Do you have an old, inefficient boiler in your rental property?
As a landlord, it’s your responsibility to ensure your tenants are kept cosy with central heating and hot water. If the old boiler’s already providing all that, you may think the cost of installing a new one is unnecessary.
I’ve talked to many landlords over the years with this exact mindset, who have been happy to keep spending good money on fixing their old, temperamental boilers when they continually break down.
However, there are so many benefits of installing a new boiler in your rental property, especially with the new regulations kicking into place from next year.
I’ve highlighted some of these benefits below:
1. You’ll be prepared for the new regulations
From next year, new regulations will mean that landlords will not be able to refuse if asked to carry out energy efficient measures when asked to do so by a tenant.
So, if one of your tenants feels that the boiler is old, inefficient and consuming a lot more gas than it should – leading to higher fuel bills – and asks for it to be upgraded, you’ll be obliged to do this. Being prepared now will mean you won’t be taken off-guard later.
2. You’ll no longer have to keep paying for repairs
If you’ve ever had to deal with an old, fault-prone boiler, you’ll know that forking out for repairs every few months is not fun. A new, modern boiler will be made with better, more efficient components and will be far less likely to give you or your tenants any hassle.
The chances are, continuing to pay for repairs to an old, faulty boiler could be more trouble than it’s worth, especially if parts are expensive and difficult to source.
And if anything does go wrong with your new one…
3. You’ll be covered with a guarantee
Most modern boilers now come with a 5 – 10 year guarantee, which will give you peace of mind and cover you for all eventualities – that’s good to know, especially if you’re a landlord who needs to keep things up and running with minimal fuss.
Depending on the boiler manufacturer you go with, some even have dedicated engineers, so you can ensure your boiler is always going to be in safe hands.
4. An A-rated boiler will make your property more attractive
If you’re between tenants, or are thinking about selling your property in future, a new, A-rated boiler will make it a far more attractive option for potential tenants or buyers.
All new boilers are now A-rated, which will improve the overall efficiency rating or your home. You’ll have the advantage over similar properties which still have a C or D rating, as people will know they’ll be able to save money and there’s also less likely to be any problems.
5. Your tenants will save money on their bills
In my experience, happy tenants = happy landlords. Because A-rated boilers use up far less energy, your tenants will be sure to see a difference in their fuel bills.
It’ll also lower your property’s carbon footprint, which is good for the environment.
Ways to save on upfront costs
If the upfront cost of installing a new boiler is really putting you off, there are a number of things you can do to save on costs.
For instance, you could opt for a budget boiler brand such as Glow-worm, which would still be A-rated and would still be far more efficient than your old one – plus, they still have their own dedicated engineers as they are part of the Vaillant group.
Another way to save is by installing a direct replacement for your old regular boiler, as this would cut out the costs of changing to a combi and removing all the tanks. Plus, it’s minimal upheaval for your tenants.
You could also opt for a finance deal or (as a last resort) pay for the boiler on your credit card, choosing to reduce the balance monthly.
Be prepared for change
If you suspect you might need to make changes to your boiler situation in the near future, it’s much better to do your homework now by finding out about prices and working on your budget.
That way you can explain to your tenants it’s something you are going to do in the future, instead of ignoring it and then have your tenants spring the idea on you. Especially if the new regulations mean you have to comply immediately.
Conclusion
If you have an old, inefficient boiler in your rental property, it could be time for a change. You may think it’s unnecessary to spend money on a new boiler when your old one’s doing the job, but there are so many benefits to making that switch now.
These include:
- You’ll be prepared for the new regulations
- You’ll no longer have to keep paying for repairs
- You’ll be covered with a guarantee
- An A-rated boiler will make your property more attractive
- Your tenants will save money on their bills
What do you think – are the benefits of installing a boiler good enough to outweigh the cost?
