It’s financially challenging to be a landlord these days – and there’s no sign of it getting easier any time soon.
As practically every other landlord is facing rising living and property-running costs, therefore, you are probably in search of practical ways to reduce your expenditure without sacrificing safety, the tenant experience, or compliance with a raft of obligations as a landlord.
Here are some suggestions for the simple checks and seasonal adjustments that may help you achieve just that.
Review your property insurance to ensure it’s still appropriate
If your home or landlord insurance is coming up for renewal, carefully review whether it continues to offer all that you need or whether there are any changes you need to make to the policy. For example, if you are a landlord, have you changed tenant type? Or have you carried out home improvements which could affect the sum insured?
Also, check your existing policy for any duplicate policies. For home owners, this could be gadget insurance duplicating your contents insurance, let’s say.
Are any aspects of your current cover now outdated? Are paying for optional extras that you no longer need?
A brief review of your claims history might reveal opportunities for increasing your voluntary excess – thereby reducing your annual premium.
Check whether your water supplier offers free devices
Property owners may welcome some of the many ways of reducing water consumption. Many water companies in the UK offer free or cut-price gadgets – such as flow-restrictors, leak detectors, or shower timers – that help you to save money by saving water.
Preventive maintenance to avoid expensive repairs
“A stitch in time” is a useful catchphrase for homeowners who want to save money on more expensive repairs in the future – catch any maintenance faults before they cause more serious problems.
That means checking the roof for slipped tiles or slates, damp patches, and small leaks. Have an annual routine for clearing the gutters and servicing the boiler or other heating appliances.
Ensuring that smoke alarms and CO detectors work properly may help avoid costly fire damage and for landlords, keep you on the right side of housing regulations.
Remember that your home or landlord insurance policy relies on your maintaining the property in a good state of repair – and if you fail to do so, any subsequent claim might be rejected.
Seasonal money-saving habits
Get in the habit of preparing for seasonal changes by lagging exposed pipes to avoid them freezing, maintaining adequate ventilation to prevent mould and damp, and understanding any obligations you may have under the terms of your home or landlord insurance policy to mitigate any loss or damage to your property.
These blogs provide more information:
- Preparing your second home for winter visitors – or winter closure
- Winter and your unoccupied main or holiday home: what insurers expect
- Getting your property winter-ready
Use technology to monitor your property
In this day and age, of course, technology has come to the rescue for many of the landlord’s routine jobs. Leak sensors and smart smoke alarms, for instance, will help to reduce the need for expensive emergency callouts.
Smart thermostats may help to manage energy consumption in holiday homes or let property that is left unoccupied for any length of time.
Check often – save long-term
Regular checks and money-saving tricks can lead to genuinely long-term savings for landlords and other property owners.
Now might be the time to discuss with your insurance broker a review of your landlord, holiday home, or unoccupied property insurance to ensure that the policy or policies continue to provide the safeguards you need.
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