New landlord - all requirements needed?

scot1964 · 29-06-2023 9:14pm #1

Hi. Soon to be renting my whole property out.

What are all the legal requirements / paperwork etc. I need to comply with BEFORE I can rent it out?

Thanks

dashoonage · 30-06-2023 7:22am

You're going to need a good therapist.

30-06-2023 8:01am

I don’t envy you.

You need to familiarise yourself with tenancy legislation, minimum standards, equality legislation, tenancy contracts, RPZ legislation, you need to understand the implications of the tenant becoming errant/stop paying rent/refusing to leave, you need to have enough money in your bank account to cover the mortgage for at least a year if the tenant stops paying, it will take that and longer to get them out.

Dont go into home letting unless you know what you are doing, and prepared for the worst.

DownByTheGarden · 30-06-2023 11:16am

https://www.boards.ie/discussion/2058302973/new-landlord-all-requirements-needed

Who knows at this point :)

DubCount · 30-06-2023 1:36pm

The residential letting market is very highly regulated. Regardless of what you put in writing, there is a lot of legislation that over-rides any written agreements. Having a good understanding of all this regulation is essential. Asking a prospective tenant about whether they are on HAP or not, for example, could land you with a fine from the WRC for discrimination. Having a 2 ring cooker in stead of a 4 ring cooker will not be sufficient, and will need to be changed - there is a long list of things that could trip you up, even if both you and your tenant agree to it.

After that, there is tax compliance and completing a Form 11 every year etc., registration of the tenancy with the RTB, and if your tenant is on HAP, there is getting tax clearance certificates etc.. If you have a mortgage, you have to inform the bank and likely go onto a higher interest rate. You have to change your house insurance policy.

Its a lot of grief, and our beloved politicians are constantly coming up with new regulations and hoops to jump through. Whatever you need to do today, is very likely to change tomorrow.

Numbers of small landlords is dropping, in spite of high rents, for a reason. There are easier ways of making money.

Do yourself a favour. Sell the property in stead of renting it out and invest the equity in something that is less heartache.

DFB-D · 30-06-2023 4:56pm

https://www.boards.ie/discussion/2058302973/new-landlord-all-requirements-needed

Probably get an experienced letting agent if it is your time.

If not:

Ideally, the lease should not be drafted by you unless you are a solicitor.

There are some recommended practices for advertising and communications with prospective tenants to avoid legal issues under the equal status acts.

Learn about the 9 grounds of the equal status act in connection with the above.

You need to register the tenancy, its just a form and a small fee.

There are some issues to be aware of on a on going basis, you need to be aware of your maintenance obligations, rent increases, etc.

A lot of landlords use letting agents to get tenants in and manage the ongoing obligations themselves.

elperello · 30-06-2023 5:08pm

https://ipoa.ie/

This link might be helpful.

Iodine1 · 30-06-2023 5:26pm

https://www.boards.ie/discussion/comment/120788637#Comment_120788637

This first line is really the best advice. They are experienced people and will be up to date on the regulations as they change.

It's a minefield, and put a foot wrong and the tenant will have Threshold, PRTB etc, on your case, all with free legal aid, paying no rent and issuing demands, and refusing to leave your property. Take legal advice, record everything and photo everything before letting.

Join the Irish Property Owners Association.

And after all that, your property becomes a NPPR (Non principal private residence) so when you go to sell the Gov will take about 33% of the gain in value.

Do you still think you will make money out of renting?