Eight Easy Ways For Landlords To Save Money
Updated: Nov 11, 2018
Everyone likes to get value for money, in the list below I show you eight ways as a landlord you can make your money go further. It’s not about being a cheapskate but it is about getting the best value for money.
• If using a letting agent ensure you check their full list of fees before instructing them – not just the headline ‘instruction grabbing’ rate. Check any ancillary charges as well. You might be surprised at some of the things some agents charge extra for.
• This is a potentially huge one. Check your mortgage. Consider using a good mortgage broker – it could be that there are better mortgage offers available and the saving could potentially be hundreds if not thousands of pounds over the year.
• Don’t try to let the property for the absolute maximum possible. Every day the property is empty is a day’s lost rent. Set the rent right and you will be more likely to have a number of interested people within days. Set it too high and you may have virtually no one interested in a whole month.
• Where possible rent your property unfurnished. You won’t necessarily get higher rents for a furnished property so why go to the expense of providing / buying items? In my experience, there’s very little for landlords to gain but a lot to lose when marketing and managing a furnished property.
• If you are providing white goods always ensure you have a fridge freezer in place. Fridges with a small ice box area are unpopular with tenants and for a little extra you can get a lot more for your money.
• If you have a garden, keep it simple. Elaborate outside areas require much more maintenance.
• UPVC window frames, doors and fascias last longer than timber ones therefore represent a better investment if you have to replace these at any point.
• Carpets - a lot of the cheaper carpets on the market look exactly that, cheap! They feel bad underfoot, don’t look good either and have a shorter life span than better quality carpets. Often by increasing your flooring budget by as little as 20% you’ll add years to the length of time the carpet will last.
Thanks for reading and I hope these tips can help you in the future. If you have any property related questions please don’t hesitate to get in touch – I’d love to help you.
0333 772 0718