PaTMa Financial forecasts for your property prospects have always included a "standard" 15% of rent allocated for general expenses. For those expecting to self manage, this is probably a bit high for voids and maintenance. While those who will be using an agent, perhaps costing 12% on their own, will likely find it a bit low.
So it's now possible to fully customise the expenses for each property you're considering. You might want to include agent management, service charges and a void allowance. For HMOs you could add in council tax, utilities and cleaners. It's entirely up to you and the expenses will be included in all forecasts and PDF reports for the property.
Default expenses
When entering a new property prospect or editing an existing one, the default expenses are now specifically listed.
At the end, there's a "Customise" link that will open the new panel to fully customise the property expenses.
Customising expenses
The expense customisation panel starts out empty, as above.
Each prospect expense is easy to enter with just three details required. A text label (eg Agent, Voids, or similar), the type calculation to use (percentage of rent, fixed per month or fixed per year), and finally the amount.
Click "add another" to open up new expense rows as needed. If you open too many, leave them blank or click the "remove" link to delete that expense line.
With your expense details entered, finish entering your other property prospect information as normal.
Expense calculation results
Your customised expenses will now feed through into the monthly and annual financial forecasts for you property prospect.
Everywhere in PaTMa Prospector that calculates expenses, or profits, will make use of your custom expense figures. Including the main prospect view (above), the comparison listing and all downloadable (PDF) reports.
You can discover more great Property Prospector features and explore this feature for free by creating your own PaTMa account.
