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Costs Overview

Costs Overview

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  • Apart from the initial cost of purchasing the property, have you considered if you can afford the property whilst it is empty, as you will still be required to pay for 
    • The mortgage, if there is one
    • The gas, electric and water, although these should be minimal if the property is empty
    • The council tax, Landlords with an unoccupied and unfurnished property available to let on the rental market can claim a 100% Council Tax reduction for the property for up to 6 weeks.
    • Buildings insurance – there is specialist rental insurance that will include building and the basic contents ie kitchen units, carpet and curtains.
  • To get and keep a good tenant you need to look after your property. Therefore you should think about holding some rental income back to cover any issues and for maintenance work between tenancies. You may wish to consider taking out a monthly maintenance plan that covers your boiler, plumbing, drains and electrics.
    • As a landlord you are responsible for maintaining a safe environment for you tenant to reside in.
    • It is also your responsibility to arrange for any repairs to be conducted within a reasonable period of time
    • Yearly gas safety check, approx £55 – the cost can vary from plumber to plumber. Please note this is a legal requirement, standard penalty is a £6,000 fine for each item and/or 6 months imprisonment. In the most serious cases charges of manslaughter could be brought. 
  • Initial outlay costs:
    • Marketing fee – this is normally 1 months rent plus VAT
    • Energy Performance Certificate - £65 plus VAT
  • Other costs to consider:
    • Inventory - £75 plus VAT – we recommend a dated photographic inventory to avoid issues at move out time
    • Legionnaires test - £65.00 Plus VAT – this can also be conducted by yourself
    • Electrical test – cost vary depending on the size of your property and the electrician – whilst this is not currently required by law, there has been mention of it becoming a legal requirement
    • PAT testing – not a legal requirement, but should be considered especially if the property is fully furnished
    • If you require the property managing, there are the management fees of either 10% or 12.5% per month.
    • Having the property professionally cleaned prior to a new tenant moving in
Holden and Prescotts Christmas opening hours are as follows. The office will be closed until Friday 27th December opening at 10.00 until 4.00 pm, usual office hours then follow until New Years Eve and New Years Day when we will be closed, reopening on the 2nd January
Merry Christmas.
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