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Ways to Save Cash as a Landlord

If you are a landlord, you will know especially with the current credit crisis that costs have been gradually rising, and the introduction of new laws like the mandatory Tenancy Deposit Scheme and the Energy Performance Certificate (EPC) don’t exactly help with the penny saving.

During an economic downturn everything helps, so here is a brief list that we have put together

1.Get quotes always
Always try to obtain different quotes for any type of repairs or maintenance. Obtain numerous quotes no matter how big or small the job may be. 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, so take advantage of that and haggle.

2. A hollow property is expensive
A landlord’s biggest fear is an empty property. If you are finding it hard to find tenants then try lowering your asking price. Lowering your rent by 30 pounds each month could be cheaper than losing out on one or more month’s worth of rent.

3. Abide by the law
Staying on the correct side of the law can be quite costly, therefore a lot of landlords tend to avoid their responsibilities. For example, if you fail to assign your tenant’s deposit into a Tenancy Deposit System, you could be forced to compensate your tenant with 3 times the deposit quantity. This is one section where you do not want to try and save some cash.

4. Choose free online advertising
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 advertisement with them, and they essentially draw in thousands and thousands of prospective tenants from all over the nation on a day by day basis – a great way to avoid pricey lettings agent fees.

5. Be nice 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.

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