It was reported mid last year that maintenance and repair work on a property was costing landlords 21.2% of their rental income and we can only assume that with the cost of living that this figure has now increased. New research by Benham and Reeves has found that a landlord will need to complete repair or maintenance work on a buy-to-let property 72 times during their ownership, costing them more than £34,000.
The most common problems
During a typical nine-year ownership, pest control is the most persistent problem with landlords having to fund pest control as many as 8 times. White goods are repaired or replaced at least 5 times during this period, with mould maintenance occurring around 7 times.
Maintenance & Repair Costs
Roofing repairs are the most costly (adding up to £3,494 on average), white goods are the second largest cost (at £3,231 on average) and paint jobs are third (at £2,992 on average). Pest control is costing landlords a total of £2,940 in the process – the fourth highest total cost. Let’s not forget mould and/or damp, although it’s one of the least expensive repairs to make – it remains a huge headache for many.
How Guaranteed Rent can help you save
It’s fair to say that property maintenance costs are one of the biggest considerations that every investor should think about before they buy. While maintenance costs are now swallowing a considerable chunk of a rental property’s earning potential, it’s a necessity that simply can’t be ignored. One of the easiest ways to reduce these costs is through ensuring you have good quality tenants in place from the outset – and that’s largely down to how you present your property in the first place. (View our blog about 'Getting Your Home Ready For Letting' here).
It's clear that the cost of owning a home quickly adds up, especially if you're managing it on your own. With our Guaranteed Rent scheme, you don't need to worry about the majority of repair and maintenance work. Our in-house maintenance team is on hand to ensure that your tenant's problems are fixed as soon as possible, saving you the hassle of having to deal with the inconvenience and the expenses that come with it
Guaranteed rent not only makes financial sense to ensure you help your tenants by providing excellent living conditions, it pays for itself by reducing void periods as you’ll still be paid even when your property is vacant and may require some work in between tenants. Either way, it’s all about doing things right from the get go, rather than leaving things until it’s too late.
Comentários