The times may not be rough for most landlords right now but there are many that can do with knocking off a few more ££s into their accounts. This piece takes a look at top ways you can save money as a property investor.
Become Your Own Agent
Letting agents take a percentage of your income as a property investor. You can save some money by shopping around for the best deals but you will save even more money by becoming your own agent. You can perform most of the tasks on your own but you need to be certain you can cope with it before you go down this route. Mistakes made with tenant referencing for instance, can prove costly down the line. You’ll need to understand your landlord insurance policy fully to make sure you know what you’re covered for in such situations.
Furnish With Used Property
Second hand options are often ignored when furnishing a property and that’s a mistake. There are great bargains to be had at auctions and you can even find some quality items for free on recycling websites like Freecycle. Your focus should be on ensuring that the items are of good quality but yiou can enjoy decent savings if you go down this route.
Take Advantage of Grants
From time to time, there are grants made available that you can claim as a landlord. Do your research on these grants to see what is available for you. The Green Deal on the government’s website is just an example of these grants. It is for you if you intend to insulate your property and make it more efficient.
Get a Better Deal with Tradespeople
Property maintenance is one of the biggest financial commitments made by landlords. Fortunately, the costs can be kept down by shopping around for the best value. RatedPeople is a good platform to find experienced professionals that can do the best work for the best prices.
Do Your Research on Allowances
As a property investor, you can offset a good number of your expenses against your tax bill. Some of these expenses include legal fees, insurance and agency fees. If you don’t know which expenses you can claim as a property investor, you may be leaving money on the table.
It is easy to leave money on the table as a property investor. These tips will help save more money during lean times and add more money to your pocket even at your most buoyant periods.