In a crunch, any little helps, so we’ve put together a list to aid you preserve that little extra:
1.Get quotes always
Always get quotes for any 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’s a buyer’s market right now, therefore 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 rent by a few pounds will be much more beneficial then having an empty flat for months on end.
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 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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