Ways to Save Cash as a Landlord

Posted on September 30, 2009
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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.Always get quotes
Always try to obtain different quotes for any type of repairs or maintenance. Get two or three quotes, no matter how big or small the job. It may sometimes seem more hassle free staying with someone you know, but it may not be the most cost effective choice. It’s a buyer’s market right now, so 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. 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 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 area you don’t want to try and save money.

4. Choose free online advertising
There are a variety of online resources, but Gumtree genuinely is one of the best places on-line to look for a renter. 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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