8 Money Saving Tips for Landlords

Posted: 4th Jun 2014

Are you looking to try and reduce some of your cost overheads?

If so, you might find some of the ideas below useful:

  1. although times are tight in terms of grants from national and local government, nevertheless, there might remain a few options available in areas such as energy saving and refurbishments. Do some research and make some enquiries – it costs nothing and may save you considerable sums of money;
  2. check your bank account or accounts. Although competition between banks is perhaps not as fierce as it once was for your business, even so, there may be significant differences between them in terms of rates and facilities offered etc. Remember that it’s also worth looking at any bank charges you are paying and see how they would compare against another banking services provider’s;
  3. ruthlessly review your landlord insurance. Although it is true to say that the best landlord insurance might not necessarily be the cheapest, it’s still worth comparing options and costs. That is something which we at Cover4LetProperty would welcome the opportunity to help you with;
  4. look at property management agencies. There are pros and cons in cost terms with this option but in some circumstances, it might be more cost-effective to manage your properties through an agency than to try and do everything yourself;
  5. question whether or not you need contents cover. In some cases, if you take a full inventory of your contents and apply a realistic market valuation, you might come to the conclusion that contents insurance is something that isn’t particularly cost-effect in your situation;
  6. look at property portfolio insurance cover if you have a number of properties. It might end up saving you serious sums of money as opposed to purchasing individual policies for each property;
  7. buy second hand rather than new furniture. It’s a myth that new flat-pack items are always cheaper than quality furniture. Second-hand quality furniture if often available at a pittance from auctions and it might last a lot longer than the modern flat-pack equivalent;
  8. keep your decoration simple and in basic colours. Not only is this neutral and less likely to put off potential tenants but basic colour paints and décor is typically a lot cheaper than fancy paints and non-standard materials.

Some landlords believe that a successful letting business is largely about getting the highest possible rates for a property.

However, it can equally be as much about controlling costs – and that’s why some of the above steps might prove to be important.