MR Tim McDonald is an auctioneer and letting agent based on Dublin's North Circular Road who read our recent article on being a landlord. "I feel your readers should be aware of some other very important points about residential property investment that you failed to mention:

"Don't buy a property investment on the tax savings alone. Make sure it is located beside shops, centres of employment, public transport and close to sporting and social outlets like the local pub.

"Before you go about letting the property make sure it is covered by landlord's insurance. I come across people every day who have never heard of this type of insurance which covers you if a tenant injures themselves and claims the injury was a result of the landlord's negligence.

"If you manage the property yourself there are certain things you should never do, such as allow the tenants to use the security deposit as the last month's rent. If anything has happened to the property the landlord has no comeback. Never rent to relations or friends as the chances of a falling-out happening are very high and always get your tenants to leave the heat on in the winter if they are going away, otherwise the pipes may freeze and burst."

Needless to say, Mr McDonald supports the earlier view that the cost of a management fee is worth the investment: "Employing a letting agent and property manager means that for a small fee you give all this hassle and responsibility to somebody else."