Landlords do you know the cost of your repair bills?

Landlords are being warned to keep a closer eye on the state of their rental properties and their repair bills.

The Association of Independent Inventory Clerks (AIIC) have said that if regular inspections are made to their properties, repairs can be dealt with more effectively. As a landlord you can check that your tenants are treating the property as they should be – regular checks approximately every 3 months is recommended and would help to minimise repair costs.

“A recent case shows how important it is for landlords to make regular checks on their property. A checkout was in progress and it was discovered that there had been a water leak from the bathroom above the kitchen which had caused the ceiling to fall down,” said an AIIC spokesperson. “The tenant said that the leak had got worse, but had not bothered to report it but then the ceiling had come down. The tenant thought that, as they were moving out, they could report at time of checkout but as a result of the tenants negligence, they had to pay for a percentage of the ceiling repair.”

The above case suggests that some tenants are unlikely to report damage or maintenance issues for fear of landlords blaming them for the problem.

Maintenance issues are listed as one of the most expensive costs for many landlords with 23% spending at least £5,000 a year on fixing and repairing their rental properties.  The 2nd largest expenditure for landlords is then insurance, with 14% of landlords paying £2,000 a year or more for cover.

With all of the costs associated with being a private landlord the survey also showed that the market for private rentals across some areas of the UK were still strong, for instance in our capital city, London.  Landlords also felt positive about their long terms prospects, so despite the costs the market for letting property remains positive and profitable.

As a landlord, whether you have a number of properties or just one property investment you will need to be insured against financial loss and protect your investment with a comprehensive Landlords Insurance Policy.  The Insurance Octopus can help you tailor an insurance package allowing you to only pay for the cover that you require.  Why not take a look at our landlords insurance page and see what we can help you out with?