Top Savvy Money Saving Tips for Landlords

The buy to let industry has grown significantly over the past few years. However, it’s no secret that being a landlord isn’t cheap. After all, you’re responsible for any repairs and upgrades that need to be done to the property. Without the right know-how, you could even find yourself out of pocket. If you’re looking to get the most out of your rental properties, below you’ll discover some of the best savvy tips for looking after your investment.wrench-717684_960_720Handling repair work yourself

Now, there are some repairs that you should never attempt to carry out yourself. These include anything that involves the electrics and plumbing of the property. Unless you have experience and skills as an electrician or plumber, it’s safer and potentially cheaper to get someone in to do the work for you. However, there are certain tasks you might be able to do yourself.

As featured on Landlord Zone, it could even be a great idea to go on a basic DIY course. The cost of the course would pay off dramatically over the long-term. It’s also worth keeping in mind that the sooner you handle the repairs, the cheaper it will be. If you do have to call out a professional, make sure you get at least three quotes before deciding which one is right for you.hand-101003_960_720Assess your landlord’s insurance

One of the biggest costs you face as a landlord is insurance. Did you know you might be paying more than you need to? If you’ve been with your insurer for years, it’s easy to continue to auto-renew each year without really thinking about it. However, there could be much better deals if you shop around. Companies such as offer award-winning insurance at affordable rates.

As well as saving you money, switching to a well-respected insurer also helps to take the stress out of renting a property. You know if something does go wrong, you’re going to get the help you need, exactly when you need it.6757845611_ea2317e356_bFocus on saving

One of the hardest things to do is to save money. However, getting into a habit of saving a portion of the rent you receive will help to ensure you have emergency cash if it’s needed. This will help with repairs, as well as to accommodate for any potential issues with rent.

Overall if you want to get the most from your buy to let properties, you need to focus on becoming more savvy. The tips above will help you save a significant amount of money and help you prepare in case anything does crop up.