In a crunch, any little helps, so we've put together a list to aid you preserve that little extra:
1. Always acquire quotes
Always try to obtain different quotes for any type of repairs or maintenance. Get two or three quotes, no matter how big or small the job. 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. A non used property is expensive
One of the worst fears for a landlord is having a property that is empty. 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. Follow the law
Keeping on the right side of the law can be expensive, and consequently a lot of landlords opt to brush aside 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 field you don't want to try and save money.
4.Advertise online for free
There are a variety of online resources, but Gumtree genuinely is one of the best places on-line to look for a renter. It's free to post an ad with them, and they basically attract thousands and thousands of prospective tenants from all over the country on a daily basis - a great way to avoid costly 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.
These are all great tips to help you begin to save money as a landlord, not only that but they are essential methods to help you out during the current economic downturn. By implementing the above basic five tips, you will find yourself well on your way to saving huge amounts of money for yourself.
Use Gumtree to avoid agency costs when finding tenants