5 Tips for Landlords in Bristol

If you’ve decided to take on the challenge of setting up shop as a Bristol landlord, you’ll most likely have plenty of burning questions like whether short or long-term lets are the best option, what licenses you need, and how to find the right tenants. Luckily, we’ve got you covered with this short series of tips for Bristol landlords.

Know Your Budget

Before you start looking into properties, you’ll need to have a clear budget planned out. Therefore, you should research the current market early and decide what will be feasible. As well as the cost of the property, you’ll need to factor in the cost of ongoing maintenance and safety checks, which will include an annual Electrical Installation Condition Report, which is often abbreviated to EICR.

Which Type of Tenant Do You Want?

As a landlord, your property is your “product” and you are the business. Therefore, just as with any other business, it’s important to determine your target audience (tenant). For example, will you be letting to students, professionals, families, or anything else in between?

Your chosen group of tenants will determine the location of your property. For example, a young professional is more likely to favour an apartment in the centre - somewhere like Southville or Montpellier. Whereas, a family is more likely to rent a suburban house - somewhere like Henleaze or Bishopston.

Understand Your Responsibilities

Landlords have countless responsibilities that they’re legally required to fulfil, so it makes sense to ensure you understand them all. For example, you will need to make sure your property complies to fire and gas safety regulations, which will involve having an Electrical Installation Condition Report carried out as well as checking all smoke and carbon monoxide detectors. As well as this, you’re also required to have an energy audit organised, which must be handed to your tenets.

Explore License Requirements

Naturally, landlords have to follow rules laid out by the government and local authorities. For example, if certain criteria are met, you may need to get an HMO license. There may also be other licenses you must secure, but you can find out more about this by visiting Bristol Council’s website.

To become a landlord you’ll need some planning, as you’ll need to test your understanding by completing a series of questions, which are set by the Landlord Development Programme. These questions will need completing six months before you receive your license.

Finding the Right Home Insurance

Before you move in any tenants, you’ll want to secure appropriate landlord home insurance. This type of policy offers additional coverage that typically home insurance doesn’t; for example, rental loss and property damage caused by tenants. However, you should take time to research the different policies and how certain scenarios will affect your cover. For instance, if your property is empty for more than a month, will your level of cover be adjusted?

Before buying properties to let in Bristol, make sure you have a budget and fully understand the type of tenants you’re targeting, what your responsibilities are, and what licenses you’ll need to have in place