When preparing property for market, we tend to work directly with numerous Irish landlords. Thinking of landlords, most assume they are wealthy individuals whose sole purpose is to maximise their return on their investment.
From our experience, we can safely say that landlords in Ireland stem from all walks of life! In fact, you never know when YOU might become a first time landlord.
Many become a landlord purely down to a change in their circumstances. For instance, due to their work commitments they may move away and rent their home, others may inherit a house and rather than sell it they may decide to rent it!
We are only too well aware of the unfortunate plight of those trapped in negative equity that perhaps own an apartment, have outgrown it and their only alternative is to rent it out and move into larger rental accommodation. Another common scenario is when a parent(s) go into full time care and their children become responsible for managing their once family home which they can often end up renting.
For some fortunate individuals who decide to take off travelling the world, they may rent out their home before their adventure. With couples who perhaps both own accommodation, they may choose to rent one of their properties. And who knows, for those fortunate enough to win the lottery, they may end up investing in property and thus becoming a first time landlord. So there you go, just some of the possible scenarios that can land you with the leading role of “landlord”.
Looking back as a first time landlord, the whole initial process certainly was unnerving. It’s only when you are thrown in at the deep end that you can feel vulnerable mainly because you are not fully informed about the necessary regulations and obligations and indeed the actual rental process itself.
Time and time again, we are meeting first time landlords who are unsettled by this very prospect and are unsure about their new role.
Our part in the letting process is mainly concentrated on helping our clients prepare their houses for the rental market so that they will achieve the best possible return and quickly. We do not get involved in the actual letting process. Offering an affordable turnkey service to landlords, we take care of all the necessary refurbishments, repairs to best enhance the property. In saying this, we are always mindful of a landlord’s responsibilities and duties and always like to go that extra mile for our clients.
Whenever we are working closely with landlords, we freely offer them as much support and relevant information as possible. Although there can be a few grey areas we can help the long time landlord with, we often find that it’s the first time landlords who really benefit and appreciate our guidance. On a previous blog we offered some general advice for landlords http://www.placelift.ie/top-tips-for-the-first-time-landlord/
Even if you find a reputable letting agent, it is always wise to be fully up to speed with all the necessary rules and regulations. At the end of the day, the onus of responsibility lies with the landlord.
Our next blog, “Getting your house ready to rent” (Part 2), we hope to provide a useful and practical guide on what exactly a landlord should be mindful of.
For a turnkey solution for your rental property, why not arrange a consultation with Placelift.