Property management can be a tricky task and expenses can start to add up quickly. With a bit of planning and some wise investments, here are a few ways to keep your costs down and protect yourself against bad surprises.
Choose your insurance carefully
Taking out a thorough insurance policy is one of the most important cost-saving measures that you can undertake. It has the potential to save you a lot of money in the event of an incident in your property. There is a great variety of products on the market today, so make sure to shop around for the best quote.
When furnishing your rental property, there’s a balance to find between keeping to a budget and providing durable furniture to your tenants. The right answer depends on the local housing market and the type of tenant your property is aimed at. Always put yourself in your tenants’ shoes and ask yourself ‘is that what I would expect for the price of this property?’
Review your mortgage
You should review your mortgage arrangements regularly to ensure that you are getting the best possible deal. Opting for a long-term fixed-rate mortgage may save you money if interest rates rise in the future.
Minimise void periods
This may seem obvious but the longer a property is left empty, the more money you’re losing. Be proactive and start promoting your rental property as soon as your tenants inform you of their intention to leave.
Keep on top of maintenance
Carrying out regular maintenance will greatly reduce the chance that you’ll experience costly problems with your property. Don’t ignore issues– they will only get worse. If your tenants report a fault or if you notice one during an inspection, make sure to fix it as soon as possible.
Get your inventory right
An inventory is an essential document to have as it details the condition of your property before and after your tenants move in. Making sure you have evidence of how the property was at the start of the tenancy will minimise the risk of disputes with your tenants over the return of deposits at the end of their tenancy.
Do you need help managing your property? Our property management services will give you peace of mind and relieve you of the commitment of being a full-time landlord. Give us a call for details or for any other requirements: 020 7078 0216.