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

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