Tips on how buy-to-let landlords can reduce costs
November 5, 2020
It’s safe to say, 2020 has been a bumpy ride for landlords. With many landlords facing uncertainty over tenancies due to the ongoing economic upheaval created by the Covid-19 crisis, it is within every landlord’s interest to reduce costs.
Check out the following tips on how buy-to-let landlords can save money by reducing costs.
Attend to maintenance and repairs quickly
All properties need maintaining, especially in the winter when issues can rear their head. Delaying maintenance and repair can quickly escalate into a more serious and expensive problem. A loose tap, for example, could quickly turn into a major leak or be the cause of damp. It is therefore important to attend to all maintenance and repair jobs immediately. It will help save you in costs in the longer term.
Transfer to a better BTL mortgage deal
With the Bank of England’s base rate sat at an historically low 0.1%, BTL mortgage rates have been slowly coming down in recent months. Now is the time to take advantage of the competitive mortgage environment and commit to a BTL mortgage with a lower interest rate to reduce your landlord costs.
Don’t be tempted to relax tenant quality criteria
With an empty buy-to-let property on your hands, it can be tempting to relax the criteria you use to shortlist prospective tenants. In these difficult times, it is more important than ever that you find a tenant that ticks all the boxes in what you are looking for. An empty property might be costly but it is not as expensive as rent arrears and evictions.
Be up to date with regulations to avoid costly compliance mishaps
It may sound obvious but as a landlord it is vital to remain conversant with constantly evolving legislature when it comes to letting out property. Meeting safety and other legal obligations might occur some costs, but it could save you a lot more money in the long-term if you were to run into legal issues later down the line.
If you are a landlord or are thinking about become a landlord to take advantage of low BTL mortgage rates, buying at auction can be the perfect way to find a great rental property. Take a look at the lots already listed for our next property auction.
Writtern by Andrew Binstock
November 5, 2020
Sign-up for our newsletter
Get the latest lot details along with new blog posts, straight to your inbox