No. 1 • Regularly review costs
Number one on our list is remembering to review your outgoings. Things such as mortgages and insurance can be easily compared and changed these days thanks to the growing number of comparison sites online.
No. 2 • Choose insurance carefully
Taking out a good insurance policy is one of the most important cost-saving measures a landlord can undertake. Standard household insurance will not cover a buy to let property so shop around and find a broker who understands the market. Landlord insurance has the potential to save you huge sums in the event of an incident for which you claim.
No. 3 • Minimise void periods
Void periods present landlords with significant financial risk. Although it is sometimes possible to insure against them, and although some agents offer ‘guaranteed rent’ deals, the most cost efficient way of combating them is to take steps to avoid them altogether.
No. 4 • Get things done in one go
Wherever possible, try and combine jobs carried out on the property so that tradesmen only have to make one visit. Putting things off will usually end up costing you more. So, if there are a couple of things that need attention in your property, get them done together and hone your negotiating skills even further
No. 5 • Carry out regular property checks
It is vital to carry out an annual property check to ensure that the property is being looked after by the tenants. Cavendish Rentals carry out six months checks to ensure there are no problems with their buy to let investment and to help resolve any problems quickly.
No. 6 • Consider handing over the reins
Believe it or not, paying extra can be a fantastic money saving tip. Having an experienced letting agent manage your property will often save you both time and money in the long run. Being a landlord is an extremely time consuming business (when done correctly) and outsourcing many of the chores and tasks associated with it can often make good financial sense.
