Owner of an apartment or a house in Ireland? Follow our tips for renting out a property and figure out all benefits the rental investment can bring you. All that within the Irish law.
The benefits of rental investment
The rental investment has several significant advantages. Investing in stone is primarily to ensure a long-term supplement income during your period of activity, then once in retirement.
In some cases it will even allow you to reduce your tax liability. The work, repair or improvement of the property are sometimes tax deductible. You can also help a friend or a family member by allowing him to be housed appropriately for a negotiable and often more attractive rent.
Investing in stone is a long-term additional income and can become a potential heritage.
Finally, investment in real properties constitutes a potential heritage to pass on to your loved ones.
Key success for renting out a property
As an owner, you have the right to let all or a part of your property to another individual. It can be a house, an apartment or even a room.
In Ireland, you are free to set the rental price. Before setting it, you need to understand the current market rate for similar properties around yours. However, in November 2015, a law was voted for only allowing the rent to be reviewed every two years.
The rent can only be reviewed every two years.
If you plan an investment, make sure not to buy any type of upstream assets in order to let it easily then. For easily renting out a property, choose a good one with a good location. It will most likely attract more tenants. The best locations are next to schools, close to the centre. Properties located nearby local shops or hospitals are also great.
Let preferably to a tenant you trust, in addition to having a sufficient income to pay the rent. And be careful to respect the law. A landlord can not refuse to let to a tenant because of their gender, marital status, family status, sexual orientation, religious belief, age, disability, origin or membership in the community of Travellers.
Be available and listen to your tenant! Especially in case of repairs or work requested.
Buy a rental investment in a good location to attract more tenants.
Set a date of payment for the rent.
And do not forget that everyone has rights and duties. Homeowners like tenants. For more information, please visit the PRTB site.
Where to advertise your property?
Several choices are available to you before renting out a property: doing it yourself or hiring a professional.
In the first case, you can use several ways to communicate your ad for potential tenants:
- The classifieds of your daily newspaper: historical and always effective way.
- Real estate advertising websites, such as www.powertiz.com.
- Social networks: your network of friends or family can introduce you some people who often prove to be reliable tenants.
Find a tenant by yourself on Internet or via your networks
If you do not want to manage your own property, hire a professional. He will run an ad and make visits to rent your property. Then he will collect the rents, manage the work and repairs on your behalf when needed.
A professional can fully manage your property for about 15% of the monthly rental price.
You should consider on average 15% of the monthly rental price for the management of your property. But this can be a real asset if your property is geographically distant or if you simply do not have time to manage all the constraints related to the renting out your property.
In any case, do not neglect the description and the photos in your ad if you want to attract tenants for sure.
A happy tenant is a loyal tenant!
We also advise you to proceed with a minimum of renovation to make your home more welcoming. Renewing some old furniture is also recommended. That will allow you to avoid frequent change of tenants. Remember, a happy tenant is a loyal tenant!