News30 July, 2024

Vacant Property Period: Tips and Insights

Owning property, especially as an investor, often comes with the challenge of managing vacant periods. These can arise for various reasons, such as conducting necessary repairs after a long tenancy, preparing the property for new tenants or sale, or accommodating tenants who are away for extended periods. Whether you are a landlord or a tenant, there are crucial steps to consider during these times to prevent costly issues.

Sharing a Recent Situation

We recently handled a difficult situation with one of our landlord clients, supporting them through the issue and providing valuable guidance. After their last tenant vacated, the landlord was undecided about whether to sell or re-let the property. This period of indecision led to the property remaining vacant for some time.

During our initial inspection, everything seemed in order. We supported the client by providing information to help with their decision-making process. Once the decision was made to re-let, we listed the property and began scheduling viewings. However, when we arrived for the first viewing, we found the house completely flooded. A pipe from the header tank in the loft had burst, pouring gallons of water through the loft and into the kitchen.

We supported the landlord in managing the aftermath, addressing the immediate issues, and guiding them through the sale process. While this was an unfortunate situation for the landlord to find themselves in, they still profited from the increased value since the purchase and the rental income received previously. Nonetheless, the situation could have been far more detrimental if not handled promptly.

Prevention Tips for Landlords and Tenants

Following this example of this recent situation, we have put together some prevention tips for landlords and tenants when properties may be vacant for a period of time.

For Tenants:

  1. Adhere to Tenancy Agreements: Typically, tenancy agreements include a clause preventing tenants from leaving the property vacant for more than 28 days without notification. If you plan to be away for an extended period, it is your responsibility to arrange for someone to check on the property regularly.
  2. Safety Measures: Turn off the stop tap and switch down the fuse board before leaving for long periods. This simple action can prevent significant damage.

For Landlords:

  • The same points above applies to landlords. Completing these two tasks alone can prevent severe damage. Turning off the water supply and electricity can mitigate the risk of incidents like floods or electrical fires.
  • Insurance Coverage: Ensure your insurance policy covers vacant periods as well as when the property is occupied.

Ensuring Peace of Mind

Proper management of vacant properties is essential to safeguard your investment. By implementing these preventive measures, both landlords and tenants can minimize risks and avoid costly repairs.

If you wish to discuss these tips further, you are after some advice, or are considering moving from your current letting agent, please reach out to Lettings Manager, James Gwynne. We are here to help you ensure your property remains in excellent condition, whether occupied or vacant.

Contact James Gwynne:

Your property is a significant investment. Let us help you protect it.