As a landlord in today’s market, there’s a lot to remember when preparing your property to let. It is important to keep on top of current regulations to ensure that you are fully compliant. Click on the buttons below for further tips and advice and matters critical to being a landlord.
INSURANCE
GOT THE CORRECT COVER FOR YOUR RENTED PROPERTY?
All owners should ensure that they have the correct insurance cover in place and do not rely on standard household cover when letting their property. An investment property requires specific Investment Property (Buy-to-Let) Insurance. Always ensure that the insurance company is aware that your property is rented as failure to disclose this could result in the policy being void in the event of a claim.
When renting a property, the areas a Landlord should ensure are adequately covered are:
- Contents Cover
- Loss of rent Cover
- Building Cover
- Third Party Liability
If the property is located in an apartment building, the building and loss of rent insurance cover may be included as part of the annual management fee. You should check and confirm this detail with your Management Company and ensure that you take out an individual and separate policy for your contents.
HOW TO REDUCE YOUR PREMIUM
- Shop Around - There are many insurance brokers offering buy-to-let insurance with experience in meeting Landlords’ specific requirements.
- Fire Equipment - Fit smoke alarms, fire blankets and fire extinguishers.
- Alarm - Install an alarm at the property for added security.
- Fit Security Locks.
- Negotiate - If a landlord has numerous investment properties the insurance company may offer a bulk discount.
Useful Websites:
http://www.irishlandlord.com/index.aspx?page=infocentre_article_view&id=6
back to top
BER RATINGS & CERTIFICATE
WHAT IS A BER RATING?
A Building energy rating or BER certificate is an energy rating which gives an indication of how energy efficient a property is. The rating is graded on a scale, A being the most efficient and G being the least energy efficient.
Recent legislation requires that all properties offered for sale or rent after 1st January 2009 must obtain a BER Certificate which must be carried out by a registered assessor. Non compliance with these regulations can result in fines of up to €5,000.
Each BER will remain valid for 10 years from the date of issue unless there are works carried out to the property which may affect the properties energy performance.
O’Dwyer Property Management Ltd work closely with reputable energy assessors and can assist in organising a BER Certificate for your property. Call us on 01 6603822 for a quote.
Useful Websites:
http://www.seai.ie/
http://www.seai.ie/Your_Building/BER/Your_Guide_to_Building_Energy_Rating.pdf
back to top
HOUSING REGULATIONS & MINIMUM STANDARDS
MINIMUM STANDARDS FOR RENTED ACCOMMODATION
From February 2009, properties for rent must meet the minimum housing requirements as outlined in the Housing (Standards for Rented Houses) Regulations 2008. The Regulations were established to improve standards of rental accommodation and phase out sub-standard rental accommodation across the market.
The regulations concentrate on issues such as:
- Heating
- Clothes Washing / Drying Facilities
- Cooking Facilities
- Ventilation / Lighting
- Fire Safety Equipment
- Quality of Electric and Gas appliances
- Adequate refuse storage facilities
Failure to comply with these standards can result in penalties and / or prosecution.
Useful Websites:
http://www.environ.ie/en/Publications/DevelopmentandHousing/Housing/FileDownLoad,19428,en.pdf
http://www.citizensinformation.ie/en/housing/
back to top
ETCI CERTS
ETCI INSPECTIONS
The new housing regulations state that all installations in rented accommodation for the supply of electricity and gas shall be maintained in good repair and safe working order.
A current ETCI Periodic Inspection Report by a registered electrical contractor for the electrical installation in the house may be necessary to prove compliance with these regulations and should be carried out every five to ten years.
ODPM can carry out this service on request at a cost of €200 per property. Please contact the lettings team on 01 6603822 for further information.
Useful Websites:
www.etci.ie
back to top
PRTB
THE PRIVATE RESIDENTIAL TENANCIES BOARD
The Residential Tenancies Act 2004 confers rights and responsibilities for both Landlords and Tenants. The Private Residential Tenancies Board was established to resolve disputes between Landlords and Tenants and to operate a system of tenancy registration.
Landlords must register with the PRTB within one month of renting a property in order to avoid penalties. Failure to register may result in a fine of up to €3,000 and/or up to 6 months imprisonment.
As managing agents O'Dwyer Property Management Limited ensure legislative compliance on behalf of all their clients.
Useful Websites:
https://www.prtb.ie/default.aspx
www.threshold.ie
http://www.environ.ie/en/Publications/DevelopmentandHousing/Housing/FileDownLoad,1996,en.pdf
http://www.oireachtas.ie/documents/bills28/acts/2004/a2704.pdf
back to top
NPPR
PROPERTY TAX ON ALL NON PRINCIPAL PRIVATE RESIDENCES
The Local Government (Charges) Act 2009 gives effect to the Governments decision to introduce a €200 charge for non principal private residences. It applies to residential property, with certain exceptions, the most important being principal private residences. Owners (not occupiers) are liable to pay, and payment should be made to the relevant local authorities.
Failure to pay within one month of the due date incurs a late payment fee of €20 per month. Local authorities are not required to issue bills, however, the charge arises annually on the ‘liability date’, which was set as 31st July 2009. For subsequent years, this date will change to 31st March. You can visit www.nppr.ie to pay these charges online and for more information.
Useful Websites:
www.nppr.ie
back to top