It always kind of blows my mind when landlords do dodgy repairs. You’re halfassing your own property. Short sighted pennynpinching that’ll bite you in the ass down the road.
In a lot of cases, the landlord pays for a management service. That services job is to keep rent flowing and expenses down.
That said, cheap repairs make financial sense. Most will be good enough to not cost a ton later, and the few that aren’t… well, they usually take a while before they end up costing a lot. So the money is in the hands of the landlord longer, and they can invest it in more properties… so they get all the savings from the cheaper repairs, plus the investment income of that savings. From that they can pay for the things that go horribly wrong. Most of the time it will work out in their advantage.
And of course they can always sell the house before the expensive repairs to someone who will do those repairs themselves and flip the house.
That is the problem with money based decisions.
It’s a terrible incentive structure. Tenants have no motivation to repair the place they aren’t going to live in a year from now and landlords only have to put a bandaid on any problem until a tenant falls for it.
Either a tenant plans to be at a place long enough to invest their time/money or the landlord has to be selfless and repair the house cause it’s the right thing to do.
There was a local law coming up that essentially said that landlords would be required to fix properties within a 3 month period (I think) or the county would seize the property and auction it to the public, then whoever buys it would have the same amount of time or same thing. I could see it being abused somehow but it sounded good on paper.
Landlords/homeowners are always required to “repair” a property to a bare minimum livability (as determined by law) but it’s usually about repairing the problem using the least money possible.
It’s why landlords turn themselves into DIY handymen. In theory it’s the cheapest option but there’s a reason we hire professionals to do plumbing.
This is mistaken. They don’t ask why tenets hate them. They don’t care. Tenents are just part of business, so they aren’t people in that case.
That said, I do know some human landlords, they do exist. They aren’t bad people. And they do care about the quality of repairs and such.
It always kind of blows my mind when landlords do dodgy repairs. You’re halfassing your own property. Short sighted pennynpinching that’ll bite you in the ass down the road.
In a lot of cases, the landlord pays for a management service. That services job is to keep rent flowing and expenses down.
That said, cheap repairs make financial sense. Most will be good enough to not cost a ton later, and the few that aren’t… well, they usually take a while before they end up costing a lot. So the money is in the hands of the landlord longer, and they can invest it in more properties… so they get all the savings from the cheaper repairs, plus the investment income of that savings. From that they can pay for the things that go horribly wrong. Most of the time it will work out in their advantage. And of course they can always sell the house before the expensive repairs to someone who will do those repairs themselves and flip the house. That is the problem with money based decisions.
Yeah, it never saves you money in the long run. Never cheap out on repairs.
Leaks that saturate the floor boards cost me nothing. No idea what kind of damage that did down the line because I don’t live there anymore.
At least the landlord saved £1k with some dodgy plumbers though.
It’s a terrible incentive structure. Tenants have no motivation to repair the place they aren’t going to live in a year from now and landlords only have to put a bandaid on any problem until a tenant falls for it.
Either a tenant plans to be at a place long enough to invest their time/money or the landlord has to be selfless and repair the house cause it’s the right thing to do.
There was a local law coming up that essentially said that landlords would be required to fix properties within a 3 month period (I think) or the county would seize the property and auction it to the public, then whoever buys it would have the same amount of time or same thing. I could see it being abused somehow but it sounded good on paper.
Landlords/homeowners are always required to “repair” a property to a bare minimum livability (as determined by law) but it’s usually about repairing the problem using the least money possible.
It’s why landlords turn themselves into DIY handymen. In theory it’s the cheapest option but there’s a reason we hire professionals to do plumbing.
Richer fuckers will buy them cheap at auction, spend pennies “renovating”…
Capitalism in a nutshell.