Poor property maintenance could wipe £59,000 in value
The latest research by property management specialist, Rushbrook, has revealed that landlords who fail to adequately maintain their rental properties could see as much as £30,172 wiped from the value of the average buy-to-let investment across England, with this potential loss climbing to almost £59,000 in London.
Rushbrook analysed landlord-specific property values across each region of England and applied an estimated capital value impact of between 10% and 15%, based on the potential impact that a neglected or poorly maintained property can have on its eventual market value.
The research shows that the average landlord property across England is worth an estimated £201,145. A 10% reduction in value as a result of poor maintenance would therefore equate to a loss of £20,115, whilst a 15% reduction would see the average landlord’s investment fall in value by as much as £30,172.
The potential financial impact is greatest in London, where the average landlord-specific property value stands at £390,625. Based on the same 10% to 15% range, failing to adequately maintain a rental property could reduce its value by between £39,063 and £58,594.
Landlords in the South East also have a considerable amount of capital to protect, with the potential value impact climbing as high as £42,857 based on the region’s average landlord property value of £285,714.
The South West ranks third, where poor maintenance could see as much as £34,286 wiped from the value of a landlord’s investment, followed by the East of England at £31,034 and the West Midlands at £28,696.
Even across England’s more affordable rental markets, the potential cost remains substantial. The maximum estimated impact stands at £26,163 in the East Midlands, £22,959 in the North East, £21,226 in Yorkshire and the Humber and £21,196 in the North West.
Rushbrook believes that, at a time when landlords are facing increasing operational and regulatory costs, ongoing property maintenance is one area where cutting expenditure can prove to be a false economy. Proactive maintenance not only helps prevent smaller issues from developing into larger and more expensive problems, but also supports tenant satisfaction and protects the condition and long-term value of the underlying investment.
Roma Sharma, Managing Director of Rushbrook, commented:
“Landlords have faced a considerable increase in the cost and complexity of operating a rental property in recent years and so it’s understandable that many will be looking closely at where they can reduce expenditure.
However, there’s an important distinction between sensible cost management and creating a false economy, and property maintenance is one area where delaying expenditure can end up costing considerably more in the long run.
A relatively minor issue that is identified and dealt with quickly can often be resolved efficiently, whereas allowing it to deteriorate can result in a much larger repair bill, disruption for the tenant and, over time, a deterioration in the overall condition and value of the property.
For landlords, maintenance should therefore be viewed as part of protecting the performance of their investment rather than simply another ongoing expense.
This is also where professional property management can add considerable value. Regular oversight, proactive maintenance planning and access to reliable contractors can help identify issues earlier and ensure that money is spent where and when it’s actually required.
Ultimately, a rental property is a long-term asset and maintaining it to a professional standard is fundamental to protecting both the income it generates today and the capital value a landlord hopes to realise in the future.”
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