Are you a savvy landlord in the Leicester area and need to find some innovative ways to help you save some money?
If so, we’ve compiled some of the latest and most useful money saving tips to help you have a lucrative income and make the most out of your rented properties.
Choose your location carefully
If you’re just starting out and are looking for a property to let, you need to make sure you do your research to find a property in an ideal location. Factors such as different ends of a street can actually have an impact on whether a tenant chooses to rent your property and how much they’re willing to pay.
To have the option of renting out your property for a higher amount, you must take some things into consideration such as:
- Crime rates in specific locations
- School catchment areas/is the property near a good school?
- Links to public transport such as buses, trains etc
- Types of roads
Take out a good insurance policy
In the unlikely event of an accident, having a great landlord insurance policy can help you save money if you need to make a claim. A good insurance policy will be able to cover you if there is a problem with the outside of a property, or in the event that a tenant is unable to pay rent, meaning you aren’t left out of pocket.
Top tip: see if any insurance policies offer new customer discounts to help you get the best rate
Perform regular maintenance on your properties
Whilst this may seem like a tiresome idea for some landlords, especially if you have multiple properties, it is a vital step in helping you to save money in the long term.
If you are able to catch smaller and more manageable problems earlier on before they develop into something worse, it will save you money on bigger and more costly repairs in the future.
Ensure you adhere to all applicable laws
Whilst this may seem obvious, it is really important to check and double check that you are adhering with the law. By complying with all the latest landlord laws, you can avoid hefty and detrimental lawsuit fees.
Need to refresh your knowledge and understanding of landlord legalisations? Here are some landlord laws you should know about:
- New laws published in July 2018 suggest you should give your tenants a minimum 3 year term with a break clause of 6 months.
- New to rent should have a minimum of an E rating on their Energy Performance Certificate.
- The obligation to disclose – landlords must disclose certain information about the owner of property to new potential tenants.
- Deliver possession of unit – a landlord must ensure a property is fully vacated and ready for new tenants to move in by the agreed date or else the new tenants could take legal action.
Check local rent rates
Could it be possible that you’re undercharging tenants on their rent? If you keep up to date with rent charges in and around your local area, you can ensure you aren’t missing out on money every month.
Keep in mind that you want to stay competitive with your prices and not overcharge people, as rent that is too high will result in a higher tenant turnover which will end up costing you more money.
Be a great landlord to your tenants
Last but not least, it really pays to be an approachable, friendly and outgoing landlord for your tenants. Not only will it help you to retain current tenants, but it could also result in you attracting even more potential opportunity.
Happy tenants will be more likely to renew their lease, saving you money on having to re-advertise the property.
Whether you’re a new or experienced landlord, you can incorporate these tips into your business strategy to ensure a great return on investment on your properties and to set you apart from your local competitors.
If you have any questions about renting out your properties, give our friendly team a call on 0116 243 7938 today. We’ll be able to offer you honest and expert advice on a variety of topics such as selling your home quickly and easily