In this two-minute read, we look at five ways landlords in Glasgow and Lanarkshire can make their money go a little further.
During uncertain times it pays for landlords to keep an eagle-eyed focus on their expenses.
Below are five steps landlords in Glasgow and Lanarkshire can take to put themselves on the path to profitability.
- Monitor your mortgage. It’s your highest cost, and there could be better mortgage offers available out there. This is the area you can make the most significant saving so shop around.
- Avoid voids. Every day your property is vacant is lost money, so set its monthly rental value sensibly. By being realistic about the monthly rent, you will generate more interest in the property. If it is set too high, you can dramatically reduce the number of people looking at it.
- Window to the World. If your property is a long-term investment, it pays to use durable materials when upgrading it. For example, UPVC window frames, doors and fascias are longer lasting than their timber counterparts, so they are a better investment in the long run.
- Cheap is not cheerful. When it comes to flooring a lot of the cheaper carpets for sale can turn out to be poor value. They don’t look good once a bit of wear and tear is added and often have a much shorter life span than better quality alternatives. Usually, by increasing your flooring budget by as little 15%, you can add years to the length of time it will last.
- Go for the unfurnished look. Furnished properties do not automatically mean higher rent. In our experience, landlords stand to gain little by furnishing a property ahead of it being marketed. And of course, if you do provide it, there’s a cost implication.
There are many more ways to save money or get added value from your rented property.
One of the best ways is to work with a letting agent who can manage your investment. We can make sure you stay the right side of the plethora of constantly changing rules, regulations and laws affecting landlords.
It’s what we do, day in, day out.
And we’d be happy to have a chat with you about them, and share our 16 years of experience working with landlords in Glasgow and Lanarkshire.
Thanks for reading.