Hidden costs you shouldn’t miss!

November 16, 2011

CIA Let Property Blog

Hidden costs should be looked into when landlords come to invest in a property. This has mainly been aimed at landlords taking out landlord insurance and going into the buy-to-let property market.

Additional charges like fees and taxes will be charged to landlords on top of what they have already had to pay for real estate.

A lettings expert has warned those who are entering the industry for the first time. An extra 4% will be charged on top of the price of the abode on stamp duty for buyers of £500,000 properties.

The fee then drops as the value of the property does, 3% for £250,000 and 1% for £125,000. Buying a property also brings up other costs such as a solicitor fee, mortgage and administration charges. Buyer who have bought apartments or flats may have to pay charges to a management company.

With a rise in house prices in October of 0.4%, these extra costs are certainly something to look into. Cheaper landlords insurance will give you extra peace of mind and more money left in your pocket.

 

Source- Simple

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