You want your dream home to have the X Factor and, thanks to the properties on s1homes, there’s a good chance you’ll find the best.
But if you’re planning to share communal spaces or live in an apartment block, there’s a high chance your building will also have a property factor.
Also known as property managers, factors are responsible for the maintenance and repair of the communal spaces in and around a building.
Areas such as gardens, halls and stairs are all typical territory for a factor.
While it may sound like a casual arrangement, factoring is strictly governed.
Here’s what you need to know about factors.
What do factors do?
Typical services include the hiring and supervision of maintenance workers, such as caretakers, cleaners and gardeners.
Building inspections and arranging repairs when necessary are also part of the deal, as is managing the financial obligations for tenants or homeowners.
Organising common insurance for the building and meetings can also be on the bill.
If you’re in any doubt, discuss the services you require, the frequency you need them and the standards you expect. It’s your right and their responsibility.
Is there a code of conduct?
Yes. As of 2012 property factors must follow a code of conduct. The rules include providing each homeowner or tenant a written statement of services to be delivered, communicating with transparency and being crystal clear when it comes to financial transactions.
Factors must also have a clear procedure for debt recovery, adequate professional indemnity insurance or other relevant protection, a clear and accurate paper trail of all maintenance carried out and a robust procedure when it comes to resolving complaints.
Ensuring your factor plays by these rules will offer you peace of mind and protection.
Are factors registered?
Yes, property factors are required by law to be registered, to ensure a minimum service standard is adhered to at all times and make sure homeowners are better protected.
Factors should be registered with the Scottish Property Factor Register – regardless of whether they work privately or for councils or housing associations.
Factor: yes or no?
Employing the services of a property factor is compulsory in certain situations, but the truth is having an expert factor on hand can reduce the burden of self-factoring.
This is particularly true if there are a lot of tenants or owners and the building requires constant maintenance.
Do you really want to be the one responsible for organising repairs, chairing meetings and chasing up everyone in the building for their financial contribution?
Having a reliable factor should make your life as a homeowner or tenant easier.
Oh, and something else to make your life easier, especially if you’re seeking a fabulous new place to rent or buy . . . s1homes, of course! Check out the latest properties available now.