Landlords who make energy-saving improvements to their properties, like adding new boilers or loft insulation, stand to make more money in the future.
As a buy-to-let landlord, the chances are that a large majority of your costs – mostly mortgage payments and maintenance – come from a small proportion of the actual bills that come in. So it always pays to keep an eye on the big stuff.
“Buy-to-let should always be geared to minimise tax payable, so look at the finance you have in place to ensure you are not paying tax on excess income,” says Marc Von Grundherr, director of Benham & Reeves Residential Lettings. “It is essential to also monitor the rates being charged so you are not wasting money on interest.”
The rest of your outgoings, depending on your property and tenancy type, come from full management lettings fees and renewal fees, leasehold costs, insurance, professional fees, safety checks and from covering any void periods.
Unexpected costs such as broken boilers and pest control are major culprits, says Robert Burwood from Hudsons estate agents in central London. They can leave landlords out of pocket to the tune of around £1,500 a year, according to a recent survey by Northwood estate agency.
As a buy-to-let landlord, the chances are that a large majority of your costs – mostly mortgage payments and maintenance – come from a small proportion of the actual bills that come in. So it always pays to keep an eye on the big stuff.
“Buy-to-let should always be geared to minimise tax payable, so look at the finance you have in place to ensure you are not paying tax on excess income,” says Marc Von Grundherr, director of Benham & Reeves Residential Lettings. “It is essential to also monitor the rates being charged so you are not wasting money on interest.”
The rest of your outgoings, depending on your property and tenancy type, come from full management lettings fees and renewal fees, leasehold costs, insurance, professional fees, safety checks and from covering any void periods.
Unexpected costs such as broken boilers and pest control are major culprits, says Robert Burwood from Hudsons estate agents in central London. They can leave landlords out of pocket to the tune of around £1,500 a year, according to a recent survey by Northwood estate agency.
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