On average in the UK, it can cost over £135 per month for 1-2 bedroom flat utilities. This is a substantial sum for many homeowners and renters. When it comes to making the decision to purchase an investment property, you’re going to need to take utility figures into account, as it will all factor into how much rent you charge each of your properties. If you intend on investing in a large property with up to 50 or 60 units, that could cost up to £8,100 per month in combined utilities alone.
In terms of heating, gas central heating is the popular choice due to the relatively low running costs and familiarity. Nevertheless, gas central heating requires maintenance that can be expensive to proprietors. Each year, installation, annual maintenance, plumbing work and gas safety certificates rack up the pounds.
Electric heating, meanwhile, is safer, has less impact on the environment and requires little maintenance. However, this type of heating is less desirable to potential tenants as they think it’s expensive to run and is affected by building regulations like Part L.
Luckily, for property investors, landlords and tenants, electric heating has evolved into an energy efficient alternative with all the advantages of the old storage heaters but none of the disadvantages.