Save Money as a Landlord
If you’re a landlord, you’ll acknowledge that particularly in today’s economy, costs have been rising steadily, and the creation of new laws like the compulsory Tenancy Deposit System and the Energy Performance Certificate (EPC) don’t precisely help with the penny saving.
In a crunch, any little helps, so we’ve put together a list to help you save that little extra:
1.Get quotes always
Always acquire quotes for whatever repairs or maintenance. Obtain numerous quotes no matter how big or small the job may be. It may sometimes seem more hassle free staying with someone you know, but it may not be the most cost effective choice. It is an absolute buyers market at the moment, so take this into account and try to get the best deal.
2. A non used property is expensive
A landlord’s biggest nightmare is an empty property. If you are finding it hard to find tenants then try lowering your asking price. Lowering your rent by a few pounds will be much more beneficial then having an empty flat for months on end.
3. Comply with the law
Keeping on the right side of the law can be expensive, and therefore a lot of landlords choose to ignore their responsibilities. For example, if you fail to put your tenant’s deposit into a Tenancy Deposit Scheme, you could be forced to compensate your tenant with 3 times the deposit amount. This is one section where you do not want to try and save some cash.
4. Choose free online advertising
There are a variety of online resources, but Gumtree really is one of the most beneficial places online to look for a tenant. It’s free to post an ad with them, and they basically attract thousands and thousands of prospective tenants from all over the country on a daily basis – a great way to avoid costly lettings agent fees.
5. Be good to your tenants
Once you’ve got a good tenant (you know, paying rent on time, not destroying your property by holding wild parties etc.), you need to uphold your end of the bargain. Do the things that count, like making sure necessary repairs are done on time and quickly.
