Landlords in the UK are spending nearly £4.7bn a year on their rental properties, an average of £3,134 each, according to new research from LV= General Insurance. For many, the cost and time involved in managing their properties has become so great that over 600,000 are actively considering selling up.
Cost of being a landlord
With fewer tax perks and a raft of new regulatory changes due to come into force, it’s unsurprising many landlords are questioning whether the time and money involved is worth it. Add to that an uncertain political and economic outlook and it is little wonder over 600,000 (41%) landlords are considering selling their rental properties.
General maintenance is a huge part of the job, but over the course of a year the report’s findings revealed that the average landlord spends over £3,000 on their rental properties. Typical costs include: renovations and refurbishments (£370), replacing or repairing the boiler (£370), fixing structural damage (£313), decorating (£265) and garden maintenance (£203).
Two-thirds of landlords say the carpets in their property are most likely to be damaged by tenants (66%), with walls (45%), white goods (27%) and doors (24%) also high on the list.
Due to the actions of their tenants, landlords spend the most money on replacing or repairing flooring (£322), white goods (£298), or other items (£256), cleaning at the end of a tenancy (£178) and removing items that have been left behind by previous tenants (£149).