Whether you’re renting a five-bedroom mansion or a pokey city flat, it’s important to make the most of your investment. Being a landlord takes time and effort, so do all you can to turn over a profit.

Here are five money-saving tips:

Become your own agent

Don’t want to pay an estate agent to manage your property? Then why not do it yourself? Simply advertise for tenants, hold interviews and find suitable people to move in. Once that’s done, check credit ratings and references and draw up a detailed contract for both parties to sign. Be aware, however, that there are various rules and regulations you’ll need to follow, so find out more here and start your new adventure in style. 


Take out home insurance

As a landlord, it’s your responsibility to take out building insurance with a reputable supplier. This will cover the physical structure of your home and will offer the financial protection you really need. Similarly, contents cover will help protect anything within the house and could save you a lot of money in the long-run. Companies such as HomeServe offer cheap landlord insurance, so find out more today and safeguard your abode.


Improve the energy-efficiency of your home

Are you a live-in landlord? Perhaps you’re footing the bills? If so, it’s wise to improve the energy-efficiency of your home. This will reduce utility costs and should leave you with more money at the end of the month. If you’re not sure what changes to make, check the suggestions made on you Energy Performance Certificate (EPC). Remember, the law requires you to provide a copy of the certificate to all prospective tenants, so you should one to hand at all times.


Carry out a little hand work

If your property needs a new carpet or a lick of paint, throw on some old clothes and carry out a little DIY. Buy all the products you need from a reputable DIY store and get to work plastering, re-tiling and sanding. A few small improvements could attract a wealth of new tenants and will save you money on handymen. If you’re having troubles, ask a friend for help or search for a cheap appliance repairs company online.

Ask your tenants to pay a deposit

Renting your house to strangers has its risks, so make sure they pay a deposit. You can keep all or some of this money if they leave the money owing rent, damage the property in any way or do not pay their bills. This will encourage tenants to pay their way and will give them a reason to look after your abode. Please note; it’s illegal to hold onto this money in a personal account.

With the economy in turmoil, renting your property is a good way to make money – so long as you do it properly.