6 Things Every New Landlord Should Know
Being a landlord is a challenging thing. Renting an apartment or any other kind of property is more than a mere part-time duty or a hobby. It is a property investment that demands your full attention and a lot of hard work.
Things can get even trickier if you are a non-resident landlord in Ireland or are simply new to this. However, there are many things that you should know and things to consider before you begin renting out your property. Read on to learn about things that every landlord should know.
Make sure that everything is following the regulations
Renting a property is sometimes more complicated than setting up a place for you to live in. This is because every place that accepts tenants must meet a particular set of rules and regulations.
This means that before you start renting your property, you need to make sure that it is up to all the standards.
For instance, some areas might require wheelchair ramps or carbon dioxide detectors or some other unique addition that you do not consider a necessity.
Check local rules and regulations before you begin searching for tenants. Check out SCK Property to learn more about the minimum requirements for keeping up your property in a respectable - and rentable - state.
Consider hiring a property manager
If you don’t feel like dealing with the legal requirements and the needs of your tenants, consider hiring a property manager.
This option is handy for anyone who doesn’t feel the urge to be deeply involved with property.
If you own more than one property, hiring a property manager is almost a must.
Someone who can dedicate all their time to tending to your tenants’ needs while making sure that all the bills and rents are paid while simultaneously looking after all the norms and regulations will be a precious asset to you.
Keep an eye on the market
If you opt to take care of all your landlord duties yourself, you should always keep an eye on the current renting landscape.
This means that you should keep tabs on the current renting prices and look at the potential tenants that might be interested in the place you are looking to rent.
Who is your ideal renter? Is your property in an area that is attractive to university students? If so, what amenities do they need? Perhaps your perfect renter is a single person or a family with kids and pets.
Make a profile of your perfect tenant and set up your property accordingly.
Have a lease agreement signed
A lease agreement is a document that you and your tenant(s) should both sign.
In case you are not informed on how to prepare a lease agreement, log on to this link ezlandlordforms.com/documents/
It should include your names, the amount of rent, and how frequently it must be paid and also mention the security deposit and any other additional fees.
A lease agreement should also note any limitation on tenancy (such as keeping pets or smoking) and include all illegal or prohibited activities during the lease.
Ensure also to write down who is responsible for maintenance costs and how you plan to deal with any damages to the property.
Once you have a rough draft of the lease agreement, have a lawyer or another legal professional go through it with a fine comb. Finally, check it with your potential tenant too.
Once you are satisfied with the agreement and no amendments are needed, it is time to sign the papers.
The more details you cover in the agreement, the easier your job as a landlord will be, as you can simply point to a specific point in the agreement whenever an issue arises.
Set up an emergency fund
When everything is going fine, being a landlord can be an excellent source of extra income. But pipes do burst, appliances do break, and things in general sometimes do go wrong.
For such occasions, you should set up an emergency fund.
Simply put aside a certain percentage of the rent money every month and forget about it. Instead, call it your emergency fund and let the funds accumulate.
You can set up a final sum that should go to your emergency fund but keep on setting some money aside even when you reach that mark. That way, you will have a nice small saving fund that you can spend on yourself.
Respect your tenants
Before you let anyone move into your property, do all the necessary screenings and a background check. Then, once you are satisfied with your potential renters, remember to treat them with respect.
For instance, once someone is renting your property, you cannot just pop in unannounced - you are legally obliged to give them a 24 hours heads up before you come to visit and inspect your property.
Keep your relationship professional. Be quick in responding to any messages or questions they might have. Be proactive in doing any fixes or repairs that are your responsibility.