Landlords Unexpected Costs by Heather Hilder on March 10, 2020 “Landlords Unexpected Costs” Landlords, we think you’ll be interested in statistics revealed by a survey that identifies some of the physical costs of being a Landlord, along with their knock-on effects, and often unexpected costs. Conducted by LV Insurance, the survey suggests that Landlords spend an average of £3,134 on often unexpected aspects of maintenance such as: Boiler repairs: £370 Structural repairs: £313 Decoration: £265 Garden maintenance: £203 Many of the above go hand-in-hand with property ownership, but two thirds of Landlords reported the following damage by Tenants: Carpet/flooring damage: 66% Wall damage: 45% White goods damage: 27% Door damage: 24% Cleaning and the removal of items left behind at the end of a tenancy were surprisingly high at £327. Unexpected costs on Landlord/Tenant Relationship One of the main knock-on effects of any Tenant-caused damage is that it can severely impact on the Landlord/Tenant relationship, which can lead to arrears and/or difficulties with rent increases. Although nearly 46% of Landlords taking part in the LV survey have never experienced a Tenant dispute, 23% have disputes at least once a year, with 6% having them at least once a month! The most common causes for Tenant disputes are: Late rent: 43% Property damage: 41% Cleanliness: 33% Disputes over bills or deposits: 10% Pets: 9% Sub-letting: 7% We found this report horrifying, as our Landlords tend to sleep well at night! This is because we are stringent with our Tenant checks, we have great relationships with our Tenants, and our managed service enables us to attend to any maintenance issues, often without the Landlord’s involvement, long before they become issues. Arrears are virtually non-existent. Most Landlords now recognise that DIY property letting is no longer an easily viable option, hence our strong management focus. We hope you’ve not experienced any of the above! Hear how we manage our Landlord properties by calling us on 01273-735237 or enquiries@callaways.co.uk for details of our letting services.
