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New to Renting out - have I covered everything?
Newbie2saving
Posts: 867 Forumite
Hi all,
I was wondering if you think I've costed for eveything in my calculations. I have a property which I wanted to sell, no joy. So going to rent it out. I have costed for landlords insurance, emergency home call out, tax implications, agency fees. Before I know it I am only seeing <50% of the pcm rental rate! Anything else I've missed to make me more miserable?!?!? Ha, ha!
Thanks.
PS. When tenant is paying bills, would they pay AMC and land registry as well or would that still be left to me?
I was wondering if you think I've costed for eveything in my calculations. I have a property which I wanted to sell, no joy. So going to rent it out. I have costed for landlords insurance, emergency home call out, tax implications, agency fees. Before I know it I am only seeing <50% of the pcm rental rate! Anything else I've missed to make me more miserable?!?!? Ha, ha!
Thanks.
PS. When tenant is paying bills, would they pay AMC and land registry as well or would that still be left to me?
0
Comments
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mortgage interest!Year 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
runninglea wrote: »mortgage interest!
Thanks, I don't actually have a mortage as I am widowed. One of the major reasons I wanted to sell. Sorry I should have mentioned that there was no mortgage in my initial post.0 -
Newbie2saving wrote: »Thanks, I don't actually have a mortage as I am widowed. One of the major reasons I wanted to sell. Sorry I should have mentioned that there was no mortgage in my initial post.
That is why you are getting so much!
I was doing calculations myself for a similar situation and with:
- mortgage
- insurance
- service charge/ground rent
- agency fees
- emergency fund
I will be lucky if I see £50 a month out of the rent...
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An allowance for general maintenance? A landlord friend of mine just had to fork out around £30k because the balconies, windows, doors and entry phones got replaced.0
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That is why you are getting so much!
I was doing calculations myself for a similar situation and with:
- mortgage
- insurance
- service charge/ground rent
- agency fees
- emergency fund
I will be lucky if I see £50 a month out of the rent...
So surely it's not worth the hassle is it?0 -
This is where I am coming from! I am sentimental about the house, but can't sell it and need the income, but would be heartbroken if it got wrecked or damaged in anyway. Maintenance is an issue then, would have to put some aside for that, thanks.0
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Newbie2saving wrote: »This is where I am coming from! I am sentimental about the house, but can't sell it and need the income, but would be heartbroken if it got wrecked or damaged in anyway. Maintenance is an issue then, would have to put some aside for that, thanks.
You're sure that renting it is the only option? What net yield will you be getting after subtracting costs from the rent money?0 -
DannyboyMidlands wrote: »You're sure that renting it is the only option? What net yield will you be getting after subtracting costs from the rent money?
Ok, at the risk of sounding daft do you base the yield against the value of the property? If so 3% before and 1.5% after costs. Not stacking up in my mind, but still better than no money - or is it?!?!?0 -
Yes you do and that's a pretty crappy yield if you excuse my bluntness. Why not just avoid the hassle, sell up and stick the money in the bank, buy some NS&I certificates, a few shares etc. depending on your attitude to risk?0
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No problem, I know it is rubbish. Yet I can't sell, I've already dropped it by a lot, so not a good place to be in at moment. There would be a benefit in that the bills would be covered, but they aren't huge, but still draining. Thanks for response.0
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