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Report maintenance What type of Bristol property should you invest in?
In July, we started to share with you some nuggets of information to help set you on your journey to becoming a successful Bristol Landlord.
In this article, we’ll talk through the types of properties and which might be right for your property investment in Bristol.
Right place, right time: finding the property for you
The type of property you’re looking for depends on how much you’re investing, and what you want to get out of your investment. Before making any financial decisions, it’s best to weigh up your options and consider where your money, and potentially time, is best spent!
You’ll also want to think about whether you’d be looking for student or professional tenants, particularly when considering location; students tend to have a higher rent, however a higher turnover of tenants – something we would be happy to chat with you about.
Flat
When purchasing a flat to rent, you give yourself options. Flats tend to be more popular with renters looking for accommodation close to amenities and workplaces around the city. Also, with the living space usually on one level, moving rooms around to fit potential tenants’ needs is easier.
One of the potential issues raised when buying to let a flat is the likelihood that it’s a leasehold rather than a freehold. Leasehold tenures tend to come with extra responsibilities and costs. You’ll own the flat, not the building it resides in. This usually means dealing with a management company, something that can be difficult.
House
Charm-filled Victorian terrace properties line many of Bristol’s streets, and when well maintained they can attract a higher rent. However, period properties can require a fair bit of maintenance. Issues like damp and mould can be more likely, so regular inspections to catch issues early can be priceless. This is something that our Property Managers deal with if we manage your property!
Proving popular with young professionals and families, you’re likely to see interest from long-term tenants. Similarly, depending on the floorplan and space, a house can be turned into an HMO, giving you options with regard to your return and the type of tenancy offered, but more on that later.
Newbuild
Newbuilds don’t have to be ‘magnolia’. Like so many things in our city, Bristol’s creativity can be seen in many new builds over the years. Newbuild properties are usually finished to a high standard and are almost ready-made rental homes. Easy to let out unfurnished for tenants to make their own with furniture and accessories etc. An added bonus is that your Energy Efficiency rating should be lower than that of an older building!
Newbuilds in areas near some of the bigger companies can be great to tap into the corporate let market. Attracting professional tenants with properties close to where they work, with developments plotted in areas like Cheswick Village and Filton there’s plenty to consider.
HMO
A House of Multiple Occupancy is where you will potentially see the biggest return on your investment. However, the larger return can come with administrative headaches for landlords. An HMO will have a number of additional requirements, including obtaining the correct licenses. There is a lot to consider when making the application, so if you are going at it alone, it’s essential you check the requirements with your local authority as they all have slightly different rules and requirements. With additional licensing requirements for larger HMOs, there’s a lot to think about.
We’re always happy to have a conversation with potential new landlords who are considering going down the HMO route, whether that be buying a property that has already been converted, or one that needs the necessary works carried out. We can give information and advice on what’s required and help you along the way!
