The Cost of Home Ownership

The Cost of Home Ownership

The Cost of Home Ownership

Counting the cost of home ownership

Property ownership involves regular maintenance costs, which are a natural part of the process. Despite your best efforts, wind, rain, and time contribute to wear and tear, leading to necessary maintenance. We need to acknowledge and accept this reality.

Checkatrade reports that in 2023, UK homeowners spent an average of 1% of their property’s value annually on maintenance. For instance, a property valued at £200,000 would require around £2,000 per year to keep it up to scratch.

Here’s the breakdown of average annual costs for various home maintenance tasks, considering property size, age, and specific requirements:

  • Boiler Servicing: Typically costs around £80 to £120 per year.
  • Gutter Cleaning and Roof Maintenance: Expenses range between £20 and £250 annually.
  • Garden Maintenance: Approximate cost falls between £30 to £50 per visit from a professional gardener.
  • Window Cleaning: Costs vary from £40 to £150 per cleaning session.
  • Exterior Paintwork: Occurs every 5-10 years, with repainting projects ranging from £425 to £1,500.

Keep in mind that these figures are estimates and actual costs may vary based on location, specific requirements, and property condition. Major maintenance issues left unattended can lead to significant costs. Here are five top issues along with their repair costs:

1. Poor/old wiring – cost £4,500 – £12,500

According to Checkatrade, the average cost to rewire a house can vary based on the size and layout of the property. Here are some ballpark figures for different property types:

  • 1-bed flat: £3,000 – £4,800
  • 2-bed flat: £3,800 – £5,800
  • 3-bed house: £4,450 – £8,000
  • 4-bed house: £6,080 – £9,380
  • 5-bed house: £7,500 – £12,500

These figures give an estimated range, and the duration of the rewiring work could vary between 4 days for a smaller property to around 15 days for a larger 5-bedroom house.

Although expensive to fix, the cost of this problem could be way more expensive because of the serious risk of fire involved. If you’re in any doubt, get an inspection done.

2. Peeling paint and rising damp – £2,200 – £5,000

Peeling paint is expensive to put right – it costs between £2200 and £3200 to fully repaint a house. Fixing rising damp can cost between £200 to £5,000, depending on the issue’s scale. It’s often related to problems with the damp proof course (DPC) in your home. Simple fixes where the DPC is bridged by another material might cost around £400, but extensive damage could reach £16,000. The estimated average cost of damp proofing across various methods is around £1,500. To prevent damp, ventilate your home by keeping doors and windows open, create space between furniture and walls and consider using damp-proof solutions or a dehumidifier. If it’s overwhelming, hiring professionals could be cost-effective in the long run.

3. Defective brickwork -£2,700 – £5,400

Brick deterioration often happens due to age, moisture, or poorly fitting structures, affecting insulation and causing dampness. Minor brick holes can be fixed with crack injection mortar, but severely damaged bricks might need complete replacement. If repair isn’t feasible due to age, rendering could be a good alternative but It’s best to take specialist advice.

Applying a durable weatherproof coating to damaged bricks not only protects your home from structural problems but also gives a lasting, sleek finish. When considering rendering, estimating costs is essential. Generally, budgeting £30 to £60 per square meter for painting and rendering is advisable. For a standard three-bedroom semi-detached house with around 90m² of wall space, expenses could range from £2,700 to £5,400. Don’t forget to factor in scaffolding costs, ranging from £500 to £800, and allocate about two weeks for the job.

4. Boiler failure – £100 – £500

Fixing boiler issues demands a Gas Safe registered engineer. Modern boilers are more reliable and efficient, cutting down on replacements. Still, consulting a professional is vital. Regular servicing helps catch problems early, potentially saving money in the long term. Boiler servicing typically costs between £100 to £500. Repairs, including parts and labour, usually average around £300.

 5. Mould through poor ventilation – £400 – £3,000

Mould poses significant risks. Being watchful is key. Mould thrives in hidden spots and can quickly expand to cover entire walls or rooms. Removal costs vary: hourly rates range from £25 to £35, with per-room removal averaging £200 to £400, particularly in kitchens and bathrooms. Mould inspection typically costs between £50 to £300, while air sampling can range from £100 to £1,000 per job. For comprehensive removal, costs range from £400 to £3,000, depending on the scale—whether for half or the entire house.

Mould indicates poor ventilation and moisture entry points in properties. Prevention involves ensuring proper air circulation, fixing leaks that allow moisture in, especially in mould-prone areas like bathrooms. Simple actions like opening windows during baths and regularly wiping walls can deter mould. Monitor humidity levels —a dry house is the best prevention, as letting mould get out of hand could lead to significant expenses.

Here at Callaways Estate Agents, we will do all we can to help you complete a smooth house sale. We operate across the South Coast, including in Falmer, Worthing and Brighton & Hove, and have the experience and knowhow of the local area to help you set the right price and attract the best kind of buyers.

For more info about what we can offer, please get in touch with us today. You can also get a free, instant online valuation of your home, to give you an idea of how much it could cost, by clicking here.