A new study has revealed that landlords will own buy-to-let properties for an average of 109.2 months, or just over nine years, and need to carry out an average of 72 repairs on their property, costing an average of £34,314.
The most expensive repair is roof repair, which will cost landlords £3,494 over six occurrences during the property’s ownership.
White goods replacement or repair is the second-largest cost at £3,231, with painting and decorating costing an average of £2,992.
Household pests are the most persistent problem for landlords, with pest control being required up to eight times, costing £2,940, while mould and damp will require maintenance an average of seven times, at a cost of £2,752.
Marc von Grundherr, director of Benham and Reeves, said: “The long-term cost of being a landlord cannot be ignored. Anyone who is thinking of investing in buy-to-let property needs to first be aware of how ongoing outgoings will affect the overall profitability of their investment.
“However, ensuring that you’re always on top of maintenance issues is much more affordable than letting them get out of control, not least because a high quality property reduces tenant turnover and, therefore, void periods.
“Over the course of the ownership lifespan, these costs do little to damage the great returns of property investment, but would-be landlords do need to make sure they have enough cash flow available to cover maintenance jobs as and when they arise, while safe in the knowledge that, over time, those costs will be recouped.
“The good news is that while some maintenance costs, such as roofing repairs, are amongst the most expensive, they are also the least frequent.
“What’s more, they can be mitigated with the right investment. For example, those who purchase new, off-plan won’t have such worries for at least five years, which helps minimise expenses.
“When purchasing a flat, any roofing repairs are the responsibility of the whole building, which also helps to keep costs down, while pest control issues are also often dealt with by the block as a whole.”
