Renting out your property can be a good source of extra money provided that it is done right. But it is not an easy endeavour. To be more precise, as the landlord, managing the property can be time-consuming and stressful given the various duties it entails. This is why many landlords opt to work with a property management company.
Letting professionals manage your rental property can make the entire endeavour smooth sailing. With their know-how and industry experience, you can count on them to ensure that your responsibilities and obligations as a landlord are taken care of. Basically, with a property manager at the helm, you can worry less and focus on other matters that require your attention.
Just one more thing:
Even if you wouldn’t be the one managing your rental business, it is still important to know what it means to be a landlord in Ireland. For one, you should be aware of what your responsibilities are as a landlord. Knowing these things can come in handy later on. So, what are the responsibilities of landlords in Ireland?
For documentary/registration requirements, the most important would be formal registration of the tenancy with the Residential Tenancies Board (RTB). This is essential since the tenancy is not legal until you register it.
The government requires the tenancy to be registered within a month from the start of the lease. Also, effective 2020, registration of tenancies should be done annually.
Aside from the registration, you should provide tenants with a rent book or the receipts for the payments. Failure to provide receipts may result in fines.
You should provide the tenant a copy of contact details and information about yourself and any agent who is authorised to deal on your behalf.
Upon termination of the tenancy, you are obliged to give the tenant a notice of termination. The length of tenancy determines the length of the notice. For example, the notice period for a tenancy of less than 6 months is 28 days. Meanwhile, a 120 notice is required for tenancies lasting 1 to 3 years.
It is your responsibility to ensure that the property for let or rent is in good condition. It’s imperative that it meets the minimum standards as stated in the Housing Regulations for Rented Houses.
You should also take care of all repair and maintenance works needed to keep the property in tiptop condition. The law requires that the condition of the property at the beginning of the tenancy should be maintained until the end of the contract.
Repair costs incurred by the tenants should be reimbursed if they initially requested it from you, but you were unable to do it. Repairs and maintenance are the landlord’s responsibility so all costs related to repairs and maintenance should be shouldered by you.
In terms of your financial obligations, you should pay property taxes and other charges required by law. You also need to spend on and pay for property insurance.
As for the tenant’s deposit, it should be returned at the end of the tenancy. It can only be withheld if: (1) proper notice wasn’t given by the tenant prior to termination, (2) if there are still outstanding bills/rent or (3) if the property incurred damage caused by the tenant outside of the regular wear and tear.
Aside from the documentary, property and financial obligations, you are also mandated by law not to discriminate against potential tenants.
You cannot turn them down due to their religion, gender, civil status, family status, sexual orientation, age, ethnicity/race, disability, or membership in the Irish Traveller community as stated in the Equal Status Acts 2000-2015.
Clearly, being a landlord in Ireland isn’t a walk in the park given the countless responsibilities associated with it. So, if you do not have the time to do this job, it is best to hire a property management company. Just make sure that you get a trusted firm to ensure that the job is done well.
Planning to rent out or let your house in Ireland? Let our trusted and experienced property managers help you! Call us today on 01 495 9020!