Running a rental business can be difficult. There are many moving parts and often it feels like not enough time in the day to handle them as you should. One thing you can do to elevate some of the pressure is to cut costs without cutting efficiency. That can come in many ways, so we have gathered a few tips for you below to help you find the best place to focus on so that you can start saving money.
- Save on Taxes - If you forget or don't know what to deduct from your taxes as a landlord, you're throwing money away. There's a set of deductions that landlords can take advantage of that could save you quite a bit each year.
- Save on Insurance Premiums - Your rental will need to be insured, but you'll want to make sure that you're not paying more than you should be for what you're receiving when it comes to your monthly premiums.
- Save on Electricity - Some landlords cover utilities, some do not, but if you are handling even part of the electrical bill for your rental, you'll want to make sure you find the best deal available.
- Save on Landscaping Costs - Certain locations have bad droughts at during the warmer months of the year and water is rationed. Landscaping that does not require a great deal of water to keep up will help you cut down on watering expenses.
- Save on Upgrades - If you're planning on upgrading your rental anyway, you may want to look into certain eco-friendly upgrades that can save you money in the long run.
- Save on Maintenance
- Preventive - Maintenance emergencies can be expensive, and while you should always have some money saved back for those occasions, you can help to save that money by keeping up with preventive maintenance.
- Tips - If you keep up on small maintenance issues you won't find yourself having to do major repairs nearly as often. A touch-up job here may keep your paint looking fresh longer or a carpet cleaning could prolong the life of the carpet in your rental.
- Using Daily Sites to Cut Costs - Sometimes saving money means getting creative. Instead of paying top price for quality work, you may want to check daily deal sites to find coupons so that you can receive top quality work for a fraction of the cost.
Article Content Originally Posted by: Landlord Station. (Aug.2016). “How to Save Money in All Aspects of Your Business” Landlord Station. Retrieved 20, Oct. 2017 from: http://www.landlordstation.com/blog/how-to-save-money-in-all-aspects-of-your-business/