How to Save Money as a Landlord
Being a landlord is not all milk and honey, as somebody might think. Today’s financial climate is affecting everybody, even the landlords, and new laws like EPCs (Energy Performance Certificates) don’t help them, as well. If you don’t pay attention, soon the rents won’t cover the costs of owning a rental house. But, using a few tricks can help you save some money as a landlord.
- Shop around and get quotes for all the repairs that need to be done. Lazy landlords will take the first offer and throw away a lot of money. But, if you shop around for parts or labor, you can save significant amounts. Also, talk to your friends and relatives. It is very probable that some of them know or know someone who knows a jack of all trades, a handyman who can take care of the maintenance for less money than the one you will find in the regular way. And don’t forget – there are many things in the apartment that you can repair yourself like changing bulbs, the air conditioning filter, checking for leaks under the sinks, and so on.
- Don’t get too picky over your tenants. Also, don’t insist on keeping a high price if that means that your property will stay vacant. The worst possible scenario for a landlord is to have a rental apartment empty since it means losing a month or two worth’s of rent. As long as your tenants pay the rent, keep the place tidy and don’t destroy walls and furniture, they are good tenants. If lowering the rent for 50 dollars means that you’ll find normal people to live there, consider it an excellent idea.
- Don’t use letting agents. Internet is an excellent place to find a tenant for free. There are numerous websites where you can advertise for free and thus avoid paying as much as 10 per cent of yearly rental income to an agent for finding you tenants.
- Use tenancy deposit schemes. Tenancy deposit schemes serve as a guarantee that the tenants will get their deposit money back once they leave your apartment and it is required by the law. Although there are some tenancy deposit schemes that require a service fee, there are a few where you can deposit tenancy money for free. Choose them to put your tenant’s deposit money and save yourself trouble of paying three times the amount if you fail to do so.
- Check the going rental rates. The real estate market is collapsing and not many people can risk buying an apartment these days. For that reason, the rents are rising and you have to be sure that you are renting at the going rate. Check the rental websites, the newspaper ads, and ask the local letting agents to make sure the price you’re asking is in the accordance with the market’s demand.
- Be fair to your tenants. Not many tenants are good, and even less are perfect, so if you find good tenants who are paying on time, respect your property in the way that they are not destroying furniture, try to keep them in the apartment for as long as possible. Be kind, do the necessary repairs on time and attend to your responsibilities as agreed.
Remember that you can find someone to rent out your room right here on bey3.com & it’s completely free to use so happy hunting!
Just go to bey3.com and click on the property link for the relevant county and then click the Post An Ad button. It’s that easy!