Using letting agencies
You need to consider whether you will manage the property yourself or employ a letting agency to manage it on your behalf. Letting agencies offer a range of services, such as getting tenants, maintaining the property, and responding to any issues which the tenants may have.
Deciding on your rent price
Before you set the rent price for your property, do some research on what other rental properties in the area are asking for. Also consider the maintenance costs associated with your rental property and factor these into the rent price.
A rental property is very different to owner-occupied, and therefore requires a specific type of insurance called Buy-to-let insurance. Make sure you have this in place before you rent your property.
Picking the right tenants
Make sure the tenants you pick have the references and requirements you are looking for in your rental property. Bad tenants could damage your property or cost you in missed rent.
Have a lease agreement and complete an inventory
A lease agreement is the contract between you and your tenants for the duration of the lease. This helps avoid any disputes as responsibilities are clearly defined. It is also important to have an inventory of items in the property before your tenants move in. This can then be referred to at the end of the lease to avoid any disputes.
Register with PRTB
You and your tenant must complete a PRTB registration form once a tenant moves into the property. PRTB registration is a legal requirement and costs €90.
Get tax advice
If you earn more than €5,000 per year in rental income, you must complete a tax return. It is important to get professional advice in completing this return to ensure you are tax compliant and identify any ways to help cut your tax bill. Cornmarket offers a Tax Return Service, please click here for more information.