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Kate the property expert
Kate Faulkner

Every day I see people stressed and lose money or a dream home because they missed an essential step during a property project or used a bad property company.

My mission: Whether you are buying, selling, renting, letting, investing, building or just redecorating, I want to help you!

How can I do this? Simply, good companies pay me to help you. Together we give you FREE, instant access to independent, up to date, expert property project ‘to do lists’ from the best property companies and organisations – all who care about helping you. 

Kate Faulkner


Rent and let property the right way with these films from the GLA and Kate Faulkner





 

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Kate's property calculations page

publication date: Mar 14, 2014
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Kate's calculations to help you with your property project

 

What tenant fees will you have to pay before you can move in?   What tenant fees will you have to pay before
you can move in?

All agents and landlords MUST tell you in advance
of any fees you have to pay to rent a property.
Examples of good agents who are upfront about
their fees include: Belvoir LincolnSavills;
Reeds Rains
.


Visit our tenant fees page

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Are you paying more dead money in rent than through a mortgage?   Are you paying more dead money in rent than
through a mortgage?

An easy calculation is, if your rent is 5% or less
than the value of the property you rent, then the
dead money to landlords and to the mortgage
company in interest is the same.


Visit our paying money in rent than
mortgage page

x    
Calculating whether buying is cheaper than renting   Calculating whether buying is cheaper
than renting

In the main if prices are falling or are static, then it
may well be cheaper to rent than buy.


Visit our rent versus mortgage
calculations page

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Saving for a deposit calculator  xx Working out how you can save £1,000s
towards a deposit


It will probably seem a daunting task to save £5,000-
£15,000 for a deposit but it is possible.


Visit our saving for a deposit page
xxx    
Calculating the costs of buying a property   Calculating the costs of buying a property

It can be very scary working out how much it will
cost to buy a property and then when you have to
pay the money to the lender, and legal company.

Visit our calculating the costs of buying a
property page
     

Calculating the costs of selling a property

The key fees are the estate agent's fees which will be 1% to 2% of the value of your home. So if it sells for £200,000 x 1.5% = £3,000. BUT bear in mind thanks to the government, this will increase by 20% VAT so you pay the agent £3,600 but they only get £3,000.


On-line agents will advertise your property, but not much else, typically on-line agents are around £500.

Finance fees may be charged if you are penalised for paying off your mortgage - it's called a mortgage redemption fee. This could be £300 through to several thousand pounds.

Your legals will be around £300 + VAT upwards. Read our LEGAL COSTS to give you a full breakdown of costs to compare one from the other.

Removals fees range from £300 + VAT to over £2,000 + VAT (see above on buying)


For more help buying a property, visit our Selling a Home Checklists

 

Buy to let calculations 

There are lots of ways of calculating buy to let numbers. Here's some 'rules of thumb'


Gross Yield is calculated by taking the price paid for the property and dividing this by the income received.

So if you paid £100,000 for a property and the annual rent is £5,500, your gross yield is £5,000/£100,000 = 5.5%

Rule of thumb #1
If a property has a 5.5% yield; your mortgage rate is 5% and you borrowed 75% mortgage, then your net income before tax will be zero.


Rule of thumb #2
If a property has a yield of 6% or less, usually you secure good capital growth over 10-15 years, but don't secure much income.


If a property has a yield of 7% or more, usually the income you receive is good, but capital growth is poor.


Download Kate's Property Price Performance Calculations here

For more help with buy to let numbers, read our How to analyse a buy to let property and for general help with buy to let finance, insurance, renting rooms etc, visit our Buy to let Checklists

Need a property calculation? Need a cost for a property service?

Need to know a good company to use?

We are here to help, just contact us


All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
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