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Report maintenance So you’re thinking of becoming a Bristol landlord?
Over the next couple of months our letting team, with over 15 years’ experience running Bristol’s best letting agency, will use their expertise to give you some nuggets of information. We’ll help to set you on your journey to becoming a successful Bristol landlord.
In this article we’ll talk you through where to start, the costs and give you some helpful tips. We really hope you enjoy the ride.
Becoming a landlord
While investing in the Bristol property market may be a way to see a sizeable profit when you eventually come to sell it – do bear in mind that particularly in the early days, you could be running at a loss. Things like getting your property ready to rent, maintenance, repairs, insurances, Health and Safety checks, voids in tenancy or a change in mortgage interest rates can all eat into profits. The key is to be realistic; if you are looking to make a quick buck, this probably won’t happen. That said, whilst there is always a risk, property investment can be both financially and personally rewarding.
Where do I start?
So you want to invest in Bristol property but are not sure where to start? Well first things first, do you have a property to let? If you already own a property you want to rent out then that’s step 1. However, if you do still have a mortgage then make sure you have a conversation with your lender – letting without the agreement of your provider could breach the contract.
If you don’t have a property to let and aren’t a cash buyer, you’ll probably need to find a mortgage. Spending time to find the best buy-to-let mortgage deal could save you a lot of money. This is also a good way of understanding what you can afford. Typically, with a buy-to-let mortgage, you’ll need a bigger deposit, interest rates tend to be higher, and the fees are often more expensive than for your home.
Costs include deposit, interest rates and fees, but be sure to read through all the charges including ‘early repayment’; consider how long you are looking to hold on to this investment when choosing a deal.
With some good mortgage research, you’ll understand your budget for your rental, but there are other costs to consider.
What are the costs of being a landlord?
Whether you own a property or are paying the mortgage, there are other expenses to consider as a landlord, including:
- Building Insurance – you’ll find this is a requirement of most mortgage lenders.
- Buying the property – Legal expenses, surveys, stamp duty etc.
- Legal and mandatory costs – Include landlord registration (depends on which council https://www.gov.uk/find-local-council), Energy Performance Certificate, Deposit Protection Scheme and ICO registration.
- Licensing costs – These range depending on the type of property you are letting e.g., Bristol HMOs have additional licencing requirements. We’ve got HMO licensing experts that can help you with this.
- Health & Safety Legal requirements – You’ll need to make sure that the property is safe for your tenants. This includes gas, electric and fire safety checks. If you are using a good letting agent then they can arrange these for you.
- Letting agent fees – You can pay a letting agency to take away the hassle of advertising the property (photos, floorplans and listing), book viewings, arranging the let and vetting the tenants (referencing and credit checks.) They’ll also draft the letting agreement and collect the security deposit. Find out more>
- Maintenance and repairs – Again, you can use a letting agent to manage your tenants and ongoing maintenance, but the property needs to be kept in a good state of repair. The Renters Reform bill will tighten the legislation around this.
- Tax – After all that if you’re still making a profit then HMRC will want their cut! You’ll have to pay income tax on any profits you make from your Bristol rental.
Head or heart
Some landlords fall into the trap of treating the property like it’s going to be their home, spending extra money on expensive finishes and furnishings. Remember, every tenant will have their own taste, with the majority looking for a clean and well-decorated property; neutral colours will usually make sure you don’t put anyone off. That being said, it is nice to have one or two touches to make the property feel more attractive and homely for a new tenant.
Think through all your expenditure; is this needed? Will this add value? Does it make the property more appealing? Will this have broad appeal? Can I afford it?
An easy-to-damage worktop might not be the right choice over a more durable surface that can still look good, but last for years. A high-spec fitted kitchen from a luxury or high-end brand may look brilliant but it might not draw you any more rent than a high-spec kitchen from a budget company. It might be an appropriate spend for a penthouse in Clifton, but maybe not a flat in Filton.
That’s not to say that investing in a nice kitchen and bathroom doesn’t pay, a nicer finish will often command a higher rent and make for a happier tenant. You also don’t want to buy something that’s not going to last; just be mindful that this is ultimately a business.
Meet the team
Every month we’re going to introduce you to one of The Letting Game team, and give an insight into their top picks from across our city, from favourite restaurants, to must-see sights. This month, we learn more about our Chairman’s PA, Millie, as she gives us her best bits from around Bristol that you might like to try too. By the way, Millie’s the one on the right!
What’s your favourite bit of your job:
Do I have to say something nice about Jack here? Joking aside, I really enjoy getting involved in the social media side of the business, posting our ‘first look’ of properties on Instagram means I get to have a little nosey at all the lovely properties we’ve got coming onto the market.
