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Heating options on 2 properties?

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After a relative passing away last year we are in the process of preparing everything for probate. All being well, I will inherit 2 rental properties. Both properties are in poor condition. Neither have working heating. One had storage heaters which no longer work and the other had log burners which have just been condemned.

Both properties are rural and no mains gas is available. 

My options seem to be installing oil central heating or LPG in both properties or electric panel heaters. I think trying to repair the chimney liners and log burners is a false economy.

One is a small 3 bed semi, the other is medium 3 bed detached.

I realise there is no cheap option. What sort of money am I looking at here?

Replies

  • dunstonhdunstonh Forumite
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    If you were living there then log burners could be viable.  A lot of people, ourselves included, use log burners to delay turning on the heating in Autumn and allow it to be turned off earlier in Spring.  It can reduce the heating costs.

    Are you planning to retain the properties for renting out?  If you are, the location and finish quality will dictate the rental income.   You have to look at it with your business head on as to whether additional costs for you regarding installation will be recovered in increased rental income from the property being more desirable.

    Same goes for the main heating.  The more efficient and lower cost, the more attractive the property is and the higher the rental income.   However, higher installation costs often come with that.   So, again, you need to look cost vs return.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 23 May at 7:41PM
    Gerry1Gerry1 Forumite
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    edited 23 May at 7:41PM
    If you install electric panel heaters they'll move when they find out how expensive they are to run, or they won't be able to pay the rent.
  • Robin9Robin9 Forumite
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    Jet - will these be your first rentals ?
    I'm thinking that sell and invest elsewhere might be an option.
    Never pay on an estimated bill
  • JetJet Forumite
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    I’ve been a landlord for 11 years and my partner and I have 3 other properties. All those have mains gas central heating.
  • J_BJ_B Forumite
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    Jet said:
    I’ve been a landlord for 11 years and my partner and I have 3 other properties. All those have mains gas central heating.
    but ....
    Jet said:
    Both properties are rural and no mains gas is available. 

    So, what are you advising?

  • J_BJ_B Forumite
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    Jet said:
    I realise there is no cheap option. What sort of money am I looking at here?
    Are the properties adjacent?
    We had two adjacent holiday-lets. Both had a central heating system, one with LPG bottles and a working combi-boiler and the other with oil and a non-working boiler, so the decision was half made for us.
    We put an LPG tank in the garden and piped to both houses with a meter each.
    This was ten years ago when LPG boilers were about 1250 and oil ones 2500, so, that helped with the sums!
    Not sure on the price of a complete CH system, but as said by others, renters won't like electric panel heaters, even the Fischler ones with magic moon dust in!!!
  • dunstonhdunstonh Forumite
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    Are these going to be budget rentals or quality rentals?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 11 June at 4:19PM
    matelodavematelodave Forumite
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    edited 11 June at 4:19PM
    Are they for full time living or holiday rentals.

    For holidays most people could put up with panel heaters (or you could even include it into the rental fees) but not for a full time tenant.  TBH unless they are mad or really naive (like first time renters) you'll scare them away with panel heaters and lot would probably be reluctant with storage heaters, although modern units can work well in a well insulated property (and is probably you best option here) 

    Wood burners are all very well, and can be an attraction but wood is nowhere as cheap as it was and there are increasing restrictions on where you can buy it which makes it even more expensive.
    You will also have the problem with storing the stuff and depending on the sort of property may not be adequate to heat the place (we've got a medium sized one that's used more as a focal point rather than full time heating and we still get through over a ton of wood every year)

    Other alternatives could either be LPG or oil but again these are a bit Marmite for some people unless there are added attractions, like a pretty village or something - again you have to find a place for the storage tanks but oil is probably a cheper option to run but the boilers are more expensive than gas

    Another alternative, but again not always attractive to tenants is a heat pump - they can be quite economical to run if they are installed and specified correctly, the house is properly insulated and most importantly used correctly (trying to teach a tenant to use it properly could be a bit of a problem). They are expensive to install
    Never under estimate the power of stupid people in large numbers
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