There is a long running thread on Property Tribes about the high cost of maintaining rental flats with a general consensus that maintenance eats up 30 – 35% of rental income. Routine running repairs, such as replacing the silicone round a shower tray, unblocking a drain or easing a door, will not come to 35% of the rent but when you factor in all the costs over say a 10 or 15 year period the picture looks very different. At Pimlico Flats we will likely have replaced the kitchen and bathroom at least once, redecorate fully inside and out 4 or 5 times, and replaced carpets 3 or 4 times. Additionally there is the cost of the voids while the work is being done.
We have asked Richard Greenland, a Landlord, Property Developer, and Builder of 30 years experience to undertake a regular Blog on the issues of Flat maintenance. Richard is a great exponent of reducing costs by forward planning and the use of appropriate methods and materials, and every Tuesday starting tomorrow he will be publishing an article on the building techniques which can lead to low maintenance costs.