Is It Sensible To Manage Your Own Block Of Flats In England And Wales?

Self-manage small blocks of flats can be an attractive option for property owners. However, it is not a decision to be taken lightly. There are various factors to consider determining whether this route is the best one for you.

 The Key Considerations

Time Commitment

Managing a block of flats can be an extremely time-consuming task. You and your neighbours will be responsible for tasks such as maintenance, tenant communication, rent collection and handling emergencies such as floods. You will need to consider whether you have the time to dedicate to these responsibilities. If you have a young child or a full-time job, it may be challenging to juggle all your responsibilities effectively.

The Skills Required

Another factor to consider is your expertise. Managing a property requires knowledge of property laws and maintenance issues, financial managementskills and the ability to maintain tenant relations. If you have limited experience in these areas, you may encounter challenges in effectively managing the property.

Financial Considerations

Managing your own block of flats can potentially save money on management fees. You will need to consider the costs of hiring contractors for maintenance and repairs. You will need to prepare and, potentially, file accounts. You should also factor in the cost of any tools or software you may need to manage the property effectively.

Legal Compliance

Landlordsand in England are subject to various legal obligations. These include health and safety regulations, financial statutes and property maintenance standards. Your management company may also need to appoint Company Directors. Failing to comply with these regulations can result in legal consequences. Ensure you understand and are willing to comply with all relevant laws and regulations.

Tenant Relations

Effective communication and relationship management with tenants, who are also your neighbours, are essential for successful property management. You will need to address their concerns, handle disputes and ensure a positive living environment for all of the residents.

Property Size

Managing a small block of flats with a limited number of units may be more manageable than a larger complex with numerous tenants and maintenance requirements. Consider the size of your property and the number of tenants that you will be managing before making a decision.

What Are The Alternative Options?

If managing the property yourself seems overwhelming, you could consider hiring a professional property management company to handle the day-to-day operations on your behalf. This option allows you to benefit from their expertise while still retaining ownership of the property.

Ultimately, the decision to manage your own block of flats depends upon your individual circumstances, capabilities and preferences. Consider carefully and weigh the pros and cons before making a decision. Additionally, seeking advice from legal and financial professionals can help you make an informed choice.

 To Conclude

In conclusion, managing your own block of flats can bring financial benefits. However, it requires careful consideration and planning to ensure that you're up for the task. Take the time to evaluate your resources, expertise, and commitment level before making a decision.

Service Charge Sorted

As an alternative to self-management, Ringley Group’s Service Charge Sorted has been established to provide hassle-free management services to the freeholders of blocks or those who have the right to manage. This applies to blocks, no matter how large or small, anywhere in England and Wales.

Our low fixed fee approach saves time and money, and allows residents to carry on with their lives with one less hassle to deal with.

Please go to servicechargesorted.co.uk for further information or call us on 020 7267 2900. We look forward to hearing from you.