Landlords are spending around £4.1 billion per year on essential maintenance according to research by LV=. The insurance company found that the average annual bill came to £2,360 per landlord.
It was also found that this figure could be reduced, as delays by tenants in informing their landlord of maintenance issues often lead to more costly repairs according to a quarter (24 per cent) of landlords.
39 per cent of landlords rely fully on their tenants to inform them of any problems, and 25 per cent do not use a property management company.
The Attitude of tenants towards maintenance requirements can be significant with 37 per cent feeling that maintenance issues can be left unless an emergency and many putting off fixing or informing their landlord about them. Younger tenants, aged between 18 and 34, were found to be most likely to do this.
In fact 21 per cent of tenants admitted to ignoring maintenance issues in the last 12 months.
Many problems that could be fixed at minimum expense can often become far more problematic and costly if left unattended.
LV= have created an interactive tool which can be found on their website to help landlords identify common maintenance issues found in rental properties.
Managing Director of Home and Landlord Insurance at LV=, Selwyn Fernandes, commented: ‘Keeping up with home maintenance can be a tough and time-consuming job at the best of times, but it can be especially tricky for landlords and their tenants as there may be confusion about where the responsibility lies. Generally landlords handle structural repairs and any issues with water, heating or electrical systems, but renters may be expected to do minor repairs, so should check their contract if they aren’t sure.’
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