How stressful being a landlord actually is? With the current economic situation, owning a property can be a real emotional rollercoaster ride. It definitely requires a lot of time and devotion to be a good landlord and provide yourself some decent income streams.
But what if there was a way to make it all a little bit easier? It may be more simple than you think! Saving money on your property means earning more from rent. Straightforward situation.
So how can you save some money if you’re a landlord in Malaysia?
We have some inspiration for you here:
1. Keep an eye on the house maintenance
This may sound contradictive. Paying more for maintenance leads to saving money? How come?
Basically, once you make the housekeeping a rule, you’re potentially saving thousands of Ringgits in the future.
Make sure these are covered:
- Bringing in exterminators
- Switching out the filters of your air conditioners
- Verifying that smoke detectors are working properly
- Confirming that you don’t have any leaky pipes
You can put the clause about routine air condition cleaning (every 6 months) and exterminators visit (1 every 12 months) in your tenancy agreement. The cost is on the tenant in this situation, but it’s written in black and white from the beginning.
2. Learn how to DIY things at home
You don’t always have to hire someone to help out with repairs or renovations.
Need to paint the room? Call up a friend on a Saturday, provide pizza and drinks, and do the painting together. 1 room shouldn’t take more than a couple of hours, even if you’re a beginner! Look up an instructional video on Youtube, and you’ll be a master of house work in no time.
Of course, be realistic. If there’s a problem with electricity or piping and you don’t have the relevant knowledge, better call up an expert.
3. Hunt for cheap furniture
If you’re going to rent out a fully-furnished place, then the furniture might initially contribute quite a high cost, from RM500 to a couple of thousands Ringgits. It’s worth the effort though – the ROI from a fully-furnished place can be very high.
Some of the places where you can get the things cheaper:
- Ikea – best if you need basic, modern furniture. They even deliver, so all you need is some spare time on your hands to put the pieces together (you’ll probably need a friend for this). Btw, if you live outside of Klang Valley, there are companies delivering items in the whole West Malaysia.
- Facebook groups – there are many groups where you can buy used or barely-used furniture. You can find extremely good deals on expat groups – many of the expats have to suddenly leave the country and sell all the items they owe – so because of time constraint, they are eager to give special discounts, even on very highly-valued items. If you’re going to be renting mostly to students, it’s not required to provide brand new movables, second-hand would do.
- Online sales – sign up for newsletters on your favorite furniture-selling shops and wait for the best moment to purchase!
4. Save on the property agent’s fee
Think about it: do you really need someone to help you out with the promotion and assistance during the rental process, even if it means paying as high as 50% of your rental every month? With the property agent service you might rent your property faster, but it’s a considerably expensive service.
Luckily, you have another option now: HostelHunting.com. For a price much smaller than a conventional property agent, you’ll receive full service and support during your rental process. A dedicated Relationship Manager will answer all of your questions, and your room listing will be visible to prospective tenants all over Malaysia. And it won’t hurt your pocket, guaranteed!
Check HostelHunting.com services here:
— Already an existing user? Call us now to update your listings!
Call Moana: +6019 233 0071