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Seven Money Saving Tips for Landlords

Seven Money Saving Tips for Landlords

Becoming a landlord can be quite a lucrative move in life financially. With that in mind, it comes with a list of responsibilities which you need to pay for, too. There are a number of ways you can save money on these costs, though. We have outlined seven of them…

Seven Money Saving Tips for Landlords

Do not use a letting agent.

Rather than investing your money, invest your time into getting to know all of the procedures and processes. If you do not need to pay for a letting agent, why should you? If you lead a busy life, letting agent fees may be necessary. If this is the case, be sure to shop around for the best prices, and negotiate!

Cover yourself with Landlord Insurance.

At the top of your list of priorities should be getting yourself covered with landlord insurance, as this has the potential to be an effective cost-saving measure. If you feel your tenants are not likely to cause you too many issues, then you do not need to pay out a lot each month. That said, it is always worth covering yourself just-in-case; check out CIA Landlord Insurance, one of the more credible providers who place a guarantee that they will not be beaten on price.

Purchase second-hand goods where possible.

If your property is in need of furnishing, it may be a more financially viable option to have a look around charity shops for second-hand goods. Boot sale websites such as Shpock, or auctions, are also good avenues to go down when shopping around for second-hand furnishings in good condition.

Thoroughly screen any tenants you plan to move in.

This arguably sits at the top of the list of high-priorities, alongside insurance. By moving in good tenants, you improve the likelihood of being paid on time, maintenance and repairs being kept on top of and overall, your property being looked after. Your tenants at the end of the day, aside from the property itself, are your most valuable assets. You will thank yourself over and over just for moving in the right tenants.

Regularly assess your mortgage options.

By regularly assessing different mortgage options, you can land yourself better deals. With mortgages typically being the largest expense to a landlord, by finding a deal with even marginal gains such as a slightly smaller interest is always worthwhile.

Keep on top of maintenance and repair issues which may arise.

Putting off these issues is not a technique to save money. This is, in fact, quite the opposite. These issues are likely to become something very serious the longer they are ignored and the more likely it will become for tensions to rise between yourself and your tenant. It is worthwhile to attend assessments of any issues yourself initially as if it is something small or you have the capacity to, you can always do this yourself.

Ensure a deposit is taken.

Take a deposit and put this straight into a deposit scheme. Although you may not believe this, there are many landlords who still neglect to take a deposit. This is your safety blanket and if your tenant decides to steal anything from you, or breaks something and refuses to cover the cost of repair, then you are well within your rights to use the deposit to cover this. Take note of all the contents within your property alongside supporting photographs to help determine what can and can not be deducted from the deposit when the tenancy comes to an end – making sure to keep fair wear and tear in mind.

Image of couple being handed property keys

*This is a collaborative post.

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