Revealed: annual costs of being a buy to let investor these days…
A typical buy to let property pays over £600 in fees a year according to a new study released today.
Insurance company CIA Landlord says fees range from £40 for a tenancy deposit to £179 for landlord insurance.
In between an EPC, gas safety certificate, local authority and other licensing take additional sums, adding up in total to £606.95.
On top of that it will cost at least £4,967.53 to furnish the typical buy to let property with only basic household furniture and appliances, says the same survey.
“When looking into the true costs of being a landlord, it can certainly come as a surprise to some at just how expensive certain requirements are. Before taking your first step into the property ladder, we recommend you consider all the required costs involved and ensure you invest in an area that will be profitable for you in the long-term future” says company spokesman Richard Wayman.