Investing on renting property is a wonderful additional source of income. The value of houses never goes down as people are always looking for dwelling place. So, if you have a place which you can give on rent that will help you to run your family more smoothly, even during inflation. How to decide the actual rent of your property? To you, your property is priceless. But, you just can’t tag it with any amount. You should go for a market research and then you can decide.
Things You Should Consider before Establishing the Amount
Yes, there are some vital things which you need to know before deciding the renting amount. What are those? Have a look-
- Location of Your Property– If tenants look for house for rent in Hyderabad it will cost them more than a rental house in any interior part of the country. Decide the rental price, depending on the location of your property.
- Surrounding of Your Property– Does your flat is in the middle of the town? Is it very easy to communicate with other parts of the city? Are daily amenities not very far from your house? Then your property is always on high demand. Decide the price on basis of that.
- Type of Your Property– If you have a bungalow-type house, it will cost more. If you are giving rent for only one room of your house, the renting cost will be lesser. If it is a flat, then depending on the number of rooms and space, the renting cost will be decided.
- Safety of the Place– This is one of the vital issues on which renting cost depends. Maybe, your property is well furnished and has all the amenities. Your expectation is generally high from it. But, tenants always look for a property without any crime hazards. If the surrounding is not peaceful, you can’t get good amount for it.
- Standard Neighborhood– A friendly neighborhood is the thing that everyone likes to have around them. If your property is in a place where the neighborhood follows a standard of living and friendly and helpful, that would be in demand.
Now these are the key factors which are important while deciding the amount of rent for tenants. But, there are some more things which add value to your property. Here are the amenities that play important role while deciding the rental price of your property-
- Recent updates, including paint, modifying kitchen and bathroom, etc.
- Location at first floor as this is more desirable. If you have a flat at fourth or fifth floor, you should not expect a rent equal to first or second floor. Again, if your apartment has lift, the cost will increase.
- In-built kitchen appliances, like wooden cabinets, dishwasher, etc.
- Additional store rooms like basement or attic.
- Facility of garage parking.
- Additional entrance.
- Additional facilities like sewer, heat and hot water.
If you are planning to use your property as rental house, make sure if you have these utilities. Then, after a successful market research, decide the rent of your house.
Debdatta Mazumder is an assistant lecturer of a reputed college and writing is her passion. On her free time, she likes to share her thoughts with people and there is no better way to reach many than writing unique articles on exclusive topics.