Taking a proactive approach to managing the property that you own, lease or operate in, is the best strategy for a myriad of reasons alongside dilapidations.
Step 1 – Understanding
The first step in developing a dilapidations strategy is to understand the terms of the lease agreement. This includes any requirements or restrictions on the use and maintenance of the property, as well as any obligations for the tenant to restore the property to its original condition at the end of the lease.
Step 2 – Inspection
Once these terms are understood, the next step is to conduct a thorough inspection of the property. This inspection should identify any existing damage or wear and tear, as well as any potential issues that may arise over the course of the lease. This information can then be used to develop a plan for addressing these issues and preventing further damage.
Step 3 – Regular Maintenance
One important aspect of a dilapidations strategy is regular maintenance and upkeep of the property. This includes things like regular cleaning and upkeep of the property, as well as repairing any damage or defects as they arise. By maintaining the property on a regular basis, it is possible to prevent small issues from becoming bigger, more costly problems down the road.
Step 4 – Repairs & Renovations
In addition to regular maintenance, it may also be necessary to undertake more significant repairs or renovations as part of the dilapidations strategy. This could include things like replacing worn-out carpets or repainting walls that have been damaged. It is important to carefully plan and budget for these larger repairs, as they can be costly and time-consuming.
Guide to Dilapidations: Returning properties to their agreed condition and meeting legal obligations
Step 5 – Communication
Another important aspect of a dilapidations strategy is effective communication with the tenant. This can help to ensure that any repairs or maintenance work is carried out in a timely manner and that the tenant is aware of their responsibilities under the lease agreement.
Overall Dilapidations Strategy
Overall, developing a dilapidations strategy is essential for property owners and tenants alike.
For tenants, it makes sense to aim to minimise a dilapidations claim. For landlords, it may be pertinent to conclude the turnaround quickly. Depending on the next tenant, and their needs, repairs or payments may equally be beneficial.
By carefully planning and executing a strategy for maintaining and restoring the property, it is possible to avoid costly issues and ensure that the property is returned to its original condition at the end of the lease.