Despite all the negative press, the housing market – specifically rentals – is still one of the most attractive opportunities for domestic and international investors alike. As a landlord, it’s important to know what steps to take.
Whether you’re a long-term career landlord or a relatively new property investor, some things should not be overlooked.
There are 10 steps a landlord must take when issuing any new tenancy or property to rent.
- RTB registration of tenancy
The first thing all landlords must do is register with the RTB (Rental Tenancy Board). This process can be done relatively easily online and is a legal requirement, and failure to do so can be in the region of €2,500 +VAT
- Property rent book
- Minimum Requirements for Rental Property?
If you haven’t read it already, then you should review The Standards for Rented Houses Regulations 2017. This lays out in no uncertain terms the minimum accepted standard for any rented accommodation being offered in Ireland.
It is the responsibility of the landlord to ensure the property remains in the same physical state it was offered in. This means that any issue not caused by the tenant is the responsibility of the property owner. However, it’s also a legal requirement that any damage or repairs must be reported immediately by the Tenant to the Landlord.
- Do landlords have to pay for all repairs?
If the tenant is in a position where they have to replace something that falls under the purview of the landlord’s responsibility, then it is a requirement that the landlord reimburses them for this. This is not for things such as home improvements, it is strictly for functional items required for the property to meet the minimum necessary requirements such as boiler repair, washing machine breakdowns or plumbing issues etc.
- What BER Means?
The country – and indeed the whole world – is becoming increasingly energy conscious. In order to categorise how energy efficient a property is, Ireland uses the BER rating system. It is a legal requirement that you provide the tenant with the BER rating. You can find out if your property has a BER by clicking here. If not, you will need to arrange for an assessor who will provide a certificate that is valid for 10 years.
- What is the difference between landlord and tenant insurance?
Insurance on the property itself is a landlord’s responsibility, and there are several companies across the country offering buy-to-let insurance policies, which are specifically designed to protect the landlord’s assets as much as possible.
However, contents insurance to protect what’s inside the home is the tenant’s duty if they should so wish.
- How much notice do I have to give to end a tenancy agreement?
The amount of notice required depends on the amount of time the tenant has lived at the property. For example, if a tenant has lived in your property for less than 6 months, you are legally required to give them 90 days’ notice of the end of the tenancy. This allows the tenant ample time to secure alternative accommodation. For tenants who have lived in your property for between 6-12 months, 152 days notice must be given. This incrementally increases all the way to 8 years of residency, where 224 days notice must be given. You can find the full breakdown of legal notice timeframes at the following Link
- How often can rent be reviewed?
Landlords are entitled to a rent review once every 12 months for properties inside of an RPZ and once every 24 months for a property not in a controlled zone. For the new rent to be legally binding you must provide 90 days written notice to existing tenants before the increased rental amount can be taken.
You must also notify the RTB of any rent increase.
- What is a valid notice to quit?
If for whatever reason, you have decided that you no longer wish your tenants to occupy your property, you must provide them with a valid notice of termination. The notice must:
- Be in a written format
- Be signed by yourself or your proxy
- State the reason you are ending the tenancy
- Give the date the tenant must leave *notice depends on the duration of let*
- Inform the tenant has 28 days from the date they receive the notice of termination to refer it to the RTB with any questions
- How long before the deposit is returned?
Finally, the deposit should be returned to the tenant promptly, although there is no legal guideline, a good rule of thumb for landlords is to try and return deposits within 14 days. This enables the tenant to use the deposit funds to secure their next home.
As a landlord, you do have the legal right to take any required funds from the deposit to cover expenses incurred to the property by the tenant or for rent arrears if there are any.
Property Management Company Dublin
At a time when the rental market is so turbulent, it’s more important than ever for landlords to seek expert advice. At KPM Group we can offer insight into all aspects of property investment.
KPM Group has helped countless landlords free themselves from the day-to-day management of their portfolios and trust us to deliver the maximum return on investment while providing quality property management services.
If you would like to speak to us here at KPM about your portfolio, then get in touch today, and a member of staff will be happy to help in any way we can.
