How Much You Should Rent Out?

Determining the rent priceIn renting out a house, besides to find the right tenant, the problem left is to determine the rate. It’s not easy. But I’ve got some tips from my aunt who rents some part of her house. First thing first. Do some observation about the average price of properties that resembles to your property.

If you have spent much money to repair or renovate your property before you rent it, you have to include this factor into rent cost determining. The budget includes painting cost, interior renovation, etc.

Make a facility list within your house, like wardrobe, kitchen set, electronic equipment, water heater system, room cooler, etc. By such, you know more what you offer to the tenant so you can estimate the cost according to those facilities.

Don’t forget to consider the situation around you. If your property location is near the airportor station, you can add this as an added value. You also have to think about the trivial, such as noisy or neighbor attitude to the tenant. He or she might ask you about this.

Get market ratio analysis. This is one of the services prepared by the real estate agent so you can ask them to do it. This service will tell your property value and give the suggestion to you in determining rent cost. It’s possible to get second or third opinion so you can get more accurate analysis.

Photo from csmonitor.com

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge