Buy-to-let costs calculator

Golden_Glow90

I’m looking to invest in a buy to let property. This will be my first buy to let so I’m in the process of calculating costs to see if it’s worth it. Does anyone have a spreadsheet which can be adapted to calculate costs and profit?

I know it will include:
Mortgage
Rent
Stamp duty
Solicitor fee
Mortgage fees
Estate agent fees (if I use one)
Buildings insurance
Deposit

But not sure how to put it all together to calculate profit. Or if there’s anything else. Do I pay ground rent and service charge or is this something that the tenant pays? Or do I work out a monthly rate and add that to the rent?

Slithery

Um, tax maybe? Yes, you have to pay all of the ground rent and service charge. Also yearly gas inspections (if applicable), insurance, only budgeting for 10 months of rent a year, enough contingency fund to pay the mortgage for a year and for a full refurb when you have difficult tenants, tenant referencing and credit checks, drawing up tenancy agreements, general maintenance costs, the charge from your freeholder for every tenancy, and probably a lot more that I can't think of straight away. If you don't have at least 30 different outgoings in your spreadsheet then you've probably missed something.

Please read the following couple of posts and all of the links that they contain...

New landlords (1)

New landlords (2)

Golden_Glow90

I did actually have tax written down but forgot to type it up!

Thanks for the links, I had already found these a while back and my father in law owns a number of rental properties. I’d been researching for a few months now to see what’s involved and talking to my FIL but what I’m still struggling with is calculating all of the costs to work out if it’s worth it money-wise, hence the original post. I didn’t put down repairs/maintenance, etc as this is a flexible amount and will vary month to month so will put aside an annual contingency for that.