UK Landlord Forum / Life

Hello,

I have recently been looking at the possibility of purchasing a property and renting it out.

Does anyone do this and could they give me some real figures in terms of outgoings for something like this.

As far as I understand it at the moment, outgoings will be:
Landlord's Insurance
Mortgage Repayment
Gas Safety Certificate (annual)
Tax
Estate Agents' Fee

Have I missed anything? Can someone provide me with actual figures for the landlord's insurance. I realise they will vary based on the size of the property but just a rough idea would help me at this stage.

Do I also need building insurance? What type of fees would I be looking at for rent guarantee insurance and emergency insurance? Again, just a rough idea at this stage would be helpful.

Regards

You need to speak to an insurance broker for different quotes on  different types of insurance, too much will depend on where the property is etc etc etc.

Yes you need buildings insurance it will be a requirement of your mortgage.

As far as costs you have not thought about they could include but are not limited to

Maintenance, wear and tear including redecorating allowance, new carpets, new furniture (if furnished), new white goods. All things need replacing in the end and wear and tear wont be down to the tenant.
Void Rental Periods (times when the property is not let (for whatever reason); you only get 1 month council tax relief now)
Plumbing Emergencies including clearing blocked drains or pipes (not always down to the tenant)
White Goods Repairs (dishwasher, washing machine etc)
Boiler Breakdowns

Anything that could cause you an expense in your own home could occur in a rental but quite likely more frequently as most tenants wont take care of whats not theirs. The list goes on, problem is you just dont know, you could have a long run of no problems then we had to replace the dishwasher and the boiler and piping (gas leak under the floor) in the space of 3 weeks.