8:05 AM, 6th October 2022, About A year ago 5
All landlords and agents will know that when renting out a property, repairs are inevitable and now one firm has worked out how much.
Towergate Insurance has surveyed the UK’s landlords to find out how much they spend on maintaining and repairing a rental property.
They found that, on average, landlords spend £1,088 on maintenance.
However, these maintenance costs vary with landlords in Brighton spending 36% more than average – around £1,400 – making this the most expensive city to be a landlord.
By contrast, landlords in Edinburgh spent 30% below average – around £700 a year – making this the cheapest city for maintaining a rental property.
Landlords were also quizzed on how much they spend when repairing or replacing common household furnishings and fixtures and installing kitchens and white goods are the most expensive repair/replacement for landlords to make.
These cost an average of £655 every 22 months.
The next most expensive repairs are roof leaks – £608 every 18 months – with carpeting and flooring repairs coming in third at £540 every 21 months.
Pest damage is the cheapest repair at £350 every 13 months, and it is also one of the most frequent types of repairs, followed by mould, which required fixing every 14 months. Appliance breakdowns are every 17 months.
The survey also found that nearly half (41%) of landlords have attempted to repair something in their rental property themselves.
Of landlords that have tried DIY repairs, 59% said this was due to pressures to get the repairs done quickly and 53% said it was due to money constraints.
Alison Wild, Towergate’s head of SME marketing, said: “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.
“Selecting the right policy is bespoke to you and your property, it is important to consider your location, the types of tenants and the content within your property when selecting the right coverage.”