Oct 17 2009
Saving Cash as a Landlord
If you are a landlord, you will know especially with the current credit crisis that costs have been gradually rising, 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 aid you preserve that little extra:
1.Get quotes always
Always get quotes for any repairs or maintenance. Get two or three quotes, no matter how big or small-scale the chore. 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 nightmare is an empty property. If you’re struggling to find tenants, then look at lowering your request cost. Lowering your lease by 30 pounds each calendar month could be cheaper than losing out on one or more month’s worth of rent.
3. Follow the law
Keeping on the right side of the law can be expensive, and consequently a lot of landlords opt to brush aside 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 field 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.
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