Managing a large property can bring with it a number of opportunities as well as challenges.
There are some special considerations that landlords have to take into account whether letting out a property on a long-term basis, such as for a family, or for over the short-term such as a holiday let for large groups. Everything from landscaping to marketing to maintenance can cost more in time and money the bigger the property, so whether you choose to instruct a property manager or to take care of things yourself, here are some things to add to your to-do list:
Keep the grounds secure
The larger your property, in all likelihood the more significant your investment, so it makes sense to keep your property protected especially in times of vacancy. Installing a home security system complete with cameras that are clearly visible can help deter potential vandalism or theft in times when the property is empty, and can provide tenants with extra peace of mind when it’s let.
Don’t neglect the exterior
Many large properties come with substantial gardens and outdoor space, and neglecting these can really ruin the aesthetics of the exterior as well as potentially drive down your asking rental price. Large outdoor space can work well for entertaining, which can be especially enticing to tenants looking for large group holiday accommodation. Whether you choose to invest and create truly stunning outdoor space or simply want to keep things need and tidy, consider the cost of contractors or landscapers, or the demands on your time if you wish to do this yourself.
Managing a large rental can take up a lot of time, and if you have multiple rental properties especially, you may find that your time and money is better spent by sharing some of this responsibility and delegating. You may wish to instruct a single property management company, or to have your own plumber, electrician, landscaper and any other handyman contacts available to take care of things for you. In addition to saving you time, having this expertise can also save you hassle in that you’re less likely to have a trained professional make a mistake – something that you may well do if the task at hand exceeds the DIY knowledge of the average landlord!
One way to make sure nothing is missed is to create a strict schedule that includes things such as regular cleaning and maintenance through to annual checks for electricity, gas and fire safety.
Have a rainy day fund
While you may have money set aside for regular maintenance, having some set aside for emergency repairs is also advised (as it is for all properties!). If the boiler goes out in a large property, the inconvenience to tenants and the cost of repair will both be substantial, so it helps to have some money set aside to deal with unforeseen circumstances quickly.
A larger rental property may require more home maintenance, but the rewards can also be substantial in terms of higher returns. If you find yourself struggling to keep up with all the necessary maintenance, you may wish to instruct a professional property manager to take care of this for you.