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Delayed repairs costing landlords thousands of pounds

Delayed repairs costing landlords thousands of pounds

Almost a quarter of buy-to-let landlords blame delays by tenants informing them about maintenance issues in their homes for resulting in more costly repairs, according to new research.

The findings from the study, conducted by LV=, shows that the annual cost of essential maintenance comes to more than £2,360 per landlord - or £4.1bn nationwide.

Some 39% of landlords say they rely on their tenants to tell them about maintenance issues in their property, with a quarter doing this without the help of a property management company to keep on top of problems.

Many renters admit to putting off fixing issues or not telling their landlord about them, with younger tenants most likely to do this.

A major factor in this lack of communication may be attitudes to home maintenance, as 37% of renters surveyed believing that maintenance work can wait unless it is an emergency, which of course could prove to be costly for landlords, as ignoring issues can lead to more serious, and more expensive problems, developing.

Selwyn Fernandes, managing director of home and landlord insurance at LV=, said: "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."


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!