Whether you’re a first-time landlord or you have been a landlord for years, these money-saving tips could help you. Perhaps you are renovating your very first buy to let property or sprucing up an existing rental for new tenants. Either way, everyone likes to save money!
Doing everything by the book while keeping costs as low as possible is the key to success for landlords. Your tenants are likely to look after your property if it is clean and welcoming from day one. A safe and presentable home is what most tenants seek, so how can you provide this while keeping costs down?
Interior Design
Don’t lose sight of the fact that this is not your home. You may own the property, but you will not be living there, and therefore you should not get carried away with decorating and personal touches.
Keep the decorating neutral and straightforward and avoid colour themes or additional features. Stick to the basics – as long as the place is clean, welcoming and safe with essential elements, it is fine. The tenants will add their personal touch with their items to make it feel more homely for them. So, step away from Ikea and save your cash!
Cleaning and Repairing
Damaged fixtures and fittings may not need replacing. Sometimes a thorough clean and a little repair work is all you need. Old tiles and cupboards can be transformed entirely by a deep clean and lick of paint. So, before you start replacing expensive fittings, ask yourself if a little TLC will do the trick.
Storage Space
If you have an alcove or recess area, why not turn them into storage space to boost the appeal of your property? Wardrobes and bookshelves can easily be created with shelves and rails. This saves money on furniture.
Use the Right Tradespeople
Do your research before hiring a tradesperson. If possible, use someone that comes recommended and that lives locally. Look online at their reviews to get a feel of how they work. As tempting as it may be to cut corners and save money with a local handyperson, it is likely to cost you in the long run.
Gardens
A garden can be a deal-breaker for tenants, particularly those with children or pets. Neglecting the garden gives a bad impression and can turn people off with one look. Take some time to maintain your garden, and you will find the tenants continue to do the same. A well-maintained garden helps to retain the value of a property.
Contact Hardings Lettings for more advice on rentals on 01277 233400.