Favourite thing to do on a day off:
This is tricky, but it depends on the weather. If it’s sunny, a walk around the harbourside is bliss for me, stopping off for a cheeky margarita at Cargo Cantina, obviously! If it’s a bit damp and drizzly, my husband is a bit of a film nerd, so a splurge on a cinema trip to Everyman is perfect, I can go to sleep on their comfy sofas with a blanket and he’d never know!
Best date night dinner out:
For me, it’s’ a complete toss-up between two of my favourite restaurants, I just can’t decide! Bosco on Whiteladies Road is a go-to for me if we fancy the best Italian in town, there I said it! I also love Bravas on Cotham Hill, the food and atmosphere are unlike anything else in the city. Both places are super relaxed and the staff go above and beyond.
Best pub:
This has got to be my local, The Grace, on Gloucester Road. The beer garden out the back is so pretty, with the added bonus of patio heaters, so it’s perfect all year round. The small plates make for the best sharing nibbles over a pint, and their Bloody Marys are the best, in my opinion! I would strongly recommend an order (or two) of their focaccia, unreal!
Go-to shop in Bristol:
If ever I’m lost and people need to find me, I will either be in Fancy Plants at the top of Gloucester Road, or Mon Pote on North Street. I absolutely love Interior Design, and my home is filled to the brim with houseplants (you can never have enough), so both of these fantastic local businesses provide everything I will ever need!
Office lunch favourite:
Fridays tend to involve an office takeaway for lunch, which is usually Eat a Pitta, it’s a firm favourite for everyone, to be honest!
Top tip for city living:
City life, and life in general, can get a little loud at times. I live in Horfield, so one of my favourite retreats is to head for a walk up Purdown, towards the BT Tower and Stoke Park Estate. Looking back out across the city after a trek up the hill gives me a completely different aspect of the city, it’s strangely calming.
Meet the team
Every month we’re going to introduce you to one of The Letting Game team, and give an insight into their top picks from across our city, from favourite restaurants, to must-see sights. This month, we learn more about our Chairman’s PA, Millie, as she gives us her best bits from around Bristol that you might like to try too. By the way, Millie’s the one on the right!
What are we doing?
On Saturday 30th July some of our Letting Game team will be running, walking and perhaps crawling a total of 100k across Bristol, in support of our furry friends at the Bristol Animal Rescue Centre.
Why are we doing this?
We’re proud to be a Bristol independent business and want to do our bit for the City’s animals. As we launched Bristol’s first pet-friendly letting service in 2018, it made sense to join forces with Bristol Animal Rescue Centre – Bristol’s longest-standing and largest local animal charity.
Want to help?
We’d love your help raising money to support Bristol A.R.C’s vital work within the local community. Every pound raised will go towards rescuing, rehabilitating and rehoming Bristol’s most vulnerable animals. If you’d like to donate visit our JustGiving page.
£5 could help provide an animal treat pack, such as a bouncy ball or tasty snack, to reduce stress and brighten up their time with Bristol ARC
£10 could help provide warm comfy beds for our feline friends whilst they wait for their forever homes
£25 could help provide a well-being kit for the pooches, including providing calming music, soothing scents and a comfortable blanket to help reduce stress
Bristol Animal Rescue Centre is the city’s oldest and largest animal rescue centre, helping, healing and homing thousands of animals each year.
Meet the team
Every month we’re going to introduce you to one of The Letting Game team, and give an insight into their top picks from across our city, from favourite restaurants, to must-see sights. This month, we learn more about our Chairman’s PA, Millie, as she gives us her best bits from around Bristol that you might like to try too. By the way, Millie’s the one on the right!
Taran, one of our brilliant apprentices shares his experience:
“Being an apprentice allowed me to join The Letting Game team with little knowledge and be guided and developed to achieve the skills needed as a Property Manager. I joined The Letting Game because of the fun work atmosphere, and their modern, strong beliefs and values, such as going carbon neutral. My apprenticeship with TLG has given me a wealth of experience that will help me succeed in my current, and future roles.”
We’re committed to helping our apprentices develop their skills over several years, and have developed wonderful, high calibre colleagues as a result. This is why we’re delighted to introduce our new partnership with local Bristol providers, South Gloucestershire and Stroud College!
SGS stood out to us for their dedication to local businesses, their impressive Bristol Talent programme, and their drive to support the city’s current students and future professionals!
Watch this space to see our next apprentice vacancy in partnership with SGS!
Meet the team
Every month we’re going to introduce you to one of The Letting Game team, and give an insight into their top picks from across our city, from favourite restaurants, to must-see sights. This month, we learn more about our Chairman’s PA, Millie, as she gives us her best bits from around Bristol that you might like to try too. By the way, Millie’s the one on the right!
