Money-saving Tips For Landlords

Are you planning to rent out a property? If so

, its important to reduce your costs as much as possible. This will safeguard your investment and will ensure your business is profitable.

Here are five money-saving tips for landlords:

Take out landlord insurance

Whether youre letting to students, young professionals or families, you must take out cheap landlord insurance with a reputable company. Buildings insurance will cover the structure of your home (including the roof, walls, windows and permanent fixtures) and contents cover will protect anything of significance within the building so choose the right policy.

Have your appliances serviced

As a landlord, its your responsibility to have all gas appliances serviced once a year so dont take risks. Call in a Gas Safe Register approved engineer and have your boiler, gas stove, fireplace and heaters checked over. This will reduce utility bills (good news for both tenants and landlords covering household costs) and will help detect small issues before they turn into expensive problems.

Make DIY repairs

If youre looking to save money, try making simple repairs yourself. Fix a broken sink, unblock a clogged loo or replace a broken showerhead without calling in a plumber. Similarly, if the heating breaks, reignite the pilot light on your boiler or bleed your radiators before calling in a workman. If you cant fix them problem, search online for cheap appliance repairs and get a great deal.

Be your own agent

If you want to avoid paying an estate agent to manage your property why not do it yourself? Youll save a lot of money and will learn new skills about the renting industry. Be aware, however, that you will need time to advertise for tenants and to show people around. Youll also have to check references, organise contracts and be available to fix problems, so make sure youre prepared for the task at hand.

Take a deposit from your tenants

When you have found suitable tenants, ask them to pay one or two months rent as a deposit. You can then keep all or part of this money if they leave the property owing rent; damage the property or do not pay their bills. This will save you from using your own personal cash and will allow you to cover costs and make adequate repairs. Please note; its against the law to hold onto deposit money, so find out more about tenancy deposit protection schemes .

Being a landlord can be challenging, but there are ways to make your business successful.

by: Robert Weir

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