Getting your Bristol property ready to let is no mean feat – it takes more than simply having a second property to be a landlord and turn a profit. There are steps you must take if you want to keep everything above board and maximise the amount of money you are making from your investments.
Getting your Bristol property ready to let is no mean feat – it takes more than simply having a second property to be a landlord and turn a profit. There are steps you must take if you want to keep everything above board and maximise the amount of money you are making from your investments. Here are the steps you need to take when you have a Bristol property to let – if these seem complicated or like it will take up too much of your time, call Lets Rent Bristol today. We can take care of the entire process for you, from getting your property on the market to carrying out maintenance once we’ve found your tenants. Here at Lets Rent Bristol, we make letting out Bristol properties easy for everyone involved.
There are a number of regulations which you need to follow in order to have your property ready for rental. Without these, you fall foul of the law, and that is something which none of us want to do. The regulations you need to follow include, but are may not be limited to Landlord Registration, Furniture and Furnishings (Fire and Safety) Regulations 1988 (as amended in 1993), Gas Safety (Installation and Use) Regulations 1998, Smoke Detectors Act 1991, Electrical Equipment (Safety) Regulations 1994 and the Houses in Multiple Occupation (HMO).
Once the regulations are sorted, it’s time to get your property cleaned, and inventoried. Make sure everything is well maintained, any DIY is completed, and that you have a Portable Appliance Testing (PAT) certificate for all your electrical appliances. You will also need to inform your mortgage lender if you still have a mortgage on the property, and inform your insurers that you will be renting out the property.
We all want to get the best price for our properties, but it’s more important to get an accurate price – if you insist on extortionate fees you won’t find many tenants. Get an accurate valuation from someone with expert knowledge of the local area.
There is no perfect tenant for every individual landlord. While we would all love a John Smith who pays his rent on time to live in our properties, one landlord’s wishes may not reflect another’s. Put one hundred landlords in a room and the feelings about pets, students and people smoking in your property will still vary wildly from person to person. You will need to decide for yourself how you feel about all of the above before you start letting your property to people.
Like with the valuation, you want a letting agency that knows the area and local lettings like the back of its hand. Ideally, you should go for a property management service that will take care of everything from the lettings to the eventual property maintenance. This is exactly what we do here at Lets Rent Bristol. From here the letting agency or property managers will find you the tenants you want, and you can get on with planning how to spend the extra income.
If you have any questions about the steps you need to take when you have a Bristol property to let, make sure you call Lets Rent Bristol today. As specialist property managers in Bristol we can answer any questions you may have, and help you see the maximum returns on your time, money and property in Bristol.