In a crunch, any little helps, so we’ve put together a list to aid you preserve that little extra:
1.Always acquire quotes
Always acquire quotes for whatever repairs or maintenance. Get two or three quotes, no matter how big or small-scale the chore. It may seem easier to stick with someone you know, but it may not be the most cost-effective option. It is an absolute buyers market at the moment, so take this into account and try to get the best deal.
2. A non used property is expensive
A landlord’s biggest nightmare is an empty property. If you are finding it hard to find tenants then try lowering your asking price. 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
Keeping on the right side of the law can be expensive, and consequently a lot of landlords opt to brush aside 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 section where you do not want to try and save some cash.
4.Advertise online for free
There are a variety of online resources, but Gumtree really is one of the best places online to look for a tenant. 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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