It may sound a small sum compared to many landlords’ experiences, but a new survey suggests a landlord spends an average of £1,088.48 maintaining each property per year.
Towergate Insurance says the most expensive single activity is repairing appliances over the value of £100 - so faulty fridges or overheating ovens, for example. Roof leaks rank second, while in third place come carpeting and flooring repairs.
The insurance firm cites Rita Bradley, a London-based landlord of over 10 years, giving three tips on saving money when maintaining your rental:
1. Selecting the right DIY jobs - Carrying out maintenance work yourself is a great way of saving money, however it is key to understand your capabilities and take the time to consider whether cutting costs on a professional is worth it in the long run. Botching a DIY job is not only a waste of time and money, but it can also negatively impact your relationship with a tenant, who will undoubtedly become frustrated if damages are not consistently repaired to a high standard.
2. Interviewing Tenants - Interviewing tenants before you commit, and potentially visiting them in their current dwelling is a great way to get a feel of how well they will look after your property, indirectly reducing the potential for damage or repairs. Providing guidance to your tenants on how to look after and preserve goods within the property is another great way to reduce the likelihood of repairs down the line, specifically when it comes to white goods and electricals.
3. On-going Inspections - Carrying out ongoing inspections is the best way to stay on top of maintenance and to avoid damages, that your tenants may not have spotted, progressing into bigger repair jobs. These check-ins provide can also provide an opportunity for your tenants to raise any queries or concerns with the property.
Towergate spokeswoman Alison Wild says: “There is no legal requirement to obtain landlord insurance, however, it is a great way to avoid putting yourself at financial risk in the future, giving you peace of mind.
"Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like loss of rent.”
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Do not supply fridges or washers. Tenants always seems to have issues with these that always seems to be down to their misuse.
They never think to defrost the freezer. They never clean the filter in the washer. The day we stopped supplying we saved money immediately.
Not supplying carpets if we cannot disallow pets is next
I've said before I supply the bare minimum, carpets and a cooker, it's not rocket science to fix a leaking tap, replace a light fitting or paint a room, so why pay someone else to do that type of work ?
Article is nonsense. With the strong winds I have had to replace fencing on 5 of my properties, average price around £1200 and tat is with me doing it.
Just replaced the last 5 windows on one property, £1500 and a brand new boiler last year in one house and another in this year, plus £600 worth of damp proofing, which again was carried out by yours truly.
House maintenance, needs to be taken seriously and defo not botched. I do as much as I can myself though some would argue that it is not the most tax efficient. One problem I encounter when I get a trades person in is that often they do the job that is easiest for them and not which is best for the house. Modern apprenticeships........
I do agree that trades people often do the job that's easiest for them and not what's best for the house and will be best in the long run. Decent tenants deserve decent landlords and vice versa.
It’s not a Survey just more false information by a new greenhorn LL. I supply everything while it’s now clear the majority supplied little or any of anything. The huge maintenance & supply costs on me are being apportioned to the majority that don’t supply and divided by all to get an average, as Andy says there’s other huge maintenance costs every year that have to be carried out not counted
or claimable against the let. Really you call this a Survey go to top of Class and get a job with The Parliamentary Select Committee they have loads of those types of Survey’s.
Who on Earth would spend £100. on a Fridge, they don’t usually break down but lasts for years if not abused, not expensive to replace so why pay half the value on existing, least of all getting involved with an Insurance claim when a new one comes with manufacturers guarantee & probably more energy efficient.
I've just turned around a property with only a few things to do before reletting.
I applied an hourly rate and cost of the material's and it came to nearly £800 on very basic few things....
I think people would be surprised how quickly the money disappears
Agreed, if I applied an hourly rate to my hours, even at minimum wage rates, the money would soon disappear, but of course we landlords don't work do we, just sit in the armchair watching the money roll into our bank accounts
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