How Can Landlords & Tenants Reduce Rental Costs?

With the cost of living increasing, both landlords and tenants are experiencing the affect of this, so what can be done to ease unexpected bills?

Right Homes 5 Steps to reducing rental costs!

1.     REPORT ISSUES EARLY ON

Good regular communication between the tenants, landlord and letting agent is crucial for maintaining the property early on to avoid bigger issues arising. Tenants must be proactive in reporting any issues or damages, to allow the landlord and agent to repair early on, keeping costs down.

2.     CLEAR EXPECTATIONS UPON MOVE IN

Set up a clear tenancy agreement (your letting agent can assist with this), detailing the changes that the tenant can and cannot make during the rental. This makes the tenant aware exactly how the property is to be used, within boundaries of decoration, pets and furnishings, protecting the deposit at the end of the tenancy.

An inventory at the start of the tenancy is crucial for keeping on top of the condition, and helps the tenant understand it must be kept in good condition and prevent damage.

How to rent guides, damp/condensation and maintenance leaflets can be useful to give to tenants so they understand what is required from the start.

3.     ENERGY COMPARISON

It’s important to invest some time into finding the best possible energy providers suitable for your property, landlords who include bills in the rental are advised to shop around for the best deals. Or if the tenant is responsible, don’t be afraid to swap supplier if a better deal is found (just check with your landlord first).

4.     RELIABLE TRADEMEN

Landlords, don’t be inclined to always choose the cheapest possible quote you can find, as you may need to get the job completed twice if it’s not carried out properly the first time. Investing into good value repairs will minimise multiple visits for the same maintenance issue, minimising costs in the long run. It’s useful to set a small amount of money aside each month to prepare for unexpected maintenance repairs that may arise.

5.     IMPROVING THE PROPERTY

Does your property have an old boiler that keeps breaking down, poor quality windows causing mould issues or not retaining the heat. We understand upgrading a house can be costly, but if carried out effectively it will minimise costs in the long run. Improving your EPC rating will make your property more desirable to tenants, lowering energy costs, and increasing the properties overall value.

Investing in upgrades can increase the monthly rent of the property, and avoid regular repairs of older items in the property, keeping trade costs down.

We hope these tips will help you on your rental journey!