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Can I Rent Out My House in Bristol?

Oct 5th 2022

If you’re searching for brand-new ways to maximise your earning potential, you might be wondering: “Can I rent out my house in Bristol?” The answer is yes! The city’s property and lettings market is booming, meaning there’s plenty of demand for accommodation.

If you’re searching for brand-new ways to maximise your earning potential, you might be wondering: “Can I rent out my house in Bristol?” The answer is yes! The city’s property and lettings market is booming, meaning there’s plenty of demand for accommodation.

However, there are a few things to consider before starting your journey. In this short guide, using our decades of experience as Bristol Letting Agents, we’ll explain everything you need to know, including:

  • What to do before renting out your house
  • How much can I rent out my house for?
  • How easy is it to rent out a house in Bristol?

What to do before renting out your house

1. Check with your mortgage provider

Before renting out your home, you must notify your mortgage provider. This is a legal requirement – failure to disclose the information is a breach of contract. There are two options for landlords: consent to let and buy-to-let mortgages.

Consent to let is a short-term solution that allows you to rent out your home with a residential mortgage. It’s perfect if you’re:

  • Going on holiday or travelling abroad
  • Moving in with a partner but want to keep your property
  • A new landlord who’s dipping their toes into the rental market

While handy, consent to let agreements are usually more expensive. Lenders charge an extra percentage rate on top of your standard mortgage repayments, plus a one-off fee for signing up.

If you’re serious about renting out your home, it’s best to switch to a buy-to-let mortgage. Although you’ll need a larger deposit to mitigate the risk to lenders, most buy-to-let mortgages are interest only, resulting in lower monthly repayments over time.

2. Apply for a landlord’s licence

Depending on your location and the number of tenants in your property, you might need to apply for a landlord’s licence. There are three types in Bristol: mandatory House in Multiple Occupation (HMO) licence, additional HMO licence and selective licence. You’ll need a:

  • Mandatory HMO licence if you have five or more unrelated people living in your property
  • Additional HMO licence if you have three or four unrelated people living in your property (applicable to the wards of Central Bristol, Bedminster, Brislington West and Horfield only)
  • Selective licence for privately renting to individuals, couples and families (applicable to the wards of Bedminster and Brislington West only)

3. Understand your responsibilities as a landlord

Paperwork aside, it’s essential to understand your responsibilities as a landlord before committing. Not only are you liable for your tenant’s safety, but you must keep an eye on the ever-changing regulations. Ultimately, you’ll become a maintenance person, legal professional and accountant all in one!

If you don’t have time to manage everything, why not ask for guidance from Letting Agents in Bristol? We offer a wealth of comprehensive property management packages (more on this later) to help private landlords navigate and conquer the complex rental market.

A landlord’s responsibilities include but are not limited to:

  • Making sure the property is fit for purpose by carrying out gas, electrical and fire checks, emergency repairs and more
  • Checking whether a tenant has the right to rent your property
  • Protecting a tenant’s deposit in a deposit protection scheme
  • Preparing a schedule of condition and an inventory of the property
  • Maintaining contact with tenants and arranging renewals of the rent agreement

How much can I rent out my house for?

Now it’s time for everyone’s most pressing question: How much can I rent my house for? Unfortunately, we don’t have a clear-cut answer. It depends on several factors, like the property’s location, condition and length of tenancy agreement.

Without a doubt, the location and condition of your house are essential. Properties in sought-after areas, like Clifton and Horfield, garner higher rental rates, thanks to their superior transport links and local amenities. If you want a steady income, try Bishopston and St. Andrews. You’ll find a constant influx of students looking for reasonably priced shared accommodation.

Then, renters prioritise spacious bedrooms, modern kitchens and clean bathrooms that are regularly maintained. The cherry on top is usable outside space – having a garden can add a few hundred pounds to your rental rates.

How easy is it to rent out a house in Bristol?

Renting out your house doesn’t have to be complicated. Instead, take advantage of our expert property management services. We offer different packages to suit every portfolio and budget, including:

  • Tenant Finding Service
  • Fully Managed Service
  • Guaranteed Rent Service

Tenant Finding Service

Sourcing the perfect tenants is crucial to your success as a landlord, but it’s a time-consuming process. Rather than painstakingly sifting through the applications yourself, our Tenant Finding Service takes care of listing your property, vetting candidates and securing the best rental rates.

Fully Managed Service

Our Fully Managed Service does exactly what it says on the tin. We’ll advertise, let and visit your property so that you can spend more time building your portfolio. Your dedicated property manager will keep you informed every step of the way, producing monthly maintenance and income reports.

Guaranteed Rent Service

In addition to offering all the benefits of the Fully Managed Service, our Guaranteed Rent Service ensures you’ll always receive a fixed monthly rent. If your tenant loses their job or has to vacate the property for maintenance work, you won’t be out of pocket.

 

Receive a completely FREE property valuation today

Are you ready to rent out your house in Bristol? If so, a FREE property valuation should be your first step. Our friendly and knowledgeable team know the rental market like the back of their hands, meaning they’ll be able to provide the most accurate assessment of your property.

There’s no obligation to go any further. We simply want to help you make the best returns from your investment.

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4.93 out of 5
based on 479 reviews
15th January 2024
BRACE duo said:
It was a pleasure to liaise with Usman at Lets Rent and to have my party wall fence secured by your maintenance service. He was quick, polite and efficient in dealing with my request .
29th November 2023
MaryLawrencia Owusu said:
TO UZMAN I SAY THANK YOU FOR MAKING MY STAY COMFORTABLE..THANK YOU
1st March 2023
Abid Hussain said:
Very good Lettings company and polite friendly service on the telephone. I would recommend checking out Let’s Rent before other property agents.
21st February 2023
Jacqueline Graham said:
Re: Usman Ayub – Lets Rent Letting & Management Prior to meeting Usman, the experience in trying to rent property in Bristol for over 6 months was demoralising. A Let's Rent representative (Seb) contacted me by phone to say they'd managed to alter a few appointments for the viewing & I would be me by Usman. He was punctual & informative throughout prior to our entrance to the building. He informed me of the layout, security & access which therefore covered all the H&S criteria in case there was an issue. Once the viewing was over, Usman assured me that he will send over the documents via email for me to complete, which was actioned without delay. Throughout the legal itinerary & required information, he kept me informed which enabled me to clear up some issues the automated system rejected unbeknownst to me. Usman is a valid member of the team and the functionality of this business benefits with him as a valid member.
12th September 2022
Sam Price said:
Seb's been a great help throughout our tenancy with lets rent. He's managed to keep us informed and up to date on our ongoing maintenance during the year. He's very professional and undoubtedly will have a great future career.
7th September 2022
Sue Gunning said:
Brilliant!! Stress free, will go lets rent everytime,very polite and kept us informed off every veiwing and smoothly it all went.
31st August 2022
Michael Maxwell said:
Really genuine and nice employees. They have been great in communicating with all requests promptly and ensuring we get a great service.
31st August 2022
Richard Lewis said:
Thank you for all your efforts over the years! it cannot be understated how important your support has been to making this bearable!
31st August 2022
Tom leng said:
Adil and the team are fantastic. Professional and personable and always available. You couldn't ask for much more, I've recommended to friends and family.
31st August 2022
Ian Gargett said:
Let's Rent have let my flat again and again with fantastic service. We are going through the process of finding new tenants now and they have found some excellent candidates. Highly recommended.