Landlords want to make money where they can whilst also offering their tenants a good deal. The balance is key. However there are ways that landlord utility bills can be cut. This gives better profit margins to the landlord, allowing them to get the property rented out again without having to pay too much out of their own pockets for the bills. Let’s have a look at how to save money on landlord utility bills.
Utility Bills Are Usually The Tenant’s Responsibility
Of course, when you move into a rental property, the utility bills are typically yours to organise. They are not usually the responsibility of the landlord. However, there are certain times where the landlord will be responsible for the utility bills, in which case lowering them to the best possible price is key.
When the property is empty, for example when a tenant has moved out, the utility bills default back to the landlord. There are also landlords who will rent out properties with bills included. This might be more common when you are looking at student accommodation. These are the times where the landlord is responsible for those payments so we need to look at how landlord utility bills can be lowered in price.
How Can You Lower The Price Of Landlord Utility Bills?
Utility bills can be lowered really easily in a few ways. Firstly, double check that you are on the best tariff with your current provider. It can be so easy for the new customer deal of twelve of 18 months to run out, and without you realising you’re switched onto the standard tariff. This new tariff is usually more than you need to be paying. Simply call your current provider and see if there are any better deals they can offer you.
Next up, use a comparison site to look for better prices with other companies. Remember, not all utility providers are on comparison sites but they should give you a ballpark figure of the lowest price available to you. There are even neighbourhood comparison platforms which will show you what you’re paying compared to your neighbours. This should highlight where you are overpaying and help you negotiate a better deal.
Switch Off Everything In Empty Properties
When tenants move out and the bills come back to you, you need to get a reading on the day they leave. This makes sure that you don’t get lumbered with the bill that the tenants should be settling. It also gives the utility company a starting figure for when you need to start paying from. If you install smart metres in your properties it will be easier to get these figures and you’ll probably see a reduction in the energy used if there is no one living in the house. Be sure that everything is switched off. You’ll be surprised at how much energy things on standby can use, and cost you!
Ensure Energy Efficiency
If you are renting out student properties where bills are included, for example, you need to ensure that your property is energy efficient. This includes insulation to make it easier to retain heat, as well as installing the most energy efficient white goods. If tenants are using washing machines, dryers and taking long showered, you need to be sure that your boiler and white goods in the property are working as well as they can without using loads of energy. Be sure landlord utility bills are as cheap as they can be.
When you are a landlord, there can often be a fine line between making money and it perhaps costing you more than it should. Be sure to get a handle on your landlord utility bills this year.
