Hi everyone, I've been reading these forums for a while and you are all very helpful on here so thank you particularly to those that post a lot of responses to people like me who are not very experienced.
Recently I have bought a 2 bed house at auction following an inheritance a few years ago. It was a conditional auction where I had to give the estate agents 2400 (a lot of money to me)to secure the purchase. I did not budget for this and learnt a big lesson to be much more careful, as I have left myself tight.
Anyhow to cut a long story short I now have come to find that although the property is a wonderful project, it is bitter sweet as I have come to know that I have to have a full re-wire and new consumer unit etc, and that I will no longer be able to install gas central heating.
Ive never worked with / lived with anything but gas central heating and I wonder how this will affect me.
And i begin asking myself questions that start to worry me a lot. I hope you can help me with these?
Am i right in thinking that if I was wanting to rent the property, the fact it is electric will deter potential tenants due to the price of keeping the house warm?
Or will it just mean I have to rent for less pcm?
From experience, does it affect your potential tenants decision to take the property?
If there was a more economic type of electric heating for the tenant, what type of heaters will it be? (I have heard pros and cons for eco 7 storage heaters - please tell me your thoughts)
Also
The house has real nice floor boards I want to expose to look good for the tenants, but having storage heaters, would that be unfair?? as carpets being fitted would probably keep costs down for my tenants so they can sustain living these??
If I decide to sell the property on straight away as opposed to renting it out, shall I bother with storage heaters, as even that will be expensive on my budget and buyers may be able to just put gas in anyway so I would have wasted my time and money...
Last resort, Do I take a loan out and have gas installed?
Or shall I just do it up a nice standard and sell on so I next time have enough money to do what needs to be done and not be in a pickle like I feel I am in now.
I think someone with experience of this will be able to guide me on this as I keep going around in circles.
Thanks in advance for your responses.
Recently I have bought a 2 bed house at auction following an inheritance a few years ago. It was a conditional auction where I had to give the estate agents 2400 (a lot of money to me)to secure the purchase. I did not budget for this and learnt a big lesson to be much more careful, as I have left myself tight.
Anyhow to cut a long story short I now have come to find that although the property is a wonderful project, it is bitter sweet as I have come to know that I have to have a full re-wire and new consumer unit etc, and that I will no longer be able to install gas central heating.
Ive never worked with / lived with anything but gas central heating and I wonder how this will affect me.
And i begin asking myself questions that start to worry me a lot. I hope you can help me with these?
Am i right in thinking that if I was wanting to rent the property, the fact it is electric will deter potential tenants due to the price of keeping the house warm?
Or will it just mean I have to rent for less pcm?
From experience, does it affect your potential tenants decision to take the property?
If there was a more economic type of electric heating for the tenant, what type of heaters will it be? (I have heard pros and cons for eco 7 storage heaters - please tell me your thoughts)
Also
The house has real nice floor boards I want to expose to look good for the tenants, but having storage heaters, would that be unfair?? as carpets being fitted would probably keep costs down for my tenants so they can sustain living these??
If I decide to sell the property on straight away as opposed to renting it out, shall I bother with storage heaters, as even that will be expensive on my budget and buyers may be able to just put gas in anyway so I would have wasted my time and money...
Last resort, Do I take a loan out and have gas installed?
Or shall I just do it up a nice standard and sell on so I next time have enough money to do what needs to be done and not be in a pickle like I feel I am in now.
I think someone with experience of this will be able to guide me on this as I keep going around in circles.
Thanks in advance for your responses.