Auction House London
Section Highlight

Blog/News

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

Share this post

Sign-up for our newsletter

Get the latest lot details along with new blog posts, straight to your inbox

Contact Us

Services

  • Request Auction Valuation
  • Remote Bidding Registration
  • Online Auctions
  • Property Services

Auctions

  • Current Auction
  • Past Auctions
  • Lots still available
  • Guide to buying at auction
  • Guide to selling at auction
  • General Conditions of Sale

Guides

  • Guide to buying at auction
  • Guide to selling at auction
  • Guide to buy online

About

  • Why Choose Us
  • Meet The Team
  • Privacy Policy
  • Complaints Procedure

Auction House London

5 Hampstead Gate, 1a Frognal, Hampstead, London NW3 6AL

Tel: 020 7625 9007
Fax: 020 7990 9979
Email: info@auctionhouselondon.co.uk
Auction House London
Site built by IVC
Copyright © 2021 Auction House London
Registered Address: 2 Cotton Street, Liverpool, Merseyside, L3 7DY Company No. 07048084
Footer Logos