Questions re being a landlord

Elphaba

Hi all,

Just wondering if anyone with some more experience could answer some questions I have re letting my apt out? I bought this place a few years ago and have never rented myself so am a bit green! Ok, very green!

1) How do most people pay their rent, direct debit on 1st of the month, cash, bank transfer?

2) Is it the norm to ask for a month's rent as deposit and a month's rent upfront? So if you were letting the place for 1,000 and someone moved in on 1st July you'd be looking for 2,000 and then they'd pay 1,000 at the start of every month for that month?

3) How often (if ever) does a landlord usually check in on the place, y'know to make sure it's still standing!

4) I will most probably not be using an agent and putting it on daft/myhome etc myself. Any tips for the listing/photos?

5) Does any monthly rent amount include bills anymore or are they always extra?

6) Do I need to register as a landlord or have a license/permit to let my apt?

Sorry, if these questions have been answered elsewhere, I am SO inexperienced and just looking to get as much info as I can so I can try to get moving on this.

Any other tips at all will be greatly appreciated.

Thank you in advance

NIMAN

I am newish to this LL lark, here's my answers.

1) Tenant lodges money into my bank account at the local post office
2) I took one months rent as deposit, and then 1 month paid in advance.
3) I saw the house 3 times in 18 months. I happened to call to chat to the tenants about a few things, sign forms for them etc. I never called specifically to 'check the house out', but then I have good tenants and trust them.
4) not really!
5) Well for mine, the rent just covers the rent and nothing else. They pay all their own electric, oil, TV licence, contents insurance. I pay a once off communal grass cutting fee annually, and of course the property tax and 2nd home NPPR charge and buildings/landlord insurance.
6) You need to register with the PRTB if you want to be able to claim back on your mortgage interest payments when making your annual tax return. It also costs €90 to register your tenancy. If you change tenants, you must re-register each time.

Check out www.irishlandlord.com it has a lot of information for the 1st time LL.

Any other questions feel free to ask. Good luck.
I think the most important thing is getting good tenants. They are priceless.

rcdk1

1) Standing order would be best.

2) Yes, one month rent as deposit and each month's rent paid in advance would be the norm.

3) Really depends on you but certainly at least once every 6 months.

4) No specific advice on listings but a good start would be to look at other ads on daft.

5) Bills are virtually always an extra and should be in the tenant's name.

6) Yes you need to register with the PRTB and you need to submit tax returns to the Revenue.

Some other random bits of advice:

• If you have a mortgage, you need to inform your bank that you are renting and it may affect the conditions of your mortgage
• You will no longer be entitled to Tax Relief at Source (TRS) Mortgage Interest Relief but can instead put a percentage of the Interest portion of the mortgage back against your tax
• You will need to change your house insurance
• Take loads of photos of EVERYTHING before you let tenants move in (with a time/date stamp) and make them sign a inventory of the contents
• Familiarise yourself with Fixed Term and Part 4 tenancies
• You need to pay the NPPR and Household charges

fasttalkerchat

Advice so far is spot on. With regards 3 and 4 I have a few points from a tenants point of view.

3) You could arrange to view the house every 3 months on a date and time that suits the tenant. As long as you are polite and the time is convenient for them that wouldn't be excessive. Bear in mind that many people work 9-5 and some work irregular shifts so let them tell you when suits.

4) Photos. Take plenty of photos. Make sure everything in the photos is included and spend time writing a solid description. A good tenant will want to know exactly what they are getting.

Others) When the tenant moves in tell them that you need them to change all bills over to your name within 48 hours. Leave them copies of the relevant details so they can do this quickly. Bear in mind that if there is no internet in the house you will need to give them the relevant phone numbers for this to be done ASAP. After a few days call to check that none of the bills are still in your name.
Get a standard contract and make sure both of you read and sign it. If anyone else moves in make sure they sign and understand the contract. Make clear what condition you want them to leave the house in and when they can leave i.e. is it a fixed contract? Is there a break clause?

And finally, give back the deposit! Unless you have a clear reason to withhold their money and are willing to go to court to take it, give it back.

NIMAN

Another little piece from a LL who sees a lot of threads about LLs being absolute gits, if the tenant is decent, be decent back to them.

Respect their privacy. Once they rent it, its their home and not yours. As mentioned above, if you want to see it, arrange well beforehand and don't want to be inspecting every fortnight. Once a quarter should suffice, maybe even less.

Expect wear and tear. When I first seen my rented property, which was formally my own home so well cared for, after about 12 months, I was at first a little surprised to see some things not as I wanted. But then I got it into my head that there's going to be wear and tear on the house. In most cases, tenants will not keep the house as well as your would keep it if it was your own home, so don't expect it to be like a showhouse when you see it. After all, you are allowed for wear and tear on your tax return, so you will have to expect to redecorate, change the odd carpet etc in a few years time.

