How You Can Save Money as a Landlord

If you’re a landlord, you’ll know that especially in today’s economy, costs have been rising steadily, and the introduction of new laws like the mandatory Tenancy Deposit Scheme and the Energy Performance Certificate (EPC) don’t exactly 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 appear easier to adhere with somebody you know, but it may not be the most cost-efficient selection. It’s a buyer’s market right now, therefore take advantage of that and haggle.

2. An empty property is expensive
A landlord’s biggest fear 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
Staying on the correct side of the law can be quite costly, therefore a lot of landlords tend to avoid their responsibilities. For example, if you fail to assign your tenant’s deposit into a Tenancy Deposit System, you could be forced to compensate your tenant with 3 times the deposit quantity. This is one area you don’t want to try and save money.

4.Advertise online for free
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 advertisement with them, and they essentially draw in thousands and thousands of prospective tenants from all over the nation on a day by day basis – a great way to avoid pricey 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.