Money-Saving Tips for First-Time Landlords

Purchasing your first buy-to-let investment is a big step, but we can help you find the best possible property for your budget, as well as giving you the professional advice you need to make the most of your letting property. Here we look at the best ways to save money whilst ensuring that you still deliver an attractive and safe property for your tenants.

Think Like a Landlord

Always remember that your buy-to-let property is not your home. This should prevent you from ‘wasting’ money on adding personal touches and getting too caught up in a renovation project.

You don’t need to worry about creating a space that meets your individual tastes or has the best possible finish unless high-end tenants are on your agenda. Instead, focus on getting the basics right, such as ensuring the gas and electrics are safe and working properly.

Think neutral to appeal to as many tenants as possible, and if you are planning to let out a furnished property in Leicester, invest in just the basics and in items that have been made to last.

Clean and Repair

Don’t be too quick to tear out everything and replace the likes of kitchens and bathrooms. Many things will look different after they have been cleaned and repaired, and reusing existing facilities can save you lots of money in the long run.

You could paint kitchen cupboards rather than replacing them, for example, while carpet can be cleaned and wooden floors can be varnished. Try cleaning and repairing first and then moving forward from there.

Build in Solutions

Make your property appealing without having to add furniture by creating useful storage solutions. Use alcoves for bookshelves or add a rail and shelves to a recess for an instant wardrobe area.

Use Reputable Tradespeople

Don’t be tempted to cut corners when hiring tradespeople to carry out work on your property. It can also be a costly mistake to attempt to do jobs that you are not qualified or capable of completing to a good standard.

Don’t Neglect the Outdoors

Remember that the outdoor space will be one of the first things tenants will see, and it can really add to the appeal of your property. Therefore it can pay to spend a little on getting the garden or patio in order. This doesn’t have to be anything more than cutting lawns and tidying borders or even buying a couple of hanging baskets to go either side of the front door to create a welcoming entry point to the property.