In our previous blog, we talked about tips on how to let your house with little to no hiccups. Aside from knowing renting regulations and securing the needed permissions, what else should you do to ensure the success of this endeavour? Read on for more helpful tips:
Prepare Your House
As the landlord, you have the obligation to ensure that the property meets the physical standards set by the Irish government.
“All essential parts like floors, doors, roofs and walls should be free from damp and not defective. It is also mandatory that the house has adequate ventilation, heating and lighting. You are also required to provide facilities for laundry, food storage and food preparation like washing machine, clothes dryer, oven and grill and extractor fan, to name a few.”
What you can do is to go around the house and assess its condition. List down functional and cosmetic problems you see. Make sure all major problems are addressed like damaged HVAC system or leaking pipes.
“Also, do not take for granted cosmetic problems like hairline cracks and peeling paint. Given how meticulous potential tenants could be, fixing these minor flaws can take you a step closer to securing good offers.”
Know the Responsibilities of a Landlord
Letting a property is an ongoing work. Even after getting tenants, there are still tasks you need to accomplish.
For example, you need to register the tenancy with the Residential Tenancy Board (RTB). This needs to be accomplished within a month from the start of the lease. You must also provide your tenants with a rent book. Failure to comply with these requirements may result in fines.
During the course of the tenancy, you have to regularly inspect your property. It is your responsibility to ensure that the house is in excellent condition. This means taking care of any repair work.
Hire a Letting Agent
Truth be told, letting a property can be very demanding. Hence, you have to ascertain that you can do all the responsibilities expected of a landlord. If you do not have the time or patience for this kind of work, it is best to hire a letting agent or a property management company.
A property manager can market your house and screen potential tenants. With his experience, you can count on this professional to find you a good renter – one who pays on time and adheres to the rules.
“Apart from getting good tenants, a property management company can take care of rent collection, property inspections, maintenance services and other pertinent tasks.”
With the help of a letting agent, renting out your house can be hassle-free. You can be certain that, when issues arise, a professional will be on top of things.
Set Your Rental Fees
For this task, you simply cannot just pick any figure you want. You have to research to determine what the fair price is.
You can start by checking out rental rates in your areas, specifically for properties similar to yours. Also, determine how high can you charge.
Just a word of caution:
It can be tempting to price your property high, but this has drawbacks. For one, there is a limit to how much you can charge, especially in rent-pressure zones like Dublin. You have to comply with the pricing requirement to avoid getting penalised.
In addition, steep rental fees can drive away tenants. Remember, reports indicate that what apartment hunters are looking for are affordable rental places.
Hence, it is important that you set the right rental fee – an amount that is fair for tenants and of course, profitable for you.
When coming up with the fee, do not forget to factor in expenses related to renting out a house.
“…the amount should be enough to cover all payments for mortgage, insurance, maintenance and the like. Of course, you should get a decent profit, too.”
Have the Lease Agreement Signed
One of the first things you need to accomplish after getting a tenant is to have the lease agreement signed. This is a valuable document that you cannot do without, even if the renter is a friend or a relative.
“The agreement isn’t just meant to safeguard your rights but also your tenant’s. Some of the important information stated in the agreement include the lease term, due date for rental fees, penalties for late payments, maintenance responsibilities, pet policies, code of conduct, etc.”
Lease agreement templates are available online. However, it is still best to consult an expert like a lawyer to ensure that the provisions in the agreement suit your needs.
Renting your house can be a good venture, one that can be a source of extra income. Just follow the tips we’ve shared to make this endeavour problem-free.
Do you want to rent out your house in Ireland but don’t know where to start? We have experienced letting agents and property managers who can help you! Call us today at 014959020!