With the July budget announcement on the cut to landlords’ tax breaks paving the way for something of a grim time, it’s time to be on the lookout for ways to make savings and boost that rental yield. It’s time for damage limitation!
Whilst the initial knee-jerk reaction will probably be to put the rent up, this might not be commercially viable in many cases. So cutting costs has to be the way to go.
Switching to electric heating is one way to save. Here’s why:
- No annual safety inspections required – no need to pay out for a professional to certify appliances
- No need to install and test carbon monoxide alarms
- Electric boilers have an average life expectancy of 15 years, whereas gas boilers generally only last 10 years – so that’s another 5 years before having to invest in a replacement
- No regular maintenance required – electric boilers have no moving parts, so will rarely need repairs or maintenance
Electric boilers and heating systems are also easy and quick to install, which means switching will be a breeze too.
If you’d like to find out more about electric heating and boilers, please get in touch.