How much should you charge tenants for your Surrey rental property?
In the property industry, some landlords tend to overprice their properties, because they’ve put their heart and soul into getting it ready and have a personal connection. You need to remember, a rental property is not your home but added monthly income.
Overpricing your property can be an extremely expensive mistake to make, because it could mean the property remains vacant longer than it needs to be, which will effectively cost more than having a realistic asking price in the first place. However, if you undervalue you’re immediately losing out on monthly profits!
Here at Park and Bailey, we can offer you a free, accurate, confidential and no obligation market appraisal of your homes worth. This is the essential first step in letting your property at the correct price. It is vital to us that each property is priced realistically and accurately. Our staff are passionate about the property market and have a real depth in knowledge and understanding of the local areas.
Before you should start marketing your own property, make sure that you check how much other landlords are charging for comparable properties in a similar area. When we say, “similar properties” we mean in terms of size, style and location. This will allow you to see the current market rate and know what you should be expecting to receive for your property.
Alternatively, you could search for similar properties in Surrey on Rightmove. This is an effective way of finding out how much rent you should be charging your tenants. Limit your search to find properties within your local area, to find out the average rental price. If you don’t find properties available for rent in your area, you might find it difficult to identify how much you should be charging! In that case, it’s worth having a look in your local newspaper. Most newspapers have a property section with what’s available for rent locally.
It is vital that you carefully price your property, because the biggest mistake you can make is to misjudge the value. If you over value, you run the risk of scaring your tenants away. If you happen to find a very similar property to yours by using any of the methods listed above, make sure you compare the commodities. For example, furniture, garage, car parking space and garden – as these all affect the asking price.
This is where we can help, even though you may not want to use a letting agent to market your property, it will be worth tapping into our minds for local knowledge! Park and Bailey, will know how much your property is worth and more importantly we know lots about the area.