New Landlord Checklist

P

patrickjd

Registered User
Messages
96
As a prospective first time landlord it can be quite daunting getting to grips with all the requirements before that all important first let. I hope I have included most of the requirements below.
Please let me know if I have missed anything important.
(BTW I am not employing a letting agent.)

PRTB – sign and get tenant to sign also
Obtain BER Cert
TRS – Cancel with Revenue
Advise current mortgage provider of change to rental property
Lease – verify suitability of lease agreement with Solicitor
Inventory List – prepare and ask Tenant to sign
NPPR – can be paid online
Insurance – get suitable Landlord Insurance in place
Accountant - select one for year-end tax return
Rent Account – Set up separate acc for comings and goings
Solicitor – Engaged and ready to go
Rental Advert - prepare and post in relevant media
Tax – keep detailed records of expenses maintenance etc
Alarm, Fire Exting+fire blanket provided
 
If you have any gas appliances - boiler or cooker or fire I would add Carbon Monoxide detectors to your property.
Also a yearly check by a qualified gas fitter should be done on any gas appliances.
As far as I am aware these are not required by law but I would argue that a responsible landlord should do them - better safe than sorry.
 
Just a few add ons/observations Patrick

Tenants do not need to sign the the PRTB form,this process can now be completed online.

There is no need to check the suitability of the lease with a Solicitor,look at the 2 different types and decide which best suits you-spend a good deal of time familiarizing your self with all aspects of the 2004 Residential Tenancies Act,know it inside and out also familiarize yourself with the rulings of the PRTB from a Landlord POV.

http://www.irishstatutebook.ie/2004/en/act/pub/0027/index.html

Familiarize yourself with HOUSING (STANDARDS FOR RENTED HOUSES) REGULATIONS 2008


I personally would not be notifying the lender that I was now renting the property out as they would almost certainly impose an investment interest rate on the mortgage and if you had a tracker mortgage...adios.

Check refs both work and former Landlords-no refs?let them pass by.Trust your instincts always.

Take photographs of the property just before letting,get the tenants to then sign off on the photos and importantly the exact condition of every item in the property.

I no longer bother placing an ad in the print media,I use DAFT and ensure you post as many pictures of the property as possible in your ad.

Price the property competitively and it will rent quickly with the bonus of being able to pick and choose your tenants,price it unrealistically and it will remain empty for weeks/months.

Have a good general handyman/sparks/plumber to hand when the need arises as it invariably will...a good one is worth their weight in gold.

Treat the renting of the property whether its one or 40 as a business.

Photocopy all receipts that are printed on fax type paper,these fade to white in a very quick time,if you are ever audited at least you will have photocopies of them.

I could go on all night...here is a link to an excellent resource for Landlords that covers just about everything you need to know.

http://www.irishlandlord.com/
 
PRTB – to be done online, just make sure you have tenant's name and PRSI number.

Obtain BER Cert - personally don't see the point of this

Advise current mortgage provider of change to rental property

Not a good idea, if you don't have to then don't tell them, but you must inform your house insurance company.

Lease – verify suitability of lease agreement with Solicitor

That will cost too much. Have yet to be convinced that leases are worth the paper they are written on in Ireland

Inventory List – prepare and ask Tenant to sign
Do a CD/photos of the property

Accountant - select one for year-end tax return

That's a good idea

Rent Account – Set up separate acc for comings and goings

Also a good idea

Solicitor – Engaged and ready to go

? for the lease? Out of curiousity, what is the cost?

Rental Advert - prepare and post in relevant media

Daft

Tax – keep detailed records of expenses maintenance etc

Yes

Alarm, Fire Exting+fire blanket provided

Good

And Knuttel's excellent advice.

 
"Solicitor – Engaged and ready to go

? for the lease? Out of curiousity, what is the cost?"


Not for the lease, for the purchase of the house.

thanks for your good advice.
 
You must log in or register to reply here.
Back
Top