Bristol continues to be one of the strongest property markets in the entire UK, and is even one of the fastest growing throughout Europe. With such strength in the Bristol property market, more and more people are looking to take advantage, many of which are looking to let property.
This is no easy task however, with a lot of financial and legal steps necessary to let property in Bristol, making it vitally important that people know what they are doing.
Start with Research
The importance of research cannot be overstated when looking to rent property. Before you even pick up a phone to call a letting agent or make kind of arrangements, do as much research as possible.
What needs to be researched varies from person to person, but no matter what it may be its always advised to do so as it prevents you from going into a fierce market without any knowledge.
One the simplest ways to begin your research is to simply check out similar properties to your own. Is should offer insight into the going rates for rent, which is possibly one of the most important aspects of letting!
Likewise, if you are hiring a letting agency for assistance, always be sure to do ample research on them too. For example, if you have a few agents that you are thinking of hiring, inquire about their services and fees, which can then be compared.
Meet with Your Mortgage Lender
You cannot rent out property without informing your mortgage lender first. In most cases, consent for lease is required before you are allowed to legally rent out your property to anyone.
This must be attained, otherwise you run the risk of breaking the mortgage contract. Given these are legal terms and conditions you have agreed to, never make the mistake of knowingly breaking them.
Prepare the Property
Readying your property is an essential part of the letting process. It must be established whether or not the property will come unfurnished or furnished for advertising purposes, not to mention to helping to determine if any furniture needs to be replaced or removed.
To legally rent a property in Bristol, all the fittings, fixtures, and appliances must be in working order, so be sure that there are no repairs necessary before starting the letting process.
A quick decoration of the property is also advised, as it helps to ensure everything is presentable, and you should also remove any valuables that are deemed fragile or precious.
Consider the Services of a Quality Letting Agent
While not a legal requirement, a letting agent is strongly advised for anyone looking to let property in Bristol. As trained professionals with a wealth of knowledge and understanding of the Bristol property market, agents offer a host of invaluable services that are well worth consideration.
Charging fees anywhere between 10-15% means that letting agents aren’t cheap to hire, but they can help complete almost all the work necessary to let your property. This includes:
- Advertising the property
- Letting possible tenants view to property
- Dealing with legal documents (e.g. tenancy agreement)
- Being the point of contact for tenants (so you don’t have to)
Furthermore, they can offer advice for how much you can afford to charge and point you in the direction of the best possible insurance.