well mean people are putting their investment at risk.
The truth is that life, understandably, can get in the way – serving up a series of distractions that stop landlords having the time to check up on their properties.
Did you know, for example, that the average member visits the gym 104 times a year? But cutting just one of those visits in favour of a property inspection could save thousands of pounds… Even ten minutes could identify an issue that might escalate if left unchecked.
Yet whether we’re visiting the cinema (an average of 6 times a year), or shopping for new shoes (7 pairs a year), washing the car (6 times) or watching Netflix (a full 25 days a year!) - there always seems to be plenty of things that take our attention away from our property portfolio.
Simple Landlords Head of Operations Alex Huntley said: “We always recommend regular and reasonable inspections to ensure there are no problems which could cause more serious damage long term. Keeping an eye on your tenants and making sure they’re looking after your property can avoid a multitude of problems!
“It’s also important to check your insurance policy to make sure that inspections aren’t part of the requirements of your cover.”
Clearly, landlords don’t need to sacrifice all the fun things in life. However, the infographic below shows there are maybe some distractions that could be scaled back in favour of inspections.
By acknowledging the stuff that gets in our way – and employing a bit of smart time management - landlords can fit in inspections and rest assured that their properties are not at risk.
Peace of mind, after all, is worth a lot.
Possibly even more than 7 pairs of shoes!
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