Our top picks
So here are some of our go-to places to eat for a first-night treat, second night, or third..
Chinese/noodle bars
With plenty of options on the menu to cater to most dietary requirements and tastes, this award-winning Bristol hotspot is well known for its incredible ramen, and with a sensible price tag, this treat won’t break the bank.
Go for: Ramen, you just have to!
Stay for: The Bao buns, you’re welcome.
Indian
As self-proclaimed “pioneers of Indian food in Bristol” the skilled chefs at Urban Tandoor create some beautiful dishes. What makes them so unique is their approach, they use less oil, no artificial colours, and fresh ingredients so their cooking is always light and fresh.
Go for: Genuine authentic Indian street food.
Stay for: An enjoyable, memorable dining experience.
Italian
From its chic interior to its incredible food and friendly staff, Bosco always delivers. The food is deliciously authentic, and with a small but perfectly formed cocktail list, a tipple is a must! A trip to Bosco wouldn’t be complete without tasting their iconic arancini balls, cheesy, ricey, deep-fried goodness!
Go for: Gorgeous Italian food in a chic setting.
Stay for: We’ve said it once, and we will say it again, arancini balls.
Burgers
Three Brothers Burgers, Welsh Back
If you love casual dining in a unique spot, head to Three Brothers, sometimes affectionately known as ‘the burger boat’. If you’re veggie or vegan, you might also find this one of the more accommodating burger joints, with most of their main menu available for differing dietary requirements.
Go for: Scratching your comfort food itch with freshly cooked burgers.
Stay for: Unique surroundings, and a great range of local beers and ciders.
Pub Grub
The Hobgoblin, Gloucester Road
This Gloucester Road establishment really encompasses what Bristol is all about, good food, a great atmosphere, promising a good fun time. With a varied menu, the food never disappoints, and their dirty fries are the perfect Sunday quiz night snack!
Go for: A proper pub experience.
Stay for: Beer and food, what else?
Steak
What list of ‘where to eat in Bristol’ wouldn’t be complete without mentioning Pasture? While you often have to book in advance, it is well worth it. Choose from their main menu of steaks or share one of their three specialities, just make sure you get their truffle fries!
Go for: The tastiest steak in Bristol, there you go, we said it!
Stay for: Delicious starters and friendly, helpful staff.
Vegan
You can’t miss this place. The exterior mural by local artist Alex Lucas means the beautiful blue building really stands out from the crowd. You can choose to order their small plates or a hearty, meat-free kebab, their creative menu is the gift that keeps on giving, and there’s a bottomless brunch…
Go for: A wide choice of delicious food.
Stay for: A fun atmosphere with the friendliest of staff.
In the build-up to our 2022 rebrand, we set ourselves a mission of becoming Bristol’s greenest letting agent. We know how important the environment is to the people of Bristol, so we wanted to do our bit. We’ve already become Bristol’s first Carbon Neutral Letting Agency and with our new fleet of electric vehicles hitting the road in July, we’re really pushing ahead.
We’ve also started to plant ‘The Letting Game forest’ on behalf of our Bristol landlords, tenants and TLG team. Helping regrow the world’s forests, we got going in April 2022 with 350 trees! We plant three trees for every new let; one each for our landlord, tenants & our letting team – another Bristol letting first!
We’re planting the trees in Kenya which has seen over 90% of the country deforested.
Only 7% of Kenya is covered with forest.
Located on the east coast of Africa, Kenya is known for its wildlife and forests that support its communities. However, these forests have experienced an extreme change in their environment. Human activities such as logging, charcoal burning, and illegal settling to create farmland are major factors of deforestation. This has caused an increase in severe drought and extreme poverty. As a result, Kenya has committed to achieving a 10% forest cover, and The Letting Game is helping to support our partners work closely with the government to help meet these targets.
The planting begins
In late 2019, our project partners started working with the local community, a local forest trust, regional and national government to establish an office, planting sites, and nurseries.
Through their sheer effort to replant and protect Kenya’s forest system despite a global pandemic, planting began in March 2020. In month one, employees planted over 50,000 trees in the Kijabe Forest and along the Northern Coast. By quickly setting up and getting planting, the project is now the largest, most efficient tree planting project in Kenya. With thirty-eight project sites across the country, the project is re-establishing the water supply; protecting and planting around springs and rivers, restoring habitat for wildlife and stabilising steep slopes prone to landslides. It also helps secure an income for the locals working on the project.
The forest is growing
The Letting Game and its tenants and landlords have helped plant over 3,000 trees and counting. So by letting your Bristol house or renting a home with us you’re helping grow The Letting Game forest!
