When it comes to being a landlord, managing a property during void periods is just as critical as when it’s tenanted. Void periods are an inevitable part of buy-to-let ownership, and it’s important to budget for associated costs and take measures to prevent them from lasting too long.
During void periods, landlords must cover mortgage and utility bills, as well as council tax. While some local authorities used to offer a one-month grace period on paying council tax for empty properties, many have since discontinued this policy or offer only partial discounts.
To minimize the impact of void periods, landlords must carefully manage them. Here are some tips for doing so:
Managing void periods
- Set aside cash to cover expenses during empty periods.
- Research council tax rules and regulations for vacant properties in your area.
- Use the notice period when a tenant leaves to carry out necessary improvements.
- Consider including rent protection in your insurance policy.
- Check your insurance policy as some become invalid if a property remains empty for more than 30 days. If necessary, take out unoccupied property insurance.
Preventing unnecessarily lengthy void periods
- Be aware that it may take longer to find tenants during quiet periods, such as Christmas.
- Maintain the property to a high standard throughout the year.
- Be a responsive landlord to ensure happy tenants who are more likely to stay longer.
- Consider using a letting agent to manage the property if time is limited.
For more information on property management services, contact Martin & Co Chelmsford.
