Buy-to-let investors in Basingstoke can boost their profits without increasing rent.
The secret? Paying attention to the details.
Apple founder Steve Jobs famously said, “Details matter.” This applies to landlords, too. Success isn’t just about setting the right rent—it’s also about cutting unnecessary costs and avoiding expensive surprises.
Here are some simple ways to save money and improve your bottom line.
1. Create a Detailed Inventory
A thorough inventory (also known as a check-in report) can prevent costly disputes over damage, cleaning, or redecoration when tenants move out.
- Go beyond the basics—include photos and cover both indoor and outdoor areas.
- Ensure both landlord and tenant sign and date the inventory.
- Keep copies for reference during periodic inspections.
Rushing this process can lead to expensive disagreements later—so take the time to get it right.
2. Get the Best Mortgage Deal
If you’re on a standard variable rate, you might be overpaying. With buy-to-let mortgage availability at an all-time high (3,560 deals on offer*), now is the time to check your options.
- Compare fixed-rate deals—many offer better value.
- Watch out for hidden fees on seemingly low-rate mortgages.
- Track when your fixed-rate deal ends so you’re not caught off guard.
- If your property’s value has increased, you may qualify for a lower loan-to-value ratio and a better deal.
A mortgage adviser can help you find the best option.
3. Save on Landlord Insurance
Insurance is another area where small savings add up. When renewing, don’t just auto-renew—shop around!
- Compare policies and check for better rates.
- Watch for high excess fees hidden in cheaper premiums.
- If you own multiple properties, consider a multi-property policy for bulk savings.
- Always provide accurate information—misreporting can void your claim.
- Notify your insurer if the property is vacant for an extended period (typically 60 days).
A little effort here can lead to significant savings.
4. Make Tax Work for You
Even if you have an accountant, understanding tax rules can save you money.
- Keep records of all allowable expenses, including travel costs, advertising, and insurance premiums.
- Store receipts and invoices properly—disorganization leads to missed claims.
- Consult a financial adviser to ensure you’re operating tax-efficiently.
- If you have multiple properties, a company structure might offer tax benefits.
Staying informed means more money in your pocket.
Maximise Your Profits with Belvoir Basingstoke
Small savings add up. By refining your approach to inventories, mortgages, insurance, and taxes, you can improve your profit margins—without raising the rent.
Want expert advice? Contact Belvoir Basingstoke today. We’re here to help.
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*Source: The Money Lender
*Source: Moneyfacts
