insurance for empty properties
buying to let properties ?
i am just starting off, and i basically want to know what other costs i need to take into account,
my scenario is, a new build flat near a citys uni, my mortgage repayments are going to be about £450,
i have read that within that area, rental prices for the similar property vairies between £500 and £600,.
i am unsure yet wherever i want to consider assigning a management agency,, as i know that costs,
but i think that i do want to take out landlord insurance,
i can afford for the property to be empty for a few months if necessary, and i can also register with the local uni,,
any advice please/.// thanks
First-are your mortgage payments fixed-or can you afford a rise? Remember that half a percent can easily add around £50 a month to a mortgage depending on the size fo the mortgage.
Secondly-check if you need a licence form the council-there are different schemes in different parts of the uk and it pays to check out if this will cost you extra. Landlords insurance is also VITAL! Can you also afford to pay for any damage that the tenants may do to the property or if they fail to pay their rent for several months?
It’s also worth remembering thatin the Uk the deposit you take form the tenant must also be kept in a tenancy deposit scheme (TDS is free) or you could be sued for 3 times the cost of the rent. It’s wise to ensure that a deposit is more than a month’s rent (simply to prevent them leaving the place in a tip at the end of the tenancy and using the deposit to cover the final month’s rent). If you are looking at a flat it may also be wise to check if there are any maintenance/service charges.
You will also need a gas safety certificate for the property and it’s advisable to have electrical devices PAT tested for extra safety.
Rental agencies can be useful but bear in mind they may charge 10-15% of a month’s rent for management. For simply advertising our local agencies charge you half a month’s rent (a quarter if they mange it) Good luck!
Vacant Home Insurance Part 1 – Understanding Vacant Home Insurance
Home Insurance : your Precious Property Deserves Protection
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