Recent research highlights the financial challenges landlords face with repair and maintenance costs reaching over £34,000 during the lifespan of a buy-to-let property. The findings from Alan Boswell Group and Compare My Move delve into the most expensive types of property damage that can turn into a landlord’s worst nightmare.
The High Cost of Underpinning
Landlords can be hit hardest by the need for underpinning, with expenses climbing up to £25,000. This structural intervention is required when a property’s foundations weaken, often due to persistent subsidence. Although underpinning is necessary in less than 10% of UK properties affected by subsidence, the costs are substantial. Heath Alexander-Bew from Alan Boswell Group explains, “Thankfully, underpinning is typically only reserved for severe cases of foundation instability and often considered a last resort. Seek professional advice to determine the best solution for your property’s needs; cost-effective alternatives like soil stabilisation and resin injection are available at a fraction of the cost.”
Roof Repairs and Electrical Rewiring
Roof repairs rank as the second most expensive maintenance task, potentially costing up to £10,500 for a complete replacement. Most roofs need a full repair every 25 years, depending on weather conditions, property age, and roofing material. Heath Alexander-Bew advises landlords, “Look for common signs such as missing or cracked tiles, water stains on ceilings, and damp patches in the attic. Regularly inspect your roof, especially after severe weather – identifying damage early can save landlords significant costs.”
Electrical rewiring is the third most expensive fix, with costs reaching up to £10,000 for a full property rewire. To prevent the risk of electrical fires, landlords should watch for signs of wear and tear like flickering lights, buzzing sounds from sockets, and frequent fuse box tripping. Regular electrical safety checks, costing around £215, are essential. “Monitor whether your home has surpassed the 25-year mark since its last complete rewiring. Updating older systems not only enhances safety but also helps prevent more extensive repairs in the future,” says Alexander-Bew.
Rendering and Plumbing Issues
Rendering, which can cost up to £8,500, not only protects the property’s exterior but also boosts its value. A fresh coat of render helps prevent penetrating damp and prolongs the building’s lifespan. Plumbing and water damage round off the top five most expensive property damages, with severe cases potentially costing landlords up to £5,000 for water damage restoration. Recent flooding incidents affecting nearly 7,000 UK homes and businesses highlight the importance of addressing water-related issues promptly.
Importance of Regular Maintenance
Heath Alexander-Bew hightlights the significance of regular maintenance, stating, “Caring for rental properties goes beyond mere upkeep – it’s about safeguarding investments and ensuring tenants live in safe, compliant homes. Landlords can significantly mitigate maintenance costs with regular inspections to address maintenance needs promptly, preventing small issues from snowballing into major repairs.” He adds that routine tasks like painting and fixing wear and tear are crucial for maintaining a property’s aesthetic appeal and value, attracting tenants willing to pay competitive rents for a well-cared-for home.
While the costs of property maintenance can be daunting, proactive management and regular upkeep can save landlords from more substantial expenses in the long run, ensuring their properties remain valuable investments.
