Whichever way you voted in the Brexit referendum, there's no doubt that leaving the EU will have an effect on many aspects of our daily lives. It remains to be seen whether it will bring long-term benefits for landlords and tenants, but it's certainly creating an atmosphere of economic uncertainty at the moment. One advantage is that many people are currently looking to rent properties rather than buy them, but on the other hand, it's also essential that landlords plan for all eventualities and cut down on their expenditures where possible. Here are three ways in which you can do just that, without impacting on your tenants.
1. Research Your Location
If you're planning on becoming a landlord or expanding your current portfolio, then it pays to research areas and properties thoroughly before purchasing. Even in the current climate, becoming a buy to let landlord can be a lucrative investment, as long as you have a property that prospective tenants will want. Look for locations that have good public transport links, are near to good schools, and have excellent amenities nearby. Websites such as Zoopla can also give you an idea of how much properties are worth in an area, allowing you to secure a bargain. A few hundred metres can make a huge difference in house prices and in their ability to attract tenants, so time spent on research is never wasted.
2. Find Tradespeople You Can Trust
Repair and maintenance costs are among the largest that a landlord will face, and there's no avoiding them, however good and conscientious your tenants are. That's why it's important to find tradespeople you can trust and who offer great value for money. Once again, the internet is your friend, as you should always check reviews for tradespeople before hiring them: don't get fixated on one review, whether good or bad, but take a look at the overall pattern. A good value, high-quality tradesperson you can turn to again and again is one of the best assets a landlord can have, so cultivate friendly terms with those whose services you use.
3. Get Landlord Insurance At The Best Possible Price
Another unavoidable expenditure faced by landlords new and old is property insurance, but that doesn't mean that you can't save money with it. Quotezone are experts on block of flats insurance and house insurance, so they should be the first port of call for any landlord looking to insure a new property or get a better price at renewal time. They allow you to easily compare quotes from the UK's leading insurers, meaning that you can save both time and money. They have over three million users, so you can be sure that they are the comparison site to trust, especially as they are truly independent and not linked to any insurance company.
Finding the right house or block of flats insurance policy at the right price can make a real difference to your annual expenditure, as can hiring trusted tradespeople. With a great property in a great location as well, you have all you need to make the most of the opportunities available to landlords today. Whatever the economic climate, it makes sense to keep overheads low and income high.
