9:36 AM, 30th July 2024, About 8 hours ago 4
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Landlords across the UK are potentially facing staggering repair costs, with new research revealing an astonishing 72 maintenance jobs per property ownership, totalling more than £34,000.
Buy to let insurance provider Alan Boswell Group, in partnership with Compare My Move, has unveiled the most costly property damages, offering landlords crucial insights to shield their investments.
Underpinning emerges as the most expensive repair, with potential costs reaching £25,000.
Roof repairs follow closely, needing up to £10,500.
The firm’s Heath Alexander-Bew said: “Thankfully, underpinning is typically only reserved for severe cases of foundation instability, and often considered a last resort.
“Roof repairs are the second most expensive task to undertake, potentially costing landlords up to £10,500 for a complete replacement.
“Typically, roofs require a full repair every 25 years, although this timeline can fluctuate based on factors such as weather conditions, property age, and roofing material.”
He adds: “Look for common signs such as missing or cracked tiles, water stains on ceilings, and damp patches in the attic.
“Regularly inspect your roof, especially after severe weather – identifying damage early can save landlords significant costs.”
The research reveals that the third most expensive fix for landlords is electrical rewiring which can cost up to £10,000 for a full property rewire.
The UK sees around 7,000 house fires caused by electrical faults every year.
Landlords should, the insurer says, prevent loose wiring and ageing electrical installations from sparking unwanted fires.
That means watching for signs of wear and tear like flickering lights, buzzing sounds from sockets and regular fuse box tripping.
Mr Alexander-Bew said: “Electrical safety checks, which average around £215, should be conducted more frequently to ensure your property meets current regulatory requirements.
“Additionally, monitor whether your home has surpassed the 25-year mark since its last complete rewiring.
“Updating older systems not only enhances safety but also helps prevent more extensive repairs in the future.”
Rendering comes fourth on the list of most pricey landlord property repair bills, with estimated costs of up to £8,500.
The firm says that applying a fresh coat of render will not only protect the property’s exterior from penetrating damp and prolong its lifespan, but also boost your property value, potentially increasing the asking price.
Rounding off the top five most expensive property damages is plumbing and water damage, with landlords potentially losing up to £5,000 in severe cases like water damage restoration costs post-flooding.
Almost 7,000 UK homes and businesses have been flooded in the past 18 months – the wettest period on record – underscoring the widespread impact of water-related issues exacerbated by the UK’s notorious weather.
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Keith Wellburn
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Sign Up10:08 AM, 30th July 2024, About 8 hours ago
Mmm.. plenty of roof repairs would be well under £3,000 if it was a small job done in a timely manner by an honest roofer.
Regarding the top end replacement roof cost - up to £10,500. Might be about right ex VAT before mandatory upgrade of roof insulation if below current building regs and other associated works such as chimney stack etc - for a basic terraced house.
I’d suggest the majority of full roof replacements from established firms with a guarantee and properly signed off as building regs compliant as required now would be well above that figure across all property types.
Unless prices have dropped considerably since I last looked at the subject 18 months ago I’d say anyone getting a job done under £10,500 has done well.
We could do without people supposedly on our side (I’m with Boswell’s) selling us short on what repairs and replacements cost. I make a point of this because a landlord can expect to have a reroof bill at some point on an older house that hadn’t been done whereas underpinning is not the same potential liability - that would be an event claimed on insurance should it be needed (I would hope!)
Paul Essex
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Sign Up11:36 AM, 30th July 2024, About 6 hours ago
All part of the risk element in the PRS but not of course acknowledged by the anti charities
Contango
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Sign Up12:09 PM, 30th July 2024, About 6 hours ago
a re-roof of a small terraced property might cost £10500 in Batley; but double triple or quadruple for a larger property within greater London, particularly if it turns out that the flat roof extensions are weathered and chimneys need work due to erosion of pointing. This is a very commonly seen problem. Rather ridiculously planning permission is strictly speaking required to remove a chimney notwithstanding the clean air act has been on the statute book for ove fifty years in the Metropolitan area
Paul
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Sign Up12:30 PM, 30th July 2024, About 5 hours ago
Let me see, what did I do last week ??
Leak through ceiling of my parents ( I view it as a rental as I do all the work on it ).
Got my scaffolding out. Was just going to fix the failed area as the rest will last another few years and it was REALLY hot last week.
Stripped off 45m2 and 12m of ridge. Refelt, rebatten and put tiles back on, then muck in the half gable.
Took me 3 days. Materials about £550 inc. replacement tiles, breathable felt, battens ect. I've got my own scaffolding.
Spoke to a lady in the area where I've got rentals and she was charged £24k for her mid-terrace with rear extention of about 10m and some flat roof area.
If I *had* to do it. I would have been about a weeks work and £2-3k on materials.
Thank god I can do building works !!