Here Are Our Top 5 Tips For New Landlords:
1. Know Your Rights & Responsibilities.
If you are new to the rental market or thinking of investing, it is important that you are aware of your rights and responsibilities as a landlord. Many landlords are unaware that the rental market is governed by the Residential Tenancies Act enforced by the Residential Tenancies Board (RTB). There can be fines, sanctions and even criminal convictions for landlords who do not comply with Irish laws and regulations, therefore it is very important to be aware before investing/letting.
2. Registration With The RTB.
All landlords must register their tenancy(s) with the RTB within one month of the start of the tenancy. This is a legal requirement. Your tenancies must be registered in order to claim mortgage interest as an allowable expense against tax.
3. Self-Manage or Letting Agent?
It is very important to decide if you are going to manage the rental property yourself or use a letting agent/property manager.
This will depend on your own circumstance and capabilities, do you have the time to dedicate to managing your property and your tenants? Are you confident that you are competent to do this? Do you have a realistic comprehension of what’s involved? Are you up to date with all legislation and regulations?
We offer let-only as well as let-and-manage services to our landlord clients.
4. Good Condition Property = Good Quality Tenants
You must ensure that you have your property ready for the tenant you would like to attract. Your rental property must be in good condition and meet the minimum standards required as a landlord. A good fit-out does not have to be overly expensive, a well-presented property is much easier to market, and good-quality tenants are also more likely to stay longer in nicely finished properties.
5. Ensure that you are Insured
Ensure you arrange the right insurance cover for your investment property as the insurance risks associated with letting residential investment properties can be very high and are completely different to that of owner-occupied risks with your own home.
Some Landlords make the mistake of purchasing a minimal standard Home Insurance policy labelled for landlords, which is far from adequate. An investment property should be met with a Property Owners All Risks type cover which most Brokers can arrange. If you are interested in this and require some assistance be sure to get in touch. We’d be delighted to help.
