8 Top Tips For Saving Money On Your Investments Upkeep

8 Top Tips For Saving Money On Your Investments Upkeep

Keeping investment properties in excellent condition should be high on the priority list for landlords. Maintenance can be expensive, so finding a happy medium between cutting costs and keeping your property in good condition can be difficult.

Landlords who know how to save money on maintenance while not neglecting it completely will outperform those who have no plan at all. What that plan should be is the question.

Get a Property Health Check

While this may seem obvious to many, failing to have your property inspected can be a costly mistake.

Having the proper survey performed on your buy-to-let property investment is critical before purchase, as is selecting the right surveyor. A qualified electrician and a Gas Safe engineer are also required to thoroughly inspect the property.

This is primarily intended for those who have yet to invest or are looking to expand their portfolio. Existing landlords, on the other hand, may benefit from revisiting this point with their current portfolio. Get a professional to inspect your properties on a regular basis. It could save you a lot of money in the long run.

Find the Ideal Tenants

Applicants are a difficult subject but doing your best to find great tenants will benefit you in the long run. You cannot, of course, discriminate in any way. However, there are specific steps you can take to ensure that your tenants are decent and will not cause you too many headaches during the tenancy.

The most important of these measures is to find a great letting agent to work with. Having a reputable letting agent properly qualify prospective tenants can be priceless. Allow your letting agent to conduct credit checks, inquire about affordability, obtain references, and validate their right to rent. At the same time, you gain some independence and can focus on other aspects of your buy-to-let business.

Invest in the Future

The finishing touches on a co-living property are frequently the last thing an investor considers. When you have just completed an expensive renovation, furnishing the rooms is often an afterthought. When it comes to furniture, however, quality is critical.

We’re not saying that each room needs a one-of-a-kind oak four-poster bed. Still, furnishing with long-lasting, environmentally friendly, and fashionable items will significantly reduce a landlord’s maintenance costs once tenants move in.

It’s Time to Take Stock

After putting in so much time, effort, and money to create a stunning co-living property, it makes sense to conduct a thorough inventory. This means that before each tenancy begins, you will have a complete Schedule of Condition that details the condition of the room.

The Schedule of Condition describes the overall condition of the let, including floors, doors, ceilings, windows, and even furniture, sockets, and switches.

Make it Clear what is and is not Permitted

A good tenancy agreement is essential if you want your property to be kept to the standard you expect. It is critical to specify what you expect from your tenants and how they should treat your property. Working with an excellent letting agent will be extremely beneficial here, as they will already have a professional tenancy agreement covering your property.

Lettings legislation is a moving target that requires constant attention. So, if you’re going it alone, make sure you stay on top of the changes because you don’t want something to jeopardise your legal status.

Make Proactive Visits on a Regular Basis

While it is important not to overdo inspections, failing to conduct any at all is a definite no-no. Most tenants should be fine with you performing a quick inspection of the property once every six months. If they aren’t, this could be a warning sign. A good Letting Agent will be worth their management fee in aspects of property lettings like this. Allow them to conduct the inspections so that you are not perceived as the bad guy or gal.

Your tenancy agreement should also specify the frequency of inspections. This way, there will be no disagreement when it comes time to carry them out.

Less is not Always Better

Buying cheap can be tempting when you’re trying to cut your expenses, but it’s usually a bad way to save money. A low-cost washing machine will cost less initially, but repairs and replacements will be necessary before long. Because of the amount of usage in a co-living property, you’ll almost certainly end up paying more in the end.

We’re not saying that high-end fixtures and fittings are the only way to go; as with most things, finding a happy medium is essential. Buying in the middle of the price range is by far the better option. It will significantly reduce the frequency of repairs and replacements; they may even be more energy-efficient, saving you money on utility bills.

Everything Revolves Around Timing

Another temptation that’s easy to understand is putting off the inevitable repair when you are first informed of a problem by the tenant. Failure to respond quickly can frequently result in more serious issues arising from what was initially a ten-minute repair job.

The benefit of having a “fix-it-quickly” attitude is that it will save you money in the long run and will help you build a solid relationship with your tenants. It will also give them confidence that their concerns are being addressed and encourage them to stay longer. When you consider how difficult it can be to find good tenants, keeping them can often be the most significant saving of all.

Maintaining your investment property in good condition while not spending a fortune on maintenance is critical to the success of your buy-to-let business, so make a plan of action.