How much should you spend on property upkeep to retain value?

ALLOCATE UP TO 1.5% OF YOUR PROPERTY'S VALUE ON MAINTENANCE

Robert explains how much you should be budgeting in a year for property maintenance:

“Depending on the property's location and age, we recommend allocating up to 1.5% per annum of the value of your property, averaged over a ten-year period. This should cover essential works to help maintain and enhance both internal and external integrity and condition and more importantly your property’s value.

Careful periodic maintenance will mean costs are lower long term – after all prevention is better than cure. We’d advise homeowners to use the age of their property as a guiding factor on how much to budget per year to maintain it. Older homes will cost more to upkeep than modern properties., especially retrofitting modern heating systems for example.”

HOW MUCH TO SPEND ON HOUSE MAINTENANCE IN THE UK

Depending on your property's value and location, the amount you need to spend yearly to maintain the value of your home can vary to a significant extent. On average, the amount needed to retain value is £5,005 a year in the UK, averaged across a ten-year period. However, in areas where homes have a significantly higher value, the cost of maintenance will be greater.

House maintenance costs are the highest in Kensington and Chelsea, where homeowners are going to have to budget on average £16,905 on their yearly maintenance to keep their property price stable, which on average is £1.12 million in this area. However, Magnet’s study on the value of a kitchen when selling a home showed that regular upkeep in the form of a kitchen renovation can add £79,125.54 to the selling price, making every penny worth spending. Other boroughs in London with high property maintenance costs include Kingston at £8,142 a year, and Enfield at an average of £6,830 a year.

THE HOUSE MAINTENANCE JOBS TO DO WHEN YOU FIRST MOVE IN

When you first move into a new property your priority might be decorating your space to make it feel like home. However, there are some essential jobs you should carry out when you first move in to save yourself time and money in the long run.

1. CHANGE THE LOCKS

It may be often overlooked but changing the locks is the first step you should take after moving into a new property. This is to make sure you are the only people who have access to your house, as previous homeowners or their family members, contractors or estate agents may still have keys.

2. DEEP CLEAN THE PROPERTY

Not only does thoroughly cleaning your property give you a good fresh start in your home, but it will also allow you to closely inspect parts of the property and make you aware of any minor issues at an early stage, for example, any water damage to kitchen worktops or wear and tear on the skirting boards or architraves.

3. CHECK FOR DAMP

While most instances of damp will only need a simple damp-proofing treatment if you do not solve the issue early on it can go on to cause much more expensive damage. Before putting anything on walls or redecorating in any capacity, look at all your walls and ceilings to identify any areas where damp could be an issue so you can remedy it efficiently, or note where to keep an eye on for any future issues.

4. CHECK GROUTING AND SHOWER SEALANT

The simplest way to freshen up a bathroom is to re-grout between shower tiles. Alongside this, it’s crucial to check the seal on the shower to ensure no water is getting through. Resealing any gaps will save from water damage in the ceilings which can be much more costly to fix.

5. MAKE A NOTE OF RENOVATIONS

Walk through your new home room by room and make a note of any renovations and maintenance projects you want to carry out. For example, decorating any internal doors and changing the door hardware or fittings.

To minimise the amount of stress that comes with moving house, be sure to hire a tradesperson to assist with more complex tasks.

1. KEEP THE GARDEN TIDY TO AVOID DAMAGE TO BRICKWORK

In the garden, keep shrubs, hedges and climbers pruned to avoid any damage to brickwork on your external walls. Not only will this ensure the structural integrity of your home stays intact, but it will also reduce moisture retention and increase airflow to reduce the chance of dampness when winter comes.

2. MAINTAIN THE BOUNDARIES OF YOUR PROPERTY

Maintain boundaries with neighbours in the garden and repair fences quickly to avoid further deterioration that could be more costly in the long run. Not only will this help your neighbourly relationships, but it is also important for your privacy, security and aesthetic appeal when it comes to selling your property.

3. CHECK FOR ANY ROOF DAMAGE

The dryer and warmer weather in the summer means it is a great time to have a look at your roof and see if any of the coverings are damaged or missing. This will both help with the energy efficiency of your home and enhance its curb appeal. Do this before autumn comes to minimise the chance of rain leaks or safety risks to passers-by once the weather turns.

1. CHECK ALL PAINTED SURFACES

Look over all painted surfaces such as walls and ceilings when the weather is bad to ensure no damp patches are appearing in your home. Catching them early will help prevent more costly damage arising later down the line.

2. CHECK YOUR GUTTERS ARE WORKING PROPERLY

Check for any issues with the gutters, especially when it is raining. Check if you have any broken guttering and that the system is draining water properly. This will help prevent flooding in lower levels of your home, but also protect your exterior walls from further water damage.

3. ENSURE ALL WINDOWS AND DOORS ARE FIT FOR PURPOSE

Ensure windows and doors are draft-proof to make your home as energy-efficient as possible. Also make sure there are no leaks in your windows and doors that could let rain water in and cause water damage or rot to your home.

4. CHECK YOUR DRAINS ARE RUNNING FREELY

Check your drains every few months to ensure they run freely and avoid any costly repairs. This allows you to check for any clogged drains which can result in backups, slow drainage, and an unpleasant smell throughout your home. This also helps maintain hygiene in your home by ensuring a clean and safe living environment.

1. CHECK IF YOUR PROPERTY HAS SOLID BRICK WALLS

Older properties may have solid brick walls, as opposed to cavity construction, which allows damp to penetrate. In this case, water can slowly seep into internal walls, so be sure to check if this is the case when you first buy the home.

2. CHECK GROUND LEVELS ARE NOT BREECHING

Robert explains, “An inexpensive but fundamentally important task is to check external ground levels are not breaching the original slate damp-proof course – if the property has one. This is hugely important and will save thousands of pounds by rectifying common issues that occur with penetrating damp such as rot in the floor joists, or blown plasterboard requiring to be hacked off and the wall dry out before re-plastering.”

3. FIND OUT THE SOURCE OF ANY DAMP

According to Robert, “Many damp proofing companies are there to sell you a product, so seek independent advice on the cause of the damp – commonly the damp has a cause and therefore can be rectified – some examples being; breached damp proof course, leaking pipes or gutters and unsealed conduits through the masonry.”

4. CHECK THE ROOF COVERINGS OF YOUR PROPERTY

Another potentially expensive issue owners of older homes need to watch out for is roof and guttering maintenance. Robert advises, "Depending on the type of roof coverings your property has it may need replacing every 25-30 years, and with rainfall increasing it's worth considering the replacement of rainwater goods, such as deeper guttering and wider downpipes."