Buying to Rent

All the above information on buying property also applies to properties bought to rent out. In addition note:

  • properties in areas of high demand such as properties adjacent to colleges or universities or the River Lagan give the best rental returns
  • have a specialist agent or solicitor prepare a proper letting agreement if this is your first time to let
  • employing a management or letting agency is best if this is your first let
  • a property is often much more attractive to a tenant if it is completely furnished
  • make sure you have full insurance cover of all contents to a suitable value
  • phone tenants referees or present or previous landlords to see if they exist
  • obtain bank references for any prospective tenants
  • insist on a minimum of one month's rent (preferably) to hold as a security deposit against damage to your property or non payment of future rent
  • ask for the signature of a wealthy guarantor from tenants as security for damage caused or non payment of future rent
  • it can take a considerable time to evict non-paying tenants through the Northern Ireland legal process
  • if your property is owned subject to a mortgage you will need your lender's consent to the rental agreement
  • you can offset the cost of your mortgage and repairs against the income you receive for tax purposes (keep detailed records for your tax returns)
  • ensure your solicitor checks that the property is not affected by a restricted rent - they can do this by checking details held on the Rent Register.

Legal content supplied by Wilson Nesbitt Solicitors.