Becoming a landlord can be a profitable enterprise and a savvy property investment can generate an income as well as a future nest egg. It does however come with responsibilities whether you are a landlord in the domestic or commercial space. One of those responsibilities is the ongoing maintenance of properties so let’s look at the most important elements to protect your investment.
There are two different kinds of landlords, those who own domestic properties and those that own commercial premises. Their responsibilities are similar in that by and large they must take care of the structure and exterior of the building whilst the tenant generally is responsible for the interior. There are marked differences of course in that everything in a commercial property is on a much bigger scale and generally with more at stake if the property is used for manufacturing, production or as warehouse facilities. Commercial properties tend to house businesses and therefore cannot have any issues with the building that impact profitability.
Let’s look at the domestic landlord first and their responsibilities:
Structure and exterior
This will encompass foundations, walls, roof, guttering, external pipework, drains and windows and doors.
Common areas include entrance hall and stairways, electrical wiring, heating, hot water, gas pipes and boilers, pipes, drainage, sinks, baths, and toilets.
All these responsibilities are generally outlined in a tenancy agreement so that everybody is clear on who needs to do what. It is the tenants’ responsibility to ensure the property is kept in a good state of repair and no damage is made. Clearly, with footfall in time, there will be a certain amount of wear and tear which will be considered reasonable.
With a commercial landlord, there are similar responsibilities but there may be additional needs such as the maintenance of air-conditioning, and fire safety equipment including alarms.
Protecting your goods and machinery in a commercial building is critical in terms of protecting your business. Doors and lighting maintenance are important aspects of building security maintenance.
Even a small slow leak can have a major impact on the structure and integrity of a commercial building. Moisture causes rot, mould and mildew and must be addressed.
In commercial buildings that manufacture and store food, ensuring pests such as bugs and rodents are under control is clearly important.
Doorways, stairwells, lifts, and escalators are all essential parts of the functioning of the building therefore must be maintained in good working order.
Fire safety works
The implication of a fire in a commercial building is potentially catastrophic in terms of stock and equipment, never mind workers’ lives.
Whether you are a domestic or commercial landlord, the best way to ensure the protection of your investment is with a planned schedule of maintenance and a good relationship with a property services company. Landlords have an obligation to their tenants, with a portfolio of properties and assets managing maintenance requires a building services company. At The Complete Property Group, we have vast experience in both fields and pride ourselves on working alongside our clients to meet their needs quickly and advise on the best way to manage ongoing maintenance.