You go to live abroad. You might hope to pay your rent by renting your old home. Or use your savings or inheritance to let a property back home.
Buy to let? What are the costs?
Costs
Replacing old furniture and fittings - and a family of four will destroy a washing machine, bed and carpet in three years which would have lasted your grandparents or singe granny ten years.
Replacing curtains. Replacing carpet - John Lewis one thousand pounds for one small bedroom. Get a cheaper quote. Add five hundred for fitting the carpet!
Repainting walls. The painters quote - but they charge extra to do skirting boards and doors.
Advertising for a tenant Paying management fee if you don't live near the property. Add fee for every visit.
LEGAL CHECKS
Charge for annual gas and electricity check.
MAINTENANCE
Payment of maintenance covering.
EXTRAS
Add payment to gardener.
Window cleaner.
Five hundred or more pounds for professional clean - add fifty pounds if they do the furnished flat table and chairs and not just walls floors, carpet cleaning and oven.
Extra maintenance charge for repair of building roof, lift update, security phone update, subsidence, windows, garage doors, painting and roofs.
Charge to remove dumped furniture. Charge to remove tenants furniture.
Repair of damage left by tenant's furniture removers. Forwarding tenants' mail from their doctor and bank. Showing prospective tenants around for first.
Flying home from overseas when tenancy ends and finding tenants refuse to move out because ...
Correspondence with tenants. Meet inventory people. Charge made every time inventory is updated.
Tenant wants washing machine or sofa removed - spend half a day getting competitive quotes from rent a van.
Find single person removal, unwrapped item is damaged in .
Tenant keeps windows shut forming condensation so whole place needs repainting.
Tenant moves out three days early. Have to pay council tax. Endless phone calls and log ins.
Accountant needed for paying income tax. Payment for Xero online accounting shortly to be a government requirement. Once a year accountant bill changes to once a month accountant bill.
Listing expenses for every visit.
Time transferring gas and electric bills and reading meters.
Endless queries over rental agreement. Leaking radiators. Tenants family die.
Tenants bring in another family (visiting parents, extended family). Increased wear and tear on carpets. Are they doing something illegal - overcrowding.
https://www.dailymail.co.uk/money/buytolet/article-6620839/How-Britains-239billion-buy-let-bubble-burst.html
Buy to let? What are the costs?
Costs
Replacing old furniture and fittings - and a family of four will destroy a washing machine, bed and carpet in three years which would have lasted your grandparents or singe granny ten years.
Replacing curtains. Replacing carpet - John Lewis one thousand pounds for one small bedroom. Get a cheaper quote. Add five hundred for fitting the carpet!
Repainting walls. The painters quote - but they charge extra to do skirting boards and doors.
Advertising for a tenant Paying management fee if you don't live near the property. Add fee for every visit.
LEGAL CHECKS
Charge for annual gas and electricity check.
MAINTENANCE
Payment of maintenance covering.
EXTRAS
Add payment to gardener.
Window cleaner.
Five hundred or more pounds for professional clean - add fifty pounds if they do the furnished flat table and chairs and not just walls floors, carpet cleaning and oven.
Extra maintenance charge for repair of building roof, lift update, security phone update, subsidence, windows, garage doors, painting and roofs.
Charge to remove dumped furniture. Charge to remove tenants furniture.
Repair of damage left by tenant's furniture removers. Forwarding tenants' mail from their doctor and bank. Showing prospective tenants around for first.
Flying home from overseas when tenancy ends and finding tenants refuse to move out because ...
Correspondence with tenants. Meet inventory people. Charge made every time inventory is updated.
Tenant wants washing machine or sofa removed - spend half a day getting competitive quotes from rent a van.
Find single person removal, unwrapped item is damaged in .
Tenant keeps windows shut forming condensation so whole place needs repainting.
Tenant moves out three days early. Have to pay council tax. Endless phone calls and log ins.
Accountant needed for paying income tax. Payment for Xero online accounting shortly to be a government requirement. Once a year accountant bill changes to once a month accountant bill.
Listing expenses for every visit.
Time transferring gas and electric bills and reading meters.
Endless queries over rental agreement. Leaking radiators. Tenants family die.
Tenants bring in another family (visiting parents, extended family). Increased wear and tear on carpets. Are they doing something illegal - overcrowding.
https://www.dailymail.co.uk/money/buytolet/article-6620839/How-Britains-239billion-buy-let-bubble-burst.html
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