10 Nov 22 by James Vowles
Why should you invest in a Planned Preventative Maintenance programme?
The main reason is that a PPM programme will maintain or increase the integrity or value of your property and if you’re letting it out, then you should be able to command higher rental values. The second reason is that having a maintenance programme based on a survey will allow you to plan and budget for building works. In more challenging economic conditions, which we may face in 2023, having a PPM allows property owners to allocate budgets and manage their resources instead of facing unexpected costs.
What is Planned Preventative Maintenance?
PPM is a management strategy that assists freeholders, landlords, tenants and property managers to establish the condition of an asset by identifying potential works required, their cost and when they need to be undertaken.
Early identification of maintenance issues can avoid unexpected costs and provide a strategy for maintenance whilst maintaining values. PPM surveys can be tailored to meet individual requirements.
What is a Planned Preventative Maintenance Survey?
Planned Preventative Maintenance surveys are regularly undertaken by the following:
• Private and Public sector freeholders to assess their maintenance liabilities to their assets or portfolios.
• Landlords to assess the works that may be required during each service charge year.
• Tenants to programme works to mitigate their potential dilapidations liabilities.
What are the benefits of undertaking a PPM survey?
The benefits are:
• Early identification of critical defects and maintenance requirements, to allow a strategy including budgets and programme to be considered.
• Potential cost savings by undertaking maintenance on a proactive rather than reactive basis.
• Provides a strategic view of your asset or portfolio to assist in future decision making regarding the asset
• Enable maintenance costs to be kept consistent over a period of time and to eliminate potential unexpected and unforeseen costs.
• Identification of statutory compliance works.
• To maintain the value of the asset.
How might the economy impact on PPM?
A possible impact of the changes in the economy with increased interest rates and inflation is the implication it could have on an organisations budget. During periods of financial uncertainty budget are reviewed and it is common for building maintenance budgets to be cut or removed or it may be considered that works could be deferred. However, building maintenance will need to continue during this period to ensure that the value of assets are maintained, fit for purpose and safe. Ensuring that the properties are properly maintained with a planned maintenance programme will avoid property owners/occupiers suffering unexpected and costly reactive repair works, at a time when budgets are tight.
To find out how Vickery Holman can help you with PPM, please contact James Vowles.