An awful lot of us are feeling the current effects of the cost of living crisis and that includes not only tenants but landlords as well. Many may be worried about where the next bill will be coming from especially when it comes to their property. How often has a boiler issue developed when it’s freezing cold for example?
There are however ways a landlord can help tenants during the cost of living crisis with some simple communication or by shopping around for deals.
Below are some tips to help both the landlord and tenants which may help prevent unwanted bills or unexpected increase in costs.
Are you on the best energy tariff?
Energy rates are at their highest levels for many years and although it may seem obvious, several properties may be paying more than if they looked around for better deals. There are always deals to be found when it comes to renewing your tariffs and you could ask your friends or neighbours what kind of deals they get.
Some companies may run a referral scheme where you get a better rate or a cash bonus if you sign up. By getting better deals, this may in turn reduce the pressure of bills and keep tenants happier.
Ensure tenants have property information to hand
Repair costs to properties can be very expensive. A simple information pack containing guides on, for example, how to properly use the heating, how to prevent condensation/mould, how to use appliances correctly etc could avoid large, unexpected bills.
Tenants should also be encouraged to report faults of any sort, it is better you know than not, so these can be rectified and thereby reduces the risk of long term and costly issues at the property.
Boost your property EPC rating
Most properties are rated as a D when it comes to EPCs, and with plans to make it a requirement for all rentals to be a C or above from the end of 2025, landlords should make simple, often inexpensive changes their property to boost their energy efficiency.
Simple inexpensive tasks such as increasing the level of loft insulation to at least 270mm, putting a thick insulation jacket around the water tank, draught proofing windows, ensuring walls are dry-lined can make large differences to ratings and improve the efficiency of homes.
We previously produced a simple guide on how to improve an EPC rating which you can read here.
Are you on the right council tax band or getting entitled discounts?
You may not be surprised to hear but some homes are put onto incorrect council tax bandings. This could be a difference between hundreds or thousands of pounds in savings. There’s a simple way to see what band you are on and you can check neighbouring properties at the same time.
Simply go to the government website here and put in your postcode. You may find a very similar sized property to yours is on a lower band. If that’s the case, speak to the Isle of Wight Council.
There are also discounts for council tax available on empty properties and single-occupancy properties. These could be anything from 25% up to 100% so it is definitely worth a call to the local authority if you think you qualify.
Talk to your tenants
Being open, honest and having frank conversations with your tenants about the current cost of living crisis is nothing to be ashamed of. Having regular dialogue will help maintain positive relationships.
Landlords who put up rental fees without reasonable notice or communication may strain relationships which could mean tenants fall into arrears.
Good communication is key.
If you are a landlord or property owner on the Island, we provide a range of services to help. These include Isle of Wight energy performance certificates (EPC), property inventory / inventory clerk services, empty property inspections, floorplans, legionella risk assessments and much more.
Contact us at info@valerien.co.uk or by calling 07368 838213