As a new landlord, navigating the rental market, securing tenants and finding ways to cut costs can be something of a minefield. Here are ways you can save money without reducing the service you offer.
If you are looking at buying your first rental property, make sure you research locations thoroughly. Travelling only a few metres can make a difference to your earnings, as adjoining streets can carry different rental prices.
It is also important to remember that an expensive property does not guarantee a high yield, and vice versa. By carefully researching you will be able to find a property that you can purchase for a good price that also offers a good rental yield.
This is one of the areas that could provide you with the largest savings. In the event of tenancy issues or incident, a good insurance policy will remove financial burden and come to your aid. However, you want to pay a reasonable price. Barbon Insurance Group offer competitively priced landlord insurance to ensure that you are covered for the best price.
Think Energy Efficient
As a first-time landlord, it’s important to consider energy efficiency as a way to save money and attract potential tenants. Upgrading appliances to energy-efficient models and installing insulation can help to reduce energy costs and improve the property’s overall energy efficiency. It’s also a legal requirement in certain countries to obtain an Energy Performance Certificate (EPC) for your rental property, which provides a rating of the property’s energy efficiency and recommendations for improvement. By making energy-efficient improvements to your property, you can not only save money on energy bills but also potentially increase the property’s value and appeal to environmentally-conscious tenants.
You have bought your property, done any work that is required and are ready to find tenants. It can be tempting to go with the first estate agency and get the ball rolling, but it’s always best to negotiate with different agents to find the best offer. After all, you should want the best Letting Agent Hull has to offer on your team, not the first agent you’ve come across.
Some landlords prefer to be private, others like to have all aspects of the tenancy managed by an agent, while some only require help in finding tenants. Decide which option works best for you, then you can negotiate and proceed.
Reduce Void Periods
A void period is when your property remains vacant and leaves you, the landlord, liable for all costs. Void periods are the bane of landlord life and can cause serious financial damage. There are a things you can do to prevent this from happening. Make sure your property is accurately priced, in a good state of repair and is visible on property websites. You could also consider estate agents who offer guaranteed rent, even when the property is vacant.
The government offers a number of grants for landlords, particularly if you are hoping to make your property more energy efficient. There are also loans available depending upon the type of work you want to carry out. Amounts and finances vary from council to council, so check with your local authority to find out what is available.