Though it can be hugely rewarding, becoming a landlord in Ireland is also a big responsibility. There are plenty of rules and guidelines surrounding being a landlord, and as with most businesses, paperwork plays a role in getting set up and ensuring you are compliant with the law. Here are all the documents and paperwork that you need to be a landlord in Ireland, along with some others that you might want to consider.
Though it is not an obligation, you may like to take part in the Betterlet RTB Accredited Landlord Scheme. Through the accreditation training, you will learn about best practices for managing tenancies, about how to prevent and resolve disputes, and about how to make sure a property complies with minimum standards.
The training is completely free and carried out over one day, followed by a short multiple choice assessment. If you pass the assessment, you will be accredited for 2 years and reviewed on an annual basis. You are expected to keep your accreditation status up to date by attending a further training session within thos 2 years. Other top up modules will also be made available to you so you can get a rounded overview of the ins and outs of being a landlord in Ireland.
Even if you feel confident in what you are doing, becoming accredited will give you additional peace of mind that you know your rights and obligations. It will also help assure future tenants that you will follow proper protocol and that you take your responsibilities as a landlord seriously.
Again, this is not a requirement of becoming a landlord, but good insurance is highly recommended to help protect you and your investment. You can find options for buildings only insurance or for buildings and contents insurance, which you might like to consider if you are offering your property furnished.
What is covered will vary by policy and provider, but landlord insurance will protect you against things like:
Damage from floods or fires
Accidental damage to the property
Landlord advisor costs if your tenant breaches their contract
Alternative accommodation and loss of rent due to damage
Replacement locks if the keys are stolen
Emergency home assistance
Naturally, you should always do your research to make sure your landlord insurance cover is adequate and shop around to make sure you get the best quote. It may be an additional expense, but it could save you plenty of money in the long run should the unexpected happen.