How To Save Money Letting Properties

Posted under Advice by Jermaine

In the last decade or so, with house prices increasing so much, there has been a plethora of amateur landlords springing up all over the place.  Now that the market has changed, many of them may have found they got into the game a little too late and cost-saving is now even more important than usual.  Here are a few tips to help minimise costs if you wish to continue letting properties:

• Keep an eye on your mortgage deal.  If you’re coming to the end of a special offer, start looking at least three months before.  Don’t let it run out and find yourself paying the more expensive standard interest rate.  This could save you hundreds of pounds over a year
• DIY - if your own diy work is not up to scratch, don’t try to cut too many corners by doing it yourself, instead, use a local handyman, preferably one who is not VAT registered.  The price difference could save you hundreds of pounds
• Rental agents - make sure you negotiate the best deal possible, manage the property yourself and at the end of the initial contract, make sure the rent rolls over into a one-month rolling agreement to save having a new contract drawn up.  This will save you a couple of hundred pounds
• If you are still looking to expand your property portfolio whilst prices are low, consider taking your CeMAP qualification with a CeMAP training company so you can become a mortgage advisor and save on mortgage broker fees.  The cost of a CeMAP training course is only the cost of one mortgage deal with a good mortgage broker and over the years will save you thousands

Keep reading this site, there are many tips and much information to help you when renting property.

More