Last year in 2022, the UK government announced a £400 discount on electricity bills. But times are still hard out there and landlords need to show compassion and understanding toward struggling tenants.
Let’s delve into ideas and tips on how landlords can safely navigate the cost of living crisis, assisting tenants along the way.
Take an empathetic approach
Taking on board that tenants are struggling and listening to them is vital. Try and keep lines of communication open, but remember that you will need permission from the current tenants to go around in person and do things like repairs or property inspections.
Of course, your property portfolio is your investment and important to you, so just try and be as amenable and understanding as possible in these testing times.
Insulation and draughtproofing
Having insulation in the walls, the roof, and loft space areas is essential to reducing your energy consumption and making your property more energy efficient. Reducing temperature changes lowers the energy demand placed on heating and cooling systems in the home, and reduces heating costs for tenants.
Draughtproofing gaps and cavities in your walls, windows, doors, roof, chimney, or floors using a sealant, draught excluders, covers, or underlays will also add to helping lower your tenants’ heating costs.
Make household energy efficiency a priority
Installing an energy-efficient boiler in your rental property will help to lower your tenants’ heating bills. It also without a doubt the green option.
Another tip for ensuring your buy to let is as energy efficient as it can be is to source household appliances with an impressive energy rating, this will also help to bring bills down.
Give tenants energy saving tips and tricks
Sometimes rental tenants may need some guidance, it could well be their first experience of living away from their parents. So, put signs around the house providing energy-saving tips for tenants. Remind them to switch lights off, repurpose everyday items, and recycle, you may even put a compost bin in the kitchen for them to use.
Go for LED lights
LED light bulbs require less energy and are around 10 times more energy efficient than traditional bulbs. Installing LED light bulbs throughout your house will help cut electricity bills for tenants. Thankfully, these days there are many wonderful LED designs and fittings for homes.
Protect your asset
In the cost of living crisis, the price of maintenance and repairs have gone up due to inflation meaning tradespeoples’ fees are higher and materials cost more.
So, it’s crucial to cover your back by taking out landlord insurance in case your property gets damaged in any way or tenants fall too many months behind on rent. CIA Landlord Insurance is a brokerage that works closely with expert landlord insurance providers with sturdy comprehensive landlord insurance policies at competitive prices.