Most people who are landlords do it for one reason – to make money. Whether that’s through a long-term strategy of paying off a buy to let mortgage and selling the property or by maximising their monthly rental returns. To get the most out of your investment here's 5 ways you can save money every month...
Don’t cut corners – Penny pinching in specific areas like repairs and maintenance can lead to being hit with higher costs further down the line. Do it once – do it properly.
Review your mortgage – When was the last time you checked to see if you were on the best possible deal? You could save hundreds of pounds a year by doing this easy task.
Stay lawful – The rental world is full of rules and regulations. Falling foul of these can see you hit with significant fines or in worst-case scenarios, a jail sentence.
Avoid DIY – This point is two-fold. Firstly, never attempt skilled repairs on your property if you don’t have the correct qualifications or experience. And many landlords find it’s more profitable to use a letting agent to work on their behalf than to do everything themselves.
Look after good tenants – A good tenant looks after your property – saving you money. A good tenant who is well looked after will also usually stay longer, meaning fewer void periods or moving in / out costs, again saving you money.
Our conservative guess is you could quite easily save at least £1200 a year by following these five steps.
To find out other ways we can help you save money and look after your rental investment, contact us on 02838 355100 for a quick chat.