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Renting out my property

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  • 25-06-2012 10:03am
    #1
    Enigma IE
    Registered Users Posts: 1,158 ✭✭✭


    Hi,

    I am due to rent out my property shortly. I haven't decided yet whether I will use an agent or not. The options available seem to be:

    1) Use Agent to source suitable tenant, check references etc. Owner (myself in thise case), to self-manage property. My assumption is that this is a once off fee to letting agent to source suitable tenant.

    2) Use Agent to source suitable tenant, check references etc, agent manage the property, deal with tenant queries etc. I understand most letting agents charge 1 month rent per-annum for this service.

    3) Find my own tenant, manage the property myself.

    I've never rented out a property before, I did rent rooms a number of years ago when I was owner occupier in a previous property.

    I assume it's normal to have a tenancy agreement lease for 1 year? Would this normally include a list of contents of the property? What type of references should be sought from potential tenants? Work reference plus previous landlord?

    A few people have said to me that giving the property out to a management agent (option 2), isn't worth the money.

    Quick Poll: Can I ask what landlords typically do? Option 1, 2 or 3.

    How do landlords typically handle the letting process? 4 votes

    Use Letting Agent to source suitable tenant, owner manage property
    0% 0 votes
    Use Agent to source suitable tenant, letting agent to manage property
    25% 1 vote
    Owner source suitable tenant, owner manage property
    75% 3 votes


Comments

  • Options
    #2
    odds_on
    Closed Accounts Posts: 1,869 ✭✭✭odds_on


    1) Use Agent to source suitable tenant, check references etc. Owner (myself in thise case), to self-manage property. My assumption is that this is a once off fee to letting agent to source suitable tenant.
    A possibility - but depending on an agent to check references ...... when you could interview the prospective tenants yourself. If the tenancy turns sour because you left it to an agency? But then, if you have no idea what to check/look for in regards to vetting may be an agent.
    2) Use Agent to source suitable tenant, check references etc, agent manage the property, deal with tenant queries etc. I understand most letting agents charge 1 month rent per-annum for this service.
    Unfortunately there are extremely few decent letting agents around who know their job and the the Residential Tenancies Act 2004.
    3) Find my own tenant, manage the property myself.
    Just a few pointers come to mind:
    Have you considered all the implications?
    Have you read and do you know the Residential Tenancies Act 2004?
    Do you know all the landlord’s obligations?
    Do you know all the Tenant’s rights as well as his obligations?
    Do you know what standards you must have the property in as regards Structural Condition, Sanitary Facilities, Heating Facilities, Food Preparation and Storage and Laundry, Ventilation, Lighting, Fire Safety, Refuse Facilities, Electricity and Gas?
    Will you be required to register the tenancy with the PRTB?
    You will have to have a BER certificate.
    You will have to have someone that can be contacted in emergencies
    Have you considered your tax obligations?
    If you have a mortgage, you should notify your lender (and mortgage changed to a buy to let mortgage with higher interest rates).
    You will have to have landlord’s insurance.
    What type of lease will you use?
    What happens if you want to regain your property during the lease period?
    What are the implications of a Part 4 Tenancy?
    What are the implications of regaining possession if your tenant has a fixed term lease.
    And what will you do if your tenant doesn’t pay the rent or is anti-social, or that some appliance in the apartment is not working properly?
    You will have to have landlord’s insurance.


  • Options
    #3
    silliegillie
    Registered Users Posts: 156 ✭✭silliegillie


    Seen as how this thread hasn't been used in a while I might hijack it. Myself and my partner are having difficulty meeting our mortgage repayments. We are in consultation with the bank so we have an arrangement with them. I am un employed which should be rectified very soon. I have an opportunity to take employment away from where we currently live. We live in the greater Dublin area and we are looking at the possibilities of renting out our own apartment, and finding some where in the country to rent. If we can do this obviously we would loose our current deal with the bank so that is not my concern. My concern is how much tax we would have to pay on rental income of the property. My girlfriend is on a means tested payment which would obviously stop. So could she make the tax declaration on her own or do we have to divide it between us. If she can do it by herself we would barely brake even. If divided between us, as I would be working I would pay the higher rate of tax and we would have a loss. Any ideas on how I should proceed ?


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