Buying New House to Rent - List of Fees?

OhhEnnEmm

Not including solicitors fees and that, more surveys and additional stuff you don't normally consider.

So far I've got:

Flooring/Fitting Costs (before all furniture is moved in)
Drain Survey Costs
Windows & Guttering Inspection Costs
Electrical Testing Costs
Gardening Costs (Thick rooted tree removal in garden)

Anyone got additional list items to remind me of?

Cheers.

danlewi2

Gas/Heating testing

ProDave

Assuming you don't mean "new" you mean you are buying a second hand house?

EPC certificate.

Will VERY likely need some electrical upgrades as well as just testing.

PAT testing of any appliances you leave in the property for the tenants.

need_an_answer

Agency fees for listing the property and or managing it as a rental


You also need to be mindful if the property is leasehold and there are management/service charges these will need to continue to be paid by you even after the tenant moves in.


Similarly if the property is leasehold you may require consent to let via the management company which will also attract a fee

if its a freehold property then you will need to provide buildings insurance

markin

Wired smoke alarms if not fitted.

Fire doors and risk assessment if its a HMO? Fire blanket near the cooker?


Always change the locks on a new house, but keep them for 5 years down the line, once you have 10 sets you can just rotate them.

OhhEnnEmm

Luckily its freehold - So many things to cover already though slightly buried!

OhhEnnEmm

Thanks everyone so much for your help! Partly stressful as I now realise so many more things need doing!! But that's why I came to you lot, loads of heads are better than one ey!

Thanks so much, will add to this should extra fees occur, just for reference :A.

need_an_answer

You would also be well advised to set aside a sinking fund to cover repairs or breakdowns.

Hopefully you wont need to replace large items on a regular basis but it helps to have the money available should you need a new shower,or tap, or plumbing issue that may occur

And then there are voids which is when you don't have a tenant but you will have the responsibility of utility bills and council tax

What type of property are you planning on purchasing and who are your target renters?

muhandis

Your council will most likely need you to register as a landlord and pay a fee for that. It is also possible that you will need specific remedial work or inspections done before being given a license. All this varies a lot depending on the actual council.

need_an_answer

muhandis wrote: »

Your council will most likely need you to register as a landlord and pay a fee for that. It is also possible that you will need specific remedial work or inspections done before being given a license. All this varies a lot depending on the actual council.

Is there a list of councils where this applies or is it contact yours to establish?

I wasn't aware that many councils did this yet although I agree that the number that do or who are proposing implementing it is growing.

muhandis

Should be quite straightforward to find on your local council website in the housing/property licensing section.

Some only require it for HMOs, some for non-HMO private rentals (selective licensing), some only in certain wards.

need_an_answer wrote: »

Is there a list of councils where this applies or is it contact yours to establish?

I wasn't aware that many councils did this yet although I agree that the number that do or who are proposing implementing it is growing.