Do you own a buy to let property or a number of them? If you do you could be losing money because you have let a few things just continue running and not looked into maximising your profits. This could be by increasing income from your properties or decreasing your outgoings. I’m sure at least one of the things I mention will help get more from your property.
- Reduce the cost of your mortgage – As the property owner if your mortgage is due for renewal whether it be interest only or repayment, it could be worthwhile shopping around for a better interest rate on your product. This will of course save you some money on your monthly outgoings.
- Reduce the cost of your utility bills – You could also shop around for a better rate on your gas and electricity. There are lots of sites that will compare prices for you very quickly and this could also cut down on your monthly outgoings.
- Increase the rent – When is the last time you increased the rent? As well as saving money on things you can make more by increasing rent. The rents in every area will change so you may well be in a position to increase alongside other properties in your area.
- Maintenance costs – Who does the maintenance on your property? If the answer is a managing agent then they will most likely be charging you a fee for their time on top of the maintenance price. If you have the time you could always sort these issues through a person you or a friend might know. Of course, you will still have to pay for the job but may save 10-20% each time.
- Have less void periods – If you currently have a number of weeks empty when somebody moves out this can be reduced. If you find tenants are leaving every 6 months or so and you are having to touch up paint and then advertise for new tenants, reference them and then eventually move them in this could easily take 3-4 weeks. This means £0 for this period plus the cost of repairs. You could look at why tenants keep moving on maybe just try to ask them. You could also opt for a rent guarantee company on a long term let. This means 3-5 years guaranteed rent and could be zero maintenance.
If you would like any more tips on how to make more money from property or any of our other tips email firstname.lastname@example.org or visit our website www.horrockspropertysolutions.co.uk