When you rent a home, you expect your landlord to make sure it stays in good condition. It is his or her property, after all, and that comes with an obligation to make necessary repairs.
How much should your landlord expect to spend on a yearly basis? Some financial experts say that it depends on the value of the house. They say that you typically spend anywhere from 1% to 3% of that value to do upkeep.
For instance, maybe the landlord paid $200,000 to buy the property. If so, then the minimum maintenance cost should be about $2,000 per year. It could range as high as $6,000 per year without being considered out of the norm.
Naturally, this is just a rough guideline. Unexpected issues could make it far more expensive. For instance, perhaps the home has old wiring that poses a fire hazard. To make the house safe, the landlord may need to have all of that wiring replaced. That’s a potentially huge job that could cost far more than $6,000, but you deserve to have a safe place to live.
Do you feel like your landlord tries to cut too many corners and does not give you a safe home for you and your family? Do they neglect repairs, even when you report issues that you think pose a serious risk?
This is something that happens a lot as landlords try to make their homes as profitable as possible. If you suffer an injury as a result of this negligence, make sure you understand what legal options you have.