Top money saving tips for Landlords

12/01/2018 /
Electric Radiator Solutions Team

4 Money Saving Tips For Landlords

With rented properties on the increase, it is essential for landlords to learn how to cut any costs they can without impacting the service provided for their tenants. Here at Electric Radiator Solutions we’ve put together some savvy money saving tips to help set you on the road to success!

1. Insurance and basic expenses

Ensuring you have insurance for your property can save a lot of future stress and unexpected spending. Depending on what cover you choose, landlord insurance can cover you for anything - from outside building maintenance to protection when tenants are unable to pay rent.

You may be lucky enough to never have to use your insurance policy but to save yourself £’s we recommend using comparison websites to take full advantage of the best quotes available- this way you can have peace of mind you are not spending unnecessarily.

Similarly, due to mortgage repayments being a huge primary expense for landlords, (especially if you own more than one property!) be sure to review your mortgage arrangements regularly and negotiate better offers. It’s also worth checking out whether you’re eligible for the latest government schemes which support landlords by reducing expenses on aspects such as tax bills, agency fees, legal fees and insurance.

2. Furnishings

How you decide to furnish your rented property may depend on who will accommodate it, whether it be aimed at families or students. Instead of purchasing brand new, consider good quality second hand options to reduce costs - over time brand new furnishings will become worn anyway and replacing these with every new tenant can build up huge expenses.

Alternatives could include bargains at auction, second hand websites (a selection even sell unwanted items for free), shopping during sales and even scouring the net for factory seconds.

During summer many stores offer special discounts for students moving away to university so this would be a great time to shop for a bargain. If you’re including white goods such as cooker, fridge/freezer, washing machine, to your property, contemplate waiting until there are big sales such as during the Christmas holidays for discount prices. When searching for pricier items such as kitchen units or bathroom suites, its beneficial to consider purchasing ex-display models to reduce expenses!

3. Tradesperson

As with any property, it is more than likely that unforeseen repairs and maintenance will need attending to. Some issues may just need some basic DIY that you feel confident managing yourself. If you aren’t so handy with tools yourself, it is highly recommended to employ a professional.

As tempting as it may seem relying on yourself for maintenance, it could result in more harm than good and end up costing much more in the long run to repair. Hiring a respectable tradesperson does not mean you have to spend a fortune. There are specialised websites available that compare professionals, and their quotes, in your area to showcase the best work for the best price. Some websites even show feedback left by other employers of the tradespeople so you can identify their reputability easily.

If your property is signed up to an estate agents, they usually offer their own tradespeople included in your landlord’s fee which could save you a lot of time in searching for your own.

4. Saving energy costs

If you’re looking for an energy efficient, controllable and cost-effective heating system in your rented property then smart electric radiators may be your solution. They are low maintenance and include easy DIY installation so are perfect for rented accommodation.

Unlike other heating systems, efficient electric radiators convert 100% their input energy into heat. Not only this, but electric radiators are environmentally friendly; they produce no dangerous emissions and so landlords don’t have the added stress of the threat of carbon monoxide leaks.

Smart electric radiators have many advantageous features that help keep energy costs to a minimum due to their high controllability. A person can access their energy usage from a smartphone and so can monitor how much they are spending and includes heat-zoning. They also have the ability to adjust their heating controls when they are not at home, for example changing what time the heating comes on if they are going to be due home later than planned.

Prospective tenants may find these features appealing if it allows them to monitor their own outgoings. Potential tenants also find it appealing when utility bills are included in the rent charge. A landlord would then benefit from smart radiators by monitoring energy spends and adjusting their rent charge to reflect this, to ensure they are not losing profit unnecessarily.

If you would like any more information on how to cut costs as a landlord with an energy efficient electric radiator from Electric Radiator Solutions or would like to find out more about the functions our radiators offer then why not contact our friendly team today - we’re always happy to help!