Eight easy ways for landlords to save money.
We’ve had more than a week now to digest the Chancellor’s budget.
It’s not just the proposed ‘sugar tax’ that’s caused indigestion in some quarters.
For landlords, who seem to be a recent target for George Osborne, there was no good news.
So with added financial pressures being imposed on landlords I decided to come up with eight easy to implement steps that can save you money if you have
a property you are renting out.
They are in no particular order but in my 28 years as a letting agent I find they all save landlords money. It’s not about being a cheapskate but it is
about getting the best value for money.
1. 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.
2. 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 net saving could potentially be hundreds if not thousands of pounds over the year.
3. 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. For more information on this check out one of my previous blogs. /blog/could-your-best-tenant-become-your-worst-nightmare
4. 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.
5. 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.
6. If you have a garden, keep it simple. Elaborate outside areas require much more maintenance.
7. UPVC window frames, doors and fascias last longer than timber ones so represent a better investment if you have to replace these at any point.
8. 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 20 % you’ll add years to the length of time the carpet will last.
There’s several more ways landlords can save money without cutting corners.
If you would like to have a chat about these or any other property related questions you have please do not hesitate to get in touch.
Thanks for reading.