Dump the Letting Agent
By doing the work involved in finding a tenant by yourself, you could save a lot of money. Letting agents are expensive, and they do a job that most people could do by themselves easily enough. If you ask me, you should dump your letting agent and use the internet to find tenants. It’s never been easier to post an advert and wait for the interesting renters to get back to you. And all that money that you will save from not hiring a letting agent could go towards your retirement fund. It’s an example of an expense that you simply don’t need to incur if you’re willing to put in a little more work.
Calculate Your Tax Properly
As a landlord, you will need to submit a tax return at the end of each tax year. And it’s not uncommon for landlords to make mistakes when they have to do this by themselves. It might be worth hiring an accountant to go over your taxes with you. That way, you won’t end up paying more than you’re obliged to pay. Of course, you don’t want to underpay either because this can land you in real trouble, and no landlord needs that hassle. A capital gains tax calculator will help you to make sure you don’t overpay on that tax as well. Accuracy is important when it comes to sorting out your tax affairs.
Remember Repairs are Tax Deductible
You can save a little money by remembering that any repairs or maintenance work done to the home is tax deductible. You don’t want to be paying tax on things that you are not required to pay tax on. So, even if the repair is minor, don’t forget this fact. As a landlord, there will be lots of small repairs and maintenance jobs that you will need to carry out. Wear and tear is common, so, over the course of a year, you could end up spending a lot of money on repairs. So, you might end up saving more money than you realise by deducting the tax from what you spend.
Keep Properties Occupied
There is nothing worse than an empty property when you are a buy-to-let landlord. If you are slow to fill your homes or apartments, then it’s only you who is missing out. As soon as someone moves out, you should start looking for someone to move in. And when you first purchase a new buy-to-let property, you should move quickly to renovate it and fill it. Every day that you leave that property sitting there with no one in it is a day of missed income. So, don’t be lazy and put out an advert as soon as you possibly can. And as soon as you find someone who is interested, push through the agreement and watch the rental income come rolling in.