A lot of LLs seem to withhold deposits at the slightest little fault in the house. This isn't fair imho.

not even wrong

fasttalkerchat wrote: »

3) You could arrange to view the house every 3 months on a date and time that suits the tenant

As a tenant I wouldn't put up with landlord inspections every 3 months.

fasttalkerchat

not even wrong wrote: »

As a tenant I wouldn't put up with landlord inspections every 3 months.

If you're staying for a year and he calls round every 3 months and takes a quick look in the downstairs rooms and takes the rent from you it wouldn't be a big deal for me.

Obviously if you were the tenant and told him that you would prefer just once a year then he can accommodate you provided that there are no complaints from neighbours and that the rent is paid on time.

NIMAN

Not Even Wrong

Thats fair enough. It all about being civil and coming to an arrangement.

As I said, it was 12 months before I saw most of my house, I was in a couple of times in the hallway signing forms for them in the 1st few months, and went no further. Had no interest in seeing more so early into the contract.

mikemac1

Visits: maybe 3 months, then 6 months and then that's it, don't come again for another 6 months
A good tenant should be no more then 6 months and many landlords will leave it less

Don't leave junk in the house, my landlord left a pile of old broken tables, a broken TV and more stuff. I tossed it in a storage space but it's not realy good enough
Not a big deal but still annoying


Be contactable
You might go several months without hearing from the tenant but when they need you it's likely to be an emergency.
Like flooding or local scum broke the door, etc
So turn on your voicemail, so many people don't use it

fasttalkerchat

mikemac1 wrote: »

Don't leave junk in the house, my landlord left a pile of old broken tables, a broken TV and more stuff. I tossed it in a storage space but it's not realy good enough
Not a big deal but still annoying


Be contactable
You might go several months without hearing from the tenant but when they need you it's likely to be an emergency.
Like flooding or local scum broke the door, etc
So turn on your voicemail, so many people don't use it

Both these have been issues for me. Landlord stuff sat there for months until I went to the agency. They called the LL and he said he would be over in 2 hours for it and to leave it at the front door (in a shared space).
The stuff sat there 2 weeks before someone binned it.

Also I called him at least 10 times over the space of 3 days when the boiler pump died (no heating and hot water). Eventually had to sort it myself and pass on the bill. If he was contactable he could have called his regular boilerman.

ameee

my landlady and I dont have any arranged visits for her to inspect the property though she has seen the house on a few occassions when I have had to call over the washing machine and heating no longer working.I think her seeing the house looking fine on these occassions means she knows Im not the sort to wreak my home.I have when she has been here left all the doors open so she could throw her eye around so she can see everything is as it should be.I think having a look at your property at times like that is much more relaxed for everyone than say coming solely for an inspection which I would find a bit daunting although Im the sort of person who would clean before my cleaner came out of shame not that I have a cleaner!

fasttalkerchat

ameee wrote: »

my landlady and I dont have any arranged visits for her to inspect the property though she has seen the house on a few occassions when I have had to call over the washing machine and heating no longer working.I think her seeing the house looking fine on these occassions means she knows Im not the sort to wreak my home.I have when she has been here left all the doors open so she could throw her eye around so she can see everything is as it should be.I think having a look at your property at times like that is much more relaxed for everyone than say coming solely for an inspection which I would find a bit daunting although Im the sort of person who would clean before my cleaner came out of shame not that I have a cleaner!

I agree to some extent. The one issue is that a landlord cannot just call around without reason. For the purposes of an inspection there is a procedure to follow.

Elphaba

Thank you all for your comments! It's great to see the different perspectives. Planning a big clean up/re-paint of my apt next weekend to make it a bit more presentable for a start. Checking out online lettings here and am amazed by some of the photos people use!:eek:

fasttalkerchat

Elphaba wrote: »

Thank you all for your comments! It's great to see the different perspectives. Planning a big clean up/re-paint of my apt next weekend to make it a bit more presentable for a start. Checking out online lettings here and am amazed by some of the photos people use!:eek:

Post your ad up here when you make one and a few lads with experience will give you a few pointers.

Elphaba

Thanks I'll do that

MariMel

with regards to transferring esb and gas over.....in an apt i was in 18 months ago, the letting agent transferred both accounts over into my name after i'd moved in. I'd queried her ability to do that with both companies and was told it was standard practice for accept the change over info from a LL or agent. They then sent out the new account/policy forms for me to sign.
You can check if this is still the case, just make sure you have the meter readings and verify with the tenants that they accept the reading of meter when they move in.

fasttalkerchat

MariMel wrote: »

with regards to transferring esb and gas over.....in an apt i was in 18 months ago, the letting agent transferred both accounts over into my name after i'd moved in. I'd queried her ability to do that with both companies and was told it was standard practice for accept the change over info from a LL or agent. They then sent out the new account/policy forms for me to sign.
You can check if this is still the case, just make sure you have the meter readings and verify with the tenants that they accept the reading of meter when they move in.

I tried to change bills back into LL's name when I was moving out of a house and they couldn't do it. I would be surprised if your case wasn't an extreme once off!