Why Landlords Like You Should Use a Fully Managed Letting Agency in Bristol
Becoming a Bristol landlord is no easy decision. There are countless factors to sift through. Many people think it is the pinnacle of passive income, but they couldn’t be further from the truth.
Whether you want to take a hands-on approach with investment properties, or if you’re looking to build a property portfolio without spending all your time managing tenants and the properties, being a landlord can be a time-consuming job. Many people fall into becoming a landlord from an inheritance, moving abroad, or have moved in with family, and they haven’t fully considered all their options.
One option many landlords prefer is a fully managed letting agency in Bristol.
What is a fully managed letting service?
A fully managed letting service does, precisely, what it says on the tin. They will fully manage everything, while you can sit back, forget about your property, and let the letting agency in Bristol handle it all.
They’ll cover everything you know you need and more, such as:
Management of tenants
Safety compliance management
Management of property maintenance
Assistance in any disputes
What are the pros of a fully managed bristol letting agency?
There are some aspects of being a landlord that no one wants to deal with, such as unpaid rent, difficult tenants, and managing renovations and repairs. But with a fully managed letting agency, you’ll sleep a bit better without all the additional stress, leaving you to focus on other projects and ideas.
Another significant factor for many landlords is that a letting agent will know all the laws and regulations to ensure you’re fully compliant and up to date. When it comes to using a fully managed letting agent in Bristol, they’ll help you remove the stress of being a landlord.
What are the cons of a fully managed letting agency in Bristol?
Of course, the most significant issue people have with outsourcing any work will be the costs. But if you consider the time and energy that will go into managing your properties, it indeed makes up for itself. Also, if your property is mismanaged, you could face hefty fines. Plus, the costs of a letting agent in Bristol can be offset against your tax liability, meaning you can claim back some of the costs at the end of every tax year.
Regarding your taxes as a landlord, residential property, except for furnished holiday lettings, is exempt from VAT, and income on commercial property is also exempt from VAT.
However, with the introduction of Making Tax Digital (MTD), landlords with income from their properties exceeding £10,000 pa. will need to submit their VAT returns digitally via an MTD compliant software. Originally MTD was set to be launched in 2023, but HMRC has postponed the launch until the 2024 tax year - giving you plenty of time to prepare.
Ready to sit back and enjoy being a Bristol landlord?
If the pros far outweigh the cons, then our team at Brunt and Fussell would love to give you peace of mind while we manage your properties.
Request your free valuation today.