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New landlord advice?

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  • 05-05-2009 2:45pm
    #1
    james_55
    Closed Accounts Posts: 1 ✭


    hi,

    my girlfriend and i are shortly moving in together, and we're going to hold onto my apartment, as it's really not a good time to sell, so we are planning on renting it out.

    i remember seeing a thread a while back where people gave advice to a new landlord, things you should/shouldn't do, pointers, etc., but i can't find it now. i'll be registering with the PTRB people, and doing everything above board tax-wise.

    the apartment is in a great area, so i'm sure it'll rent, that's not a problem.

    anybody any thoughts or help? i've never been a landlord before, only a tenant, but it was ages and ages ago!

    cheers,

    jim


Comments

  • Options
    #2
    SoupyNorman
    Registered Users Posts: 4,257 ✭✭✭SoupyNorman


    Sell it.


    It may not be a great time to sell but rents are falling fast and you'll more then likely not get the returns you're going to expect/want. Economies of scale favour landlords, usually you'll find that landlords who post their problems here only have one property.

    Being a LL is alot more work then you'd think.


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    #3
    Kipperhell
    Closed Accounts Posts: 1,477 ✭✭✭Kipperhell


    If you only have one property certainly don't go to a letting agent. They charge a percentage and do less than nothing often irritating tenants by lack of action.
    Generally I would stay well clear of this forum for advise as a landlord as they will just attack you.

    General advise is actually get references, keep a rent book even if getting paid via direct debit. Actually go look around the property every 3 months if possible. By an additional set of locks and alternate the lock after each letting. Get the tenant to so sign an agreement that they are responsible for all bills and services as you wish them to be paid. Include a TV licence on the list. This is on top of the rental agreement. Give them the forms to claim their tax back .Take photos of the place before you let it and make a list of all items in the place.

    When dealing with tenants always treat them with respect. Never rise to an argument or initiate one. Keep the relationship strictly professional at all times.


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