If your tenants or a Gas Safe engineer has reported a problem with the boiler in a property, it likely means you are going to have to replace the boiler, and needing a new one for your rental property can be difficult and expensive.
Many landlords will have set money aside for this kind of expense, but there are various ways to ensure you’re not being ripped off by repairs or replacements, and try and spend less on this massive expense.
A typical boiler will last between 10 and 15 years, but they may need replacing sooner. However, the good news is that by replacing it sooner rather than later, neither you nor your tenants will have to worry about it for another 10 years at least. Let’s have a look at ways to afford an unexpected boiler replacement.
Does it Need Replacing?
It may be the case that the boiler in your property may benefit from repairs rather than replacement, which could afford the boiler many more years of service.
It is always worth getting a second opinion from a Gas Safe engineer to determine if you need repairs or replacement. Even with boiler cover, opting to repair can save a lot of money and the work may even be covered by your cover.
However, parts may be expensive for old models, and it could be more cost-effective to get a modern, energy-efficient boiler instead.
How Much Do Boilers Cost?
If it is the first time you have needed to replace a boiler, you might want to know just how much it will set you back. There is a wide range of prices, from £600 at the lower end, to £2,000 and more for high-end models.
But paying more for a boiler does not guarantee you are getting a better or more reliable model, so it is worth shopping around and checking reviews.
Consider Boiler Finance
The coronavirus crisis has left many people with financial concerns, including landlords, meaning boiler finance might be a good option if you don’t want to or cannot break into any money you have set to one side. Financing the boiler with monthly payments could be the best way to spread the cost. Shop around and explore the options for favourable interest rates.
Work with a Trusted Installer
As a landlord, you may already have a list of trusted tradespeople who you can trust to call out to your property. But if this is your first boiler replacement, a boiler installer might not be on your list.
Spend some time looking for a trusted installer that offers the work you need at the best price. Bear in mind that the installation price is likely to rise if you need any additional extras such as a mechanical or chemical flush of the system, if you want to install a new type of boiler or if you want to move the boiler position to somewhere different in the home.
Big energy companies typically provide boiler installation services; however, you can often save up to one-third of the price by opting for a local, trusted independent installer instead.
If you need letting agents in Forest Hill for your rental property, talk to us today.