According to new research from LV=, one in four (24%) landlords say delays by tenants informing them about maintenance issues in their homes have resulted in more costly repairs. The annual cost of essential maintenance comes to more than £2,360 per landlord – or £4.1 billion nationwide¹.
Two in five (39%) landlords say they rely on their tenants to tell them about maintenance issues in their property, and a quarter (25%) do this without the help of a property management company to keep on top of problems.
However, landlords should be aware of the potential risk in waiting for tenants to inform them of problems and not checking themselves. Many renters admit to putting off fixing issues or not telling their landlord about them, with younger tenants (aged between 18 and 34) most likely to do this².
A significant factor in this lack of communication may be attitudes to home maintenance, as nearly four in ten (37%) renters believe maintenance work can wait unless it’s an emergency. This can be costly for landlords, as ignoring issues can lead to more serious, and more expensive problems, developing.
To help landlords and tenants manage their home maintenance, LV= has created a Home MOT interactive tool, which allows users to explore a home, fixing the common issues they see. The tool sits alongside top tips and a calendar, which highlights problems to keep an eye on throughout the year, and can be found at www.lv.com/homeMOT.
Selwyn Fernandes, Managing Director of Home and Landlord Insurance at LV=, said: “Keeping up with home maintenance can be a tough and time-consuming job at the best of times, but it can be especially tricky for landlords and their tenants as there may be confusion about where the responsibility lies. Generally landlords handle structural repairs and any issues with water, heating or electrical systems, but renters may be expected to do minor repairs, so should check their contract if they aren’t sure.
“Our Home MOT guide is designed to help homeowners, landlords and tenants understand the most important maintenance tasks and provide advice on how to tackle them. It’s important to keep on top of maintenance, as ignoring problems in the home can lead to more serious issues developing, which could be costly in the long run.”