First time Landlord needs advice

spamsandwich

Hi I am moving out of my two-bed house in Cabra in August. I plan on letting it out as I can’t sell (negative equity). I'm looking for advice on Letting, what works/does not work. Letting agencies or advertise on daft myself. Should I consider rent allowance or not. Is a contract important? If so should I get a solicitor to draw one up or can I get standard templates of the net. What are the tax implications?
I am ideally looking for a long-term tenant and I want it to be relatively hassle free (isn't every landlord). I understand that I still will have responsibilities for the property. Any advice would be greatly appreciated

ricman

a contract is very important ,lays down rules , re smoking,deposits ,noise levels ,damage to carpets walls etc
etc google lease agreement rental agreement uk then add your own clauses see revenue ie you pay tax on profits eg rental income minus expenses eg insurance ,maintenance , mortgage payments
re rent allowance you can rent out whole house to one single mother around x amount per month.
see here http://www.irishlandlord.com/index.aspx?page=documents

advertise on daft ie. look for references, letter from employer ,eg joe is working here full time ,in permanent employment. see recent payslip, ask for id ,birth cert etc
no point in taking on joe if he only works 3 days a week.he will not be able to afford rent.
deposit is usually 1months rent plus 200e approx.http://www.let.ie/articles/revenue-guide
see above.http://www.myhome.ie/lettings/advice/landlords
you,ll need to get new house insurance with public liability in it ,
extra 300 approx per year.
you buy carpet,chairs etc pay tradesman, painter etc ,you WILL
NEED a receipt to claim tax credits.

you might get a couple or 2 friends to rent the house.
see if you can get working people 1st, then maybe consider single mother on ra.
if you employ some1 you will need proper receipt with vat on it to get a tax credit.

ricman

you,d have to pay letting agent at least 1k, when interviewing some1 if they dont have proper id,documents , if they look suspicious d ont take em as a tenant ,or if they have been 4 jobs in the last year , dont take em on.
your tenant should be working for company x for at least a year earning at least 330 euro per week.
either get a single mother or forget rent allowance completely.
most single mothers i know are looking for 3bed houses in perfect condition.
be careful ,some people will lie, you need letter from employer ,joe works at
ibm , for x time, employed here permanently, not an intern or on a 3month fas scheme.ask for at least one recent payslip and id.

you could download this or copy it http://www.tenantdocs.co.uk/RlaAst2004Free.pdf

Cathmandooo

Getting a letting agent to let the place out for you can be handy, it doesnt cost anywhere near 1k as the poster above says :eek: A couple of hundred euro max. I'd go for them if you're not near the property, it's handier for them to do viewings and they'll register you with the prtb, and provide a lease and hand the keys over. Then the tenant can contact you for any problems.

You don't need public liability insurance

If you want to do it yourself then put an ad on daft, take loads of good photos of the property. Have a look at similar properties in the area and price it accordingly. Answer ALL queries by phone and email, nothing more annoying than contacting landlords and for them to ignore you.

Make sure the place is up to scratch, a lick of paint, a thorough clean up of the property will go a long way. Fix anything that needs attention, make sure all appliances are clean and work properly.

Register the tenant with the prtb www.prtb.ie this is to protect both parties and must be done.

You don't need a solicitor, you can download a sample lease on www.irishlandlord.com and alter it, I believe their sample lease is a month to month tenancy, you could change it to a fixed term for a year.

Familiarise yourself with landlord and tenant rights and obligations on www.threshold.ie

Best of luck

subway

ricman wrote: »

deposit is usually 1months rent plus 200e approx

no its not!

OP, you might want to try www.irishlandlord.com for some useful info

mm.ie

Cathooo wrote: »

Getting a letting agent to let the place out for you can be handy,

I would be inclined to agree with the above. I tried it by myself and just ran into various problems mostly related to not having the time or the personality to go after the small things. I can't remember how much I paid to have it all taken in hand but I am paying 10% of the monthly rent out now and I feel it is worth it for having no headaches. I think it might have been first month rent plus 10% thereafter.

Now I just get money in the bank every month and rang once in a while with requests or reports. Generally the agent does not need to ring me and just deals with the small things himself.

I am with Grimes in Ashbourne.

mm.ie