8 easy ways for Landlords to save money
They are in no particular order but in our 11 years as letting agents we have found that most landlords like to save money. 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 our 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 so 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 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.