Renting Out an Inherited Property in Ireland: What You Need to Know

Renting Out an Inherited Property in Ireland. If you’ve recently inherited a property, you may be wondering whether to sell it or hold onto it for rental income. With Ireland’s ongoing housing shortage, keeping the property and renting it out could be a smart financial decision. However, becoming a landlord comes with legal, financial, and practical responsibilities that you need to consider carefully.

In this guide, we’ll walk you through the key steps involved in renting out an inherited home and why hiring a professional property manager is often the best decision for landlords who want a stress-free experience.

Ensuring Your Property Meets Rental Standards

Before you can rent out your property, it must comply with the Housing (Standards for Rented Houses) Regulations 2019. These regulations set out minimum requirements for heating, ventilation, safety, and overall habitability. You can find a full list of these requirements on the Citizens Information website.

Additionally, all rental properties in Ireland must be registered with the Residential Tenancies Board (RTB). This is essential for both legal compliance and tenant protection.

Obtaining a BER Certificate

A Building Energy Rating (BER) certificate is legally required before you can advertise your property for rent. This certificate assesses the energy efficiency of your home, and a better BER rating can make your property more attractive to tenants. If your BER is low, consider making energy-efficient upgrades such as improved insulation or heating systems.

Tax Obligations as a Landlord in Ireland

Rental income is taxable, so you’ll need to declare it to Revenue. However, there are deductions available for expenses like:

• Mortgage interest (if applicable)
• Property management fees
• Maintenance and repair costs
• Local Property Tax (LPT)
• RTB registration fees

Should you self-manage the property or hire a letting agent or property manager?

One of the biggest decisions you’ll face is whether to self-manage the property or hire a letting agent or property manager. While some landlords prefer to manage their properties independently, hiring a professional can save you time, stress, and potential legal pitfalls.

Benefits of Hiring a Property Manager:

• Tenant Screening Expertise: Professional agents conduct thorough background checks to ensure you get reliable tenants.
• Legal Compliance: They stay up to date with the latest rental laws and regulations, reducing your risk of legal issues.
• Effortless Rent Collection: No chasing late payments—your agent will handle all financial transactions.
• Maintenance Coordination: Property managers take care of repairs and maintenance, saving you time and hassle.
• Maximised Rental Income: Experienced agents know how to price your property competitively and reduce vacancy periods.

Hiring a professional means you can enjoy the benefits of rental income without the headaches of day-to-day management. If you decide to hire a letting agent, ensure they are licensed by the Property Services Regulatory Authority (PSRA).

Tenant Selection and Lease Agreement Ireland

If you choose to manage the property yourself, tenant selection is crucial. Conduct thorough reference checks and review any past disputes on the RTB website. Once you’ve chosen a tenant, put a clear, written lease agreement in place that outlines both parties’ rights and responsibilities.

It’s also a good idea to create a detailed inventory with photos to document the property’s condition before the tenant moves in. This can help prevent disputes over damages later.

Landlord Insurance and Ongoing Property Maintenance

Standard home insurance does not always cover rental properties, so you’ll need landlord insurance. This can protect against property damage, liability claims, and loss of rental income.

If you’re self-managing, regular property inspections can help ensure the home is being well maintained. However, a professional property manager will conduct these inspections for you and handle any issues as they arise, ensuring your property remains in top condition..

Rent Pressure Zones (RPZ) and Future Regulations Ireland

If your property is in a Rent Pressure Zone (RPZ), rent increases are capped at 2% per year or in line with general inflation (whichever is lower). These restrictions apply to both new and existing tenancies unless an exemption applies.

The Irish Government is currently reviewing rent control policies, and changes are likely in the near future. Staying updated on these developments is essential, and a property manager can keep you informed and compliant.

Renting out a property in Ireland

Renting out an inherited property can be a great way to generate income while retaining the asset for the future. However, it requires careful planning and ongoing management.

If you prefer a hands-off, hassle-free approach, hiring a professional property manager is the best choice. They will handle everything from tenant selection to legal compliance, ensuring your investment is protected while maximising your rental returns.

Looking for expert property management services? Get in touch with our team today and let us take the stress out of being a landlord!

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