What You Need to Know as a First-Time Landlord in Waterford

Being a first-time landlord can feel daunting. There’s a lot to do before you can get your property rented out – such as repairs, legal obligations, admin, tenant-finding, contract signing, and so on.

But don’t fret.

A good letting agent will help explain all the ins and outs of the process. And can do most of the work on your behalf.

In this three-minute read, we discuss some of the essential steps you need to take before renting out your property.

Contact a local agent

Before you market your property, you’ll want to know how much rent you can get. While it’s handy to check similar properties in the area on Daft, MyHome or other sites, the most accurate estimate will come from an agent. They’ll tell you how much you can get per month, advise on how to make the property more tenant friendly, and who it may appeal to. It’s worth noting that if your property is within an RPZ (Rent Pressure Zone) then the rent can only be at most 2% higher than the previous rental income. You can find out more about RPZs here.

Prepare your property

Whether it needs a coat of paint or full renovation, you want a rental property to look fresh and clean to attract the right tenants. Keep the décor neutral and the rooms clutter-free. If you’re renting out a furnished property, make sure the furniture is in good condition. The Residential Tenancies Board has clear information on the minimum standards that must be met for rental properties – check out their website here.

Most importantly, ensure all gas and electrical appliances are safely installed. You will also need to supply a BER certificate. You can find out more about BERs and how to improve your rating here. A property with a good BER rating is more likely to attract and keep good tenants.

Insurance

As a landlord, you’re responsible for maintaining the property and taking care of any repairs. Buildings insurance is essential to protect you and your finances. You may also find landlord insurance useful.

Health and safety

You have legal obligations to keep your tenants safe. These include:

• Fire Safety equipment – including fire blanket and smoke alarms which comply with current standards
• Carbon Monoxide detectors
• Annual gas boiler service
• Window restrictors are required for all windows above the ground floor level

If you’re a first-time landlord, get in touch with Liberty Blue’s lettings team. We can find you tenants and take the stress out of renting your property.