Finding the best deal is the smart way to do business. The best doesn’t always mean the cheapest either, it could be the smarted move, a way of saving you money or getting the most for the money you are spending.
So how can you save money as a landlord without damaging your reputation? Check out the points below for some advice.
Good tenants will save you money
A good tenant means someone who pays the rent on time, alerts you of any issues quickly, keeps the property clean and tidy and takes care of the furnishings and appliances. These people are hard to find so a good vetting process is vital and could pay off massively.
The right insurance
When your insurance is up for renewal, don’t just simply stay with the same policy. Shop around and find not only the best price but the most for your money and most importantly, what’s relevant to your property and what you need to cover. Try UKinsuranceNET for a range of quotes to suite you and your let property. Get multiple quotes and find the perfect one for you.
Keep up with maintenance
It’s very easy to fall behind on the maintenance of your properties. There’s always something ‘more important’ to do and therefore small issues can build up and turn into big problems. Don’t just wait for tenants to alert you of any issues either, things like clearing the gutters and checking the plumbing prior to winter are things that need to be kept on top of to avoid the need for major work.
Maintaining your properties will not only nip potential problems in the bud, but is also typically a stipulation of your landlord insurance cover.
Swap carpets for laminate
At first this might seem costly, but in the long term laminate will prove much cheaper than carpet, being easier to clean, longer lasting and much better at looking great for longer. Carpets come will various costs from replacing them entirely or professional cleaning.
For furnished lets, be sensible about the amount of wear and tear your property’s furniture will endure. Keep in mind that cheap, flimsy furniture will have to be replaced if broken, incurring more costs for you. Simply spend a little more to begin with and choose quality, sturdy pieces, to last the test of time.
Keep on top of your legal requirements and obligations, therefore avoiding any costly fines. This could include having your annual GasSafe registered check or fulfilling your requirements for Right To Rent checks.
Claim your allowable expenses
As a landlord you are entitled to deduct allowances to work out your taxable rental profit. There are many things you can claim for including water rates, council tax, cost of services, legal fees and much more. If you are unsure, speak to your accountant or find out more online.
Use these seven tips to help you save money in the long run and be a more profitable, successful landlord. If you have your own money saving tips for landlords let us know and good luck in your business venture.