How much can I rent my Home for?
There are a lot of different factors that influence the amount you will receive when renting out your Norwich house or flat. You’ll need to determine the value of your property first by considering the current rental market. Here we run through a couple ways to work out what you could earn.
You will have to be careful when doing this, however, since pricing the rent too low won’t provide you with the income you deserve. At the same time, a price that is too high will deter renters and the property may sit vacant for an extended period of time.
Determining the Rental Value
You have 2 options when it comes to determining the rental value of your property. You can choose to set your own price or you can ask for help from a local real estate agent.
If you decide to tackle the project on your own, take a look at the rental properties listed on Zoopla and Rightmove. Use the filters provided to find properties that would compare to your own, idea same size, similar location and type of property. This will give you an indication of the average rental amounts in the market.
You’ll also need to be sure that you are looking at properties in your local area since prices can fluctuate from one neighbourhood to the next. If you aren’t able to get the information you need from these rental sites, you can also use a rental calculator to determine the price.
Use Google to find a rental calculator and then follow the steps provided on the site. You will be asked to provide information such as the total size of the home, the address etc. The calculator will work its magic and give you a bottom range and top range of recommended rental prices.
How Home Rental Valuation Is Calculated
There are different factors involved when calculating the best rental price for your property, which include the following:
- Location and amenities
- Property type
- Property condition
- The rental market
Location and Amenities
Most people that are looking for a place to rent are searching in the areas that are close to schools, work, shops, medical facilities, public transportation, restaurants, pubs and much more. If your property is located in a central location, there will be more demand for your place then there would be for a property located in the suburbs.
Single professionals and young couples are often searching for apartments and flats while families often look for a house to rent. Nowadays, HMOs are very popular and can generate a highly rental income. There are a lot of regulations associated with HMOs, however, and you may find that adhering to them isn’t worth your time or effort.
Your property will rent faster if it is in good condition than it would if repairs are required. You will also get less income if the property needs cosmetic work to make it look good. Doing simple renovations to bring your home up to a new level is often worth the money when you consider how much extra you would receive in rental income over the course of the years.
The Rental Market
The rental market can fluctuate quite rapidly. Your home may be in a non-competitive market or it may be in a competitive one. It all depends on how many rental properties are currently available in your area and on the demand for them. You will find that you may have to align your rental price to meet the conditions of the market.
How to Get the Best Value for Your Rental
It all starts with researching the competition to find out what rental values are in your local area for comparable homes. Your home must be priced according to the market conditions in order to attract the most interest. There are some things you can do though to help outdo the competition including doing upgrades on the place and getting professionally stage pictures taken before putting up an ad.
Use a Local Lettings Agent
Get your home appraised by a local agent in order to determine the best asking price for your rental. You’ll be provided with a price that will be based on the agent’s experience in the field. You can decide to use the estimated price or not. It’s all up to you.
Letting agents can also help you find tenants for your property. You will need to pay for this service but there are advantages to using this type of agent. In some cases a letting agent will already have a list of potential tenants that may be interested in renting your property. This would mean that you could find a good tenant very quickly, which would add to your income. They can also help you find long-term tenants and may offer to rent the property from you for up to 5 years. This would give you a guaranteed rent, which is often invaluable when the market conditions aren’t up to par.
You could also try the local Eastern Landlords Association who charge £65 to become a member.