As a forward-thinking landlord in Peterborough, you want to keep your rental property in top shape while minimizing costs and disruptions for your tenants. Recent data has shed light on the most common repair issues and how to address them effectively. Here’s an updated overview to help you stay ahead of the game:
New Insights on Rental Property Maintenance Costs
In a recent comprehensive survey conducted by Towergate Insurance, involving over 1,000 UK landlords, we’ve gained valuable insights into the costs associated with maintaining and repairing rental properties. This information is crucial for landlords like you, aiming to optimize property management and ensure a hassle-free experience for both you and your tenants.
Top Repair Issues to Address
- Appliance Repairs: High-value appliances such as ovens and fridges continue to be the most frequent repair issue, averaging a cost of just over £655 every 22 months.
- Roof Leaks: Dealing with roof leaks remains a significant expense, costing around £608.03 every 19 months. Over five years, this accumulates to nearly £2,000.
- Flooring and Carpeting: Regular carpeting and flooring repairs have a cost of approximately £540.77 every 22 months.
- Boiler Repairs: Boiler issues require attention, with a typical cost of £534.88 every 22 months.
- Heating Repairs: Regular heating repair work comes in at around £479.94 every 22 months.
Key Takeaways from the Study
The study also revealed valuable findings:
- 41% of UK landlords have engaged in DIY work at their rental property.
- 35% of UK landlords regret carrying out DIY work, highlighting the importance of professional assistance.
- 38% of landlords have needed to hire professionals to salvage repair work they attempted themselves.
Understanding the Importance of Landlord Insurance
Alison Wild, Head of SME Marketing at Towergate Insurance, emphasizes the value of landlord insurance. While it’s not legally required, it’s a smart move to protect yourself from financial risks in the future. This insurance covers potential losses connected to rentals, including theft, fire, weather damage, and even loss of rent. The right policy, tailored to your property, tenants, and location, can provide peace of mind.
Effective Property Management Tips
At Just Lets Peterborough, we’re committed to helping landlords succeed. Here are some updated tips to manage your rental property effectively:
- Regular Inspections: Schedule regular property inspections, both inside and outside. Detect issues early to prevent them from escalating into costly problems.
- Tenant Screening: Thoroughly screen tenants, checking credit, rental history, and renter’s insurance. Careful selection reduces the chances of property damage.
- Prompt Maintenance Response: Respond swiftly to maintenance requests from tenants. Quick fixes minimize expenses and show your dedication to providing a comfortable living environment.
While these tips can prevent many common rental property repair issues, occasional repairs are inevitable. When the need arises, remember to respond promptly to keep the issue from escalating needlessly.
Just Lets Peterborough – Your Partner in Property Management
If you’re a landlord in or around Peterborough seeking professional assistance in managing your rental property, look no further. The team at Just Lets Peterborough remains dedicated to serving you and your tenants throughout these challenging times and beyond. Contact us via email at peterborough@justlets.com or call us today on 01733346255 to get the support you need for successful property management.
