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Becoming a Landlord

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What should I be aware of when becoming a landlord for the first time?

There is much more involved in becoming a landlord of a property than collecting rents, and resolving the occasional maintenance issue.  

Under rental legislation, landlord’s have a multitude of responsibilities to uphold in relation to their property and their tenants. 

It is important that landlords remain organised with maintaining records of rents received, monies transferred, taxes paid, and RTB registration numbers. These records are required by law so it is important that you have them on file for inspection when necessary. It is advised that landlords remain on top of changes in rental legislation to ensure they are meeting their obligations as a landlord, and also to ensure that landlord’s rights are being respected by their tenants. 

It is necessary that landlords have both house insurance for the structure of the property, and they obtain landlords liability insurance to cover themselves for unforeseen circumstances. This will cover unpaid rents, damage to the property, and all other risks that may be posed by the tenants to the landlord. 

Having the right tenant will make becoming a landlord for the first time less onerous and stressful. We recommend that you take your time choosing the perfect tenant for your property as this will pay off long term. In doing so, it is important to vet your tenants using their references and statements to ensure they are reliable and trustworthy in respecting your property and paying the rent in full and on time.

Consider undertaking painting and repairs to any outstanding issues in the property, as this will ensure a higher rental value for your property. A more attractive property will bring higher levels of interest also, making the letting process move more quickly. Check out our checklist for ensuring your property is ready to be advertised on the rental market.

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