Caden Grimes Estates

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Maintaining Your Rented Property….. You Need A Sinking Fund.

October 3, 2018 By Lee

Make A Budget Now!

Being a landlord is a business like any other – with the added exception that you have the responsibility of maintaining your property / someone else’s home.
One thing I always recommend to new landlords is that they budget for the future.
Sooner or later your apartment or house is going to need a Stage 1 or Stage 2 refurb.
Stage 1 being decorating – painting, new flooring, beds, curtains and small items, such as white goods. Best to plan for those items every 4/5 years.
At time of writing, a total repaint (including woodwork) of a 2-bed apartment runs €800-900.
Stage 2 is more serious – You will eventually need a new boiler, a new kitchen, windows and doors, those are more long-term projects, 15 years+
Taking these spends from your pocket is painful, so I recommend that a landlord opens a Rent Account,  5-10% of each months rent should be paid to that and left to accumulate a Sinking Fund, just as Property Management companies do.

Caden Grimes Estates is a registered Property Services Provider, PSRA Licence 001883
Sales and Lettings   Info@CGestates.ie      01 9014480

Filed Under: Blog, Estates Agent, landlord, relocation service

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    Testimonials

    Mary One Property

    "We first engaged Gerry Grimes to find a tenant for us in 2005 and have been using his services ever since. We don't even consider contacting another agency when we are looking for new tenants. Gerry's judgement has always been sound, the end result being that our property has been let without major gaps in tenancy and the clients were long lasting and reliable."

    Helen One Apartment

    "Property for People has proven themselves to me on a number of counts. Rapid response to queries, a comprehensive service leaving no loose ends when leasing and most importantly the genuinely sound tenants that they found for the apartment."

    Peter Weston Investments, Various Commercial and Residential Properties

    "Gerry rents and looks after my investment properties. Rents, problems, leases are all under his control, he takes a huge amount of work from me. He’s very reliable and quick to get back to me, an excellent manager."

    Jini & Terence Rooney One Property

    "PropertyforPeople has managed our property for the past four years. He consistently conducted his business expertly, efficiently and with minimum intrusion to us. He secured several excellent tenants who left the property in impeccable condition. Based on the high quality of service that we have received from Gerry, we would gladly recommend his services to anyone seeking a reliable property manager."

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