This comprehensive guide highlights all the dos and don’ts for new landlords. With the property market in Ireland being in turmoil, landlords already have to navigate new laws, rules, regulations and requirements. If you recently became a landlord or are considering becoming one, this guide should offer valuable insight into some key considerations.
Treat Your Rental Property Like a Business
Even if your rental property is not your primary source of income, it’s essential to manage it as a business asset. It’s important to remain professional with your tenants, keep your finances consistent, and perform an enhanced tenant screening before the renter move-in.
Get Insured
Hundreds of different policies are available to landlords, so thinking methodically about what insurances best suit your circumstances and requirements is essential.
The essential policies to consider are :
Buildings Insurance
Buildings insurance covers the cost of rebuilding/repairing your home if damaged or destroyed. If you plan to buy your home with a mortgage, it’s often a mandatory requirement (depending on your provider).
` Liability Insurance
Landlord liability insurance is a form of public liability insurance designed to safeguard landlords against claims for damages or injuries arising from their rental property.
Should a third party (such as a tenant, visitor, or tradesperson) suffer harm or property damage, the policy can provide coverage for compensation payments and associated legal expenses, subject to the policy’s limit.
Since compensation payouts can include medical expenses and lost earnings, they can be substantial. As an illustration, if someone were to trip over a loose floorboard, landlord liability insurance could cover the compensation and legal fees. Liability insurance will ensure you’re protected against this eventuality.
Landlord Contents Insurance
This policy protects the landlord’s possessions within the rental property, such as furniture and appliances, from damage or theft.
Find Tenants Online
We live in a technological age; most tenants will search for their property online, and your property should be marketed on all major digital outlets, such as Daft. ie
Make sure the price is right.
We recommend conducting market research to determine the fair market rent in your region to establish a suitable rental price for your rental property. Setting a rental price that corresponds with the local market can significantly affect the number of high-quality tenants you attract and decrease the number of vacant properties.
Consider Hiring a Property Manager
One of the most crucial and profitable steps a new landlord can take is hiring a property management specialist. The level of involvement of the property manager can vary according to your preference. Some landlords may want the property managed only after the tenant selection process, while others may prefer the property manager to handle everything from start to finish.
If you belong in the latter category, an experienced property manager can handle everything on your behalf, utilising their vast experience in the sector. They can complete tasks more efficiently, cost-effectively, and effectively than a landlord who has yet to face the challenges of being a landlord.
A property manager can handle various responsibilities, from marketing the property to screening and interviewing tenants, ensuring occupancy rates are as close to 100% as possible, managing repairs and regulatory changes, collecting rents, and resolving disputes.
Property management Dublin
If you are considering purchasing a rental property or own one already, the KPM group can help.
KPM has helped countless landlords free themselves of the day-to-day running of their investment properties.
Let us ensure that your investment is a fruitful one. Contact us today to speak to a member of the team.
