5 great ways to reduce costs

Given all the tax changes happening it is even more critical we look at reducing our costs further. We have already lost the wear and tear allowance in 2016. Many will look to recover any increase in stamp duty costs from now on. All of us most certainly need to plan for the reduction in our mortgage relief, starting April 2017.

1. Remortgaging

New rates are coming out all the time, so now is as good an opportunity as any to speak with a mortgage broker. See what products are out there, as you could reduce your mortgage costs further. Even if you are on fixed deals, it could still be cheaper paying any early repayment charges, over the longer term. You will be able to claim back any fees arrangement fees in full this tax year.

2. Agent Fees

There is a lot of competition for business so it is certainly worth trying to see if agents would reduce their costs. Even if they don’t, look at a reducing the service they offer, especially if you have good tenants in place anyway. If they are offering you a fully managed service, sometimes check their quotes for any works with other tradespeople. This will save you money and keep them on their toes.

3. Insurance Costs

There are lots of insurance products in the market and it always makes sense to shop around. It is often too easy to just let existing insurances renew because we are all busy but don’t as it could cost you more. If you have a number of properties you can potentially get a discount by having them in a portfolio policy so always good to ask.

4.  Other Expenses

Take a look first at any recurring expenses you have and then take the time to shop around. Always get three quotes on any other costs E.g. Gas Certificates, Accountancy Fees etc.

5. Pay Less Tax

Look for accountants that already work with a number of landlords, ideally even have properties themselves. They will have a much better understanding of the property market and may think of additional ways to save you tax. Putting your properties into a company structure can also save you more tax than holding them as an individual. However there are many considerations before going down this route.

We know trying to find trusted quality suppliers that price competitively can be difficult sometimes which is where yourbuy2let.com can help:

• Trusted and exclusive supplier network, with preferential rates to yourbuy2let.com landlords.
• Fully automated cost comparison from within the system showing you cost savings.

Simply log on to the system, capture your current expenses and then go to “Market Comparison” to see exactly where you can save money.

Existing customers click here and new customers click here

If you would like to become a supplier on our network, please contact us via enquiries@yourbuy2let.com or call us on 0203 195 3951