fbpx

Landlord Expenses When Letting Properties

Landlord Expenses When Letting Properties

Hannah McCartan
11th April 2016

Published on 11 Apr 2016

Hannah McCartan of https://www.mccartanlettings.co.uk explains some of the expenses Landlords need to be aware of when letting properties in the Swansea area.

What expenses should landlords be aware of?

It is really good to get into the mindset of being aware of possible expenses even if it is your own family home which you want to keep as an investment, treating it like a business from the very beginning.

Make sure you know your finances inside out as you would need to do if you were setting up a business. The worst thing is that a maintenance issue comes into play and you don’t have enough money to fix it.It sets a bad tone obviously with the tenant.

So make sure you have budgeted for your set up costs. Obviously as an agency we have set up costs, but landlords need to be thinking about other legal requirements that need to be in place, like gas safety certificate. You will also need to pay for an annual service on the boiler. We highly recommend it in the same way that we service our cars.

Electrical safety is really important.

Now with landlord licensing legislation you will need to pay for a licence if you are going to be managing your own property.

You also need that you have enough cash-flow throughout the year to pay for the random incidents of maintenance and you never know what is going to happen; it may be a breakdown for example that will affect the tenants comfort within the property.

So, we always say it is really important to look at your insurance policies and your mortgages before you start. The aim is to reduce your cost as much as possible to give you maximum cash-flow.

And again, with all of our networks, we have mortgage advisors and insurance brokers that can advise specifically for those areas because we want to make sure our landlords are successful.

Other articles like this

Landlord Update: Evictions, Where Do You Stand?
Landlord Update: Evictions, Where Do You Stand?
It has never been a more challenging time to be a landlord in Wales. This is McCartan's first webinar, and it will be an in-depth dive into the eviction process ...
Swansea Rents Rise 10%
Swansea Rents Rise 10%
Rents in Swansea have increased a staggering 9.99% between September and October this year, according to stats provided by property portal Zoopla.  This puts the average asking rent at £871pcm.  Rents jumped for the same ...
Rental Tracker, October 2020
Rental Tracker, October 2020
The average rent in Swansea is currently £870pcm - that's a 9.99% increase from last month. Average Asking Rents in Swansea, October 2020 1 bed 2 bed 3 bed 4 bed 5 bed Houses £501pcm £617pcm £735pcm £914pcm £1,144pcm Flats £564pcm £792pcm £949pcm £1,143pcm £1,910pcm All £545pcm £744pcm £807pcm £959pcm £1,160pcm Difference from September 2020 1 ...
Report Maintenance