A quick roundup of simple ideas that will make life as a landlord less laborious.
1 Low-cost, high quality
If you’re providing furniture to your tenants, don’t forget to check out charity shops. The British Heart Foundation has furniture and electrical shops around the country, and you can often pick up great pieces for a few pounds. Plus, older pieces are often more solid and long-lasting than their modern, flat-pack counterparts.
2 Get it white
Paint interiors white or a neutral colour, using a limited palette so that you can buy big tins of one or two paints. This will help you save money when decorating and will also make the property look brighter and more spacious. You’ll be able to use leftovers from one room to touch up another and will leave a blank canvas should you wish to make changes in the future.
3 White room
Speaking of paint, consider the wipe-clean variety, and keep a note of the exact brand and colour you’ve used. This will make cleaning easier in the future if you encounter problem tenants. Even white paint can come in a surprising variety of shades, including ‘cotton’, ‘mist’ and ‘moonlight’ - let your inner “Llewelyn-Bowen” run free.
4 Bright ideas
Put in bright light-bulbs before prospective tenants look round. Pick bulbs with a high lumen count as a quick and easy way to make a vibrant first impression and stop your property looking dingy. After this it may be a good idea to install engergy-saving lightbulbs that will save your tenants money with their longer lifespan.
5 Insurance online
Get your landlord insurance online. The process is quick and simple, and you can choose the cover you need to create a tailored policy. Copies of your documents are emailed over, so you’ll have them handy in digital form. You are able to compare leading insurers to get the best price in a tailored policy just for you.
6 Tax break
Rather than scrambling to get everything together when the self-assessment deadline looms, keep your receipts and a running tally of your expenses. Remember that when your taxable profit is calculated, you can deduct ‘allowable expenses’ like letting agents’ and accountants’ fees as well as the cost of your landlord buildings and contents insurance, property repairs, and the interest on your mortgage.
7 Sharing is caring
Keeping the same tenants is cheaper and easier than having a high-turnover of occupants. Encourage your tenants to care for the property and act responsibly. Regular catchups with your tenants help to iron out any issues they may be having with living conditions in the property.
Got a good landlord life hack we’ve missed? Add it in the comments below!