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Upfront costs you will need to consider:

  • Stamp duty and legal fees, including surveys / valuations
  • You will need a deposit in order to secure a mortgage
  • Obtaining compulsory inventories, gas and electricity safety certificates
  • The cost of any minor repairs required before tenants move in
  • Furnishing costs – you can choose to let your property out with or without furniture and your rental price will probably reflect this
  • Refurbishment and development costs if you plan to buy a property to improve or update
  • Letting agents – you may choose to find your tenants with the help of an agency, who will charge for this service

Your property may be repossessed if you do not keep up repayments on your mortgage.