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Buy to let property investors in the UK spend over £3,000 per year on their properties on average according to new research by LV General Insurance.
The insurance company found that landlords collectively spend a total of almost £4.7 billion over the year, equating to £3,134 each.
The spend was found to include renovations and refurbishments (£370), replacing/repairing (£370), fixing structural damage (£313), decorating (£265) and garden maintenance (£203).
Extra spend also came from damage caused by tenants, with carpets the most likely thing that landlords had to spend out for to replace, repair or clean, as reported by 66 per cent of landlords asked.
Damage to walls was next at 45 per cent, white goods (27 per cent) and doors (24 per cent).
Landlords therefore spend the most money replacing/repairing flooring (£322), white goods (£298), other items (£256), cleaning at the end of a tenancy (£178) and removing forgotten items (£149).
The amount of spend required varied across the UK. The South West saw the most money spent on repairing damage made by tenants (£3,461), whereas landlords in the North West spend the least on repairing damage (£2,738).
Tenant disputes were another thing that landlords often had to spend out on. Although 46 per cent have never experienced a tenant dispute, almost a quarter (23 per cent) have disputes at least once a year, with 6 per cent even quoting once a month.
The most common causes for tenant disputes are delayed rent (43 per cent), damage to property (41 per cent), cleanliness (33 per cent), disputes over bills or deposits (10 per cent), pets (9 per cent) and sub-letting (7 per cent).
Managing director of LV General Insurance, Heather Smith, said: ‘Finding the right tenant is crucial. Although the majority rarely experience tenant disputes, it’s clear that, when they do, the disputes are challenging and potentially costly.
‘Our research found that 13 per cent currently don’t have landlord insurance, meaning they are missing out on things such as cover for accidental damage by tenants, loss of rent if the property becomes uninhabitable, and contents cover.’