Investment Property Expenses

P

Pol

Guest
Myself and my partner are currently drawing up a list of potential expenses prior to purchasing an investment property. Are we missing any blatantly obvious subjects or expenses that would effect our calculations ?

1. The mortgage repayments (90% of value of property)
2. The balance (10%)
3. Stamp Duty
4. Solicitors Fees - Is there a general rule of thumb i.e. 1%, 2% etc ?
5. Land Registry Fees
6. Surveyors Fees
7. Renovating/Re decorating costs
8. Leasing agency fees (if used)
9. Insurance (Mortgage and property)
10.Furniture

Also as newcomers to this market, with obviously a lot to learn, what are the general feelings in regard to a new property against an existing one
 
Have you read the Property Investment FAQ at the top of this forum?

Don't forget taxes on rental income and CGT on any gain that might arise from an eventual resale of the property.

registration fees.

Accountant's fees for preparing returns each year if applicable.

Once you have calculated the outgoings you need to weight them up against the potential income to assess whether or not it will be worth it in terms of net rental income and/or potential capital appreciation.
 
Found the FAQ very informative, Thank you for the other tips.
 
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