First Time Letting

T

TRS30

Guest
Hi all

Due to illness will be moving in with a family member for the next while, could be 6 months, could be 6 year !!. Have decided to let my apartment that is my PPR. Just want to make sure i do everything legally etc so will not be getting any calls from revenue, bank etc.
Have read the Key Post and FAQ's so think this is what i need to do
-property was 2nd one i bought so paid lovely SD at the time. Should be no issue there
-Ring Revenue get them to cancel TRS.
-Ring bank and tell them will now be Investment property
-Ring insurance company tell them same
-Plan on using letting agent who will register me and tennant with Landlord/Tennant Board
-File tax return at year end (31st Dec)

Am i missing anything or on the other hand am i doing too much if i end up only letting for 6 months/1 year

Any advice or comment is most welcome.
 
Hi TRS30,

I think you have everything covered there.

Is there any particular reason that you're using a letting agent to let your apt?? Is the apartment in the same area as where you'll be living with your family? If so, I'd recommend that you try and let this yourself or get a family / friend to do this.

A letting agent will provide 2 services for you. The first one is find the tenant, draw up the lease, change the bills into the tenant's name, let them move in, register the lease with PRTB and will charge you at least 5% of the annual rent for this type of service.

The second service they provide to you is the above plus the tenant will deal with them if there are problems in the apartment e.g. broken shower, fridge not working etc. You can expect to pay at least 10% of the annual rent for this.

If you're in a position to let the apt yourself, I'd urge you to do this. All you need to do is:
- put an ad in the Herald and on Daft
- arrange to show the apt with the replies you get.
- All going well, you'll have tenants sourced in 2 or 3 days after placing the advert.
- follow up on the references you get; if you're happy with them, let them move in.
- You can purchase a lease in Easons and fill it in yourself.
- The PRTB form can be downloaded from here: You just fill in your details and the details about the apt and then get the tenants to fill in their section when they move in.
- Changing the ESB bill doesn't take long; just take the reading, call the ESB, give them your account number, give them the name of the person moving in; give them the address that they can send the bill to for the electricity that you've used;
- Get a set of keys cut for the tenants.
- Let them move in and sign the lease and the PRTB form.

For a few hours work you'll save yourself a lot of money.

Just my thoughts ... others mightn't agree, or your illness might prevent you from doing this yourself.

FYI: When I bought my first apartment, I used a letting agent to let it for me. I've let it ever since myself. They contacted me in November offering to register my tenants with the PRTB for a fee of €150 i.e. €70 to register plus €80 for "admin work".

BTW, hope you get well soon.
 
Thanks biggerry

First should clarify that it is another family member who is ill and that i will be move in to help them out.

Though about doing it myself and when i did the figures worked out that the letting agent will only cost me circa €500. I know that it could be €500 in my pocket but due to work and other commitment wouldn't have the time to do it.
 
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