First Time Landlord? | What You Should Know About Renting Your House
Planning to let out your property? If you have no previous experience of doing so, there are a number of factors that you should keep in mind to give you the best chance of renting your property successfully.
Are you an organized person? You will need to keep track of what needs to be done to prepare and present your house for rent properly to tenants in an increasingly demanding market. Renting contracts will need to be prepared and a Building Energy Rating (BER) certificate should be obtained.
Ask around for advice and information from people you know who have had experience of letting out their properties. You will no doubt hear some horror stories, but many people have successfully supplemented their income by renting their otherwise empty and expensive properties.
Are you experienced in dealing with people? Can you judge a person properly in order to assess if they will be suitable tenants for your property. Spend as much time as it takes in order to get to know your prospective tenants. This is an important part of becoming a landlord, and and you should resist the temptation to make quick decisions, even though your house may have been on the market for some time.
Have you a good basic knowledge of domestic DIY? If not, do you know someone who will not let you down when household problems such as plumbing leaks and minor electrical faults need fixing properly and quickly.
Are you aware of the role of the Private Residential Tenancies Board in the regulation of tenancies and lettings? The Residential Tenancies Act 2004 provides that landlords must apply to register tenancies with the PRTB.
Are you prepared to receive less net income if you need to use a property management company? Becoming a landlord can often be very stressful and you may feel it necessary to pay a letting agency to look after things on your behalf.
In today's difficult renting market, landlords really do have to act in a businesslike manner, by working hard to keep their tenants satisfied, complying with relevant legislation and dealing efficiently with third party involvement such as tradesmen and builders.
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