Question for landlords out there

[Argo]

How much do you typically spend on repairs/maintenance per year? I'm trying to run some numbers, and while I have good handle on taxes/mortgage/HOA and other fixed costs - I can't find any examples of variable costs like repairs.

I realize the numbers will vary by situation and by tenant, but I'm looking for some ballpark figures.

This is for a condo in a metro area.

 

[DominionSeraph]

So, you're looking for the fixed cost of variable costs?

 

[EagleKeeper]

Take what you would spend if you lived there and increase by 25%.

 

[DrPizza]

"Per year" would not be good for planning, because some years, the total repair bill = $50. But other years (new furnace, new railing on back porch roof, new roofing on back porch) = $1500 (with me doing all the work.) If I paid someone for the work, it would probably vary between $100 and $5000 per year.

Over a span of 5 years, the majority of the repairs were my time. Porch support had rotted - I had to jack the porch & put in a new support and sister some joists to give it added strength. Materials: $50. Time: 6 hours. Water heater replacement - a few hundred dollars + time. Replace the thermostat on the new water heater 2 weeks later = free + time. New back porch roof = $250 + a day. Porch roof railing for a roof that no one ever goes onto, but that the insurance company insisted on = $200 + most of a day. New 90% efficient furnace = $700 + an afternoon + case of beer for bro-in-law. Other repairs were as simple as putting in a few screws, but with travel to the house, then to the store to get the screws, it easily added up to 2 hours of my time.

And, just wait until it needs a new roof. If you average it out on a per year basis, it doesn't really point out how much that one particular year is going to cost you.

 

[Blieb]

I've experienced fluctuations from $0 to $1500 in a year.

 

[NL5]

I've experienced fluctuations from $0 to $1500 in a year.

Yep.

Most years is $0-200. I've had years where I spent 5k, but that was between renters, and I did a lot of updating.

 

[Argo]

Thanks all, this is helpful.