Many people rent out their house or apartment as an income stream and the Dublin rental property market is quite buoyant now and likely to remain so at least until the Dublin housing crisis is resolved.

So what do you need to consider before you make the decision?

A property rental provides not alone a monthly income stream, but also an asset that appreciates with time – and again that appreciation is likely to continue given current market conditions.
Needless to say, there are tax considerations both on the income and Capital Gains on the appreciation when you cash in, but taxation applies to all investments.

There are maintenance costs too, not alone the annual management charge that goes with an apartment (and some housing developments), there are the regular upkeep costs for painting, white goods breakdowns and the almost inevitable plumbing jobs that will arise.

On top of that you need you need to factor in replacement costs, white goods will need replacing and there will come a time when you have to replace the kitchen units or wardrobes, flooring or you may have to upgrade to keep in line with current legislation.
And if you are relying on the monthly rent to pay the mortgage, as many are, you need to consider what you will do if the rent stops for whatever reason- every landlords nightmare is a tenant who doesn’t pay the rent for example.
I would strongly recommend that you consider putting your own ‘sinking fund’ in place to cover those potential situations. A figure of 5% over time would give you a level of comfort, but whatever you can afford is great.

And do ensure that your landlords insurance is in place, it’s a relatively small cost and is deductible against tax.

Choosing your tenant is the single most important factor. It is a matter of doing the due diligence and checking each of those references and the personal judgement you make on the people you choose.
Consider what you want from your tenants –
The size of the family
How long are they likely to stay.
Can they afford the rent over the long term
Do they suit the development – while they blend with the neighbours. A family with young children may find a music playing neighbour a problem.
What will they be like to deal with if a problem does arise. A mutual respect is important for a good relationship.

Being a landlord is more complex than it used to be – a lot more.
The Standards in Rented Accommodation legislation defines what the ‘must haves’ of a rented property are and a variety of legislation covers your relationship with your tenant. Those rules and regulations are presided over by the Residential Tenancies Board, commonly known as the PRTB, who are there to resolve issues arising between the tenant and landlord and will act on behalf of either party.

The Residential Tenancies Act of 2004 is the primary legislation the RTB work on and it is a minefield. Landlords quite innocently have fallen foul of the Act while doing what they consider to be ‘the right thing’. There are plenty of newspaper articles about landlords being fined for breaching the Act in one way or another, wittingly or unwittingly.

Having said all of that the majority of tenants are well behaved, pay their rent on time and look after the place, which is, after all, their home.

Employing a Letting Agent not alone takes a lot of the work off your shoulders, but gives you access to a skill set and experience. All Agents must be registered with the Property Services Regulatory Authority and should be able to show you their licence.
And find an Agent who you can talk to – who will be there to answer the occasional question after the fee has been paid and who does have the knowledge to guide you.
You may also consider an Agent who will manage the tenancy for you – in other words be the first point of contact for both yourself and the tenant, who will arrange to get the plumber in and who will make inspection visits to the property on a regular basis.

I hope the above is helpful, you can contact us here if you have any questions.

1. It is wrong to assume you can make décor changes to the property you rent.
   Your lease probably states that “you may not, without the written consent of the landlord, make changes to the structure or the décor of the property”. Or something very similar.
   To a landlord, magnolia makes perfect sense. It’s clean, bright and very serviceable. Pop in a blue vase or a red painting and – instant personality!
   On top of that, you can’t give people carte blanche to
2. It is wrong to assume that you cannot make changes to the property you rent
   That clause says that you can at least talk to the landlord about making some changes.
3. It is crazy to put your hard-earned money into someone else’s place
   The place is fine right? It’s clean, it was painted before we moved in last year and the landlord’s really nice, we don’t want her to think there’s something wrong after all.
4. It is crazy not to spend a little money on giving the place a little love
   You’re here a year already, you’re probably going to be here for two, maybe three more years.
   It’s really important to feel comfortable in your own home, right?
   Of course it is, what could be more important?
5. I’m afraid I won’t get my deposit back
   A very good point, and a great reason to put together a plan. Map out what you want to do, then go to the landlord. Most landlords appreciate tenants who want to enhance their investment.
6. I’m still afraid I won’t get my deposit back
   Reinstatement is the key – the landlord wants to know if he can bring the place back to it’s original condition when you leave. So no strong colours, no big brackets on the walls and don’t assume you can throw anything out without getting the ok first.
   And everything you do must be done professionally – paint the wall, not the carpet. Hanging curtain rails properly is not as simple as it looks.
7. I don’t know where to start
   In that case it’s best to decide how much you want to spend and where you want to spend it –
   
   The Sitting Room –
   Put matching table and floor lamps in.
   Buy that painting that says something about you
   And of course throws and cushions that blend with your new curtains/lampshades/painting

The Bedroom
Blend coloured and plain white bed linen, cushions and throws to elevate the appearance of the room and add texture. Bedside lamps (lampshades really) can add real character to a room.
BTW more and more of our tenants are asking about getting a larger bed – the standard 4’6” is

simply not big enough anymore. That is a problem for the landlord, he or she will probably consider the bed to be perfectly serviceable and in any case few landlords have room to store excess furniture.
Maybe you can do a deal for the second-hand value of the bed with her, or agree to leave your bed behind when you leave in 5 years’ time?

The Hallway
Lean a full length mirror against the wall.
Position a large photo or painting just under a light, make a statement with it too, interesting, quizzical, arty and grab your guests attention as they arrive.

The Kitchen
Change the handles and knobs on the presses and drawers (ask first and keep the old ones).
That’ll work in the bedroom too.

Sites like www.tempaper.com offer wall decals and paper that goes up easily and comes down without leaving any residue

8. And plants, real or faux, table top, floor standing bamboo or wall hanging add life and vibrancy to a home.
   And it is your money, so spend on things you can bring with you.