Are you a first time landlord wondering how to value your property, or perhaps your new investment is in an area you’re not confident in? Maybe you think it’s time to reassess the situation after years of charging the same rental price, or after some home improvements. Well read on for LetBritain’s simple step-by-step guide to valuing your property.
Your first port of call is to visit one of the national major property platforms, such as Rightmove and Prime Location, and search for properties similar to your own. Be as wide and accurate in your search as possible. For example, if you have a 3-bedroom house, search in your postcode and local area for 3-bedroom houses. Make sure you don’t specify a minimum and maximum price as you want to see the full scale of properties available for rent at this moment in time. This will allow you to gauge not only the prices, but also the quality of property at each rental value. Try not to search too far from your postcode, as rental prices will be affected by proximity to schools, train stations, other public transport links and the town centre.
The next step is to start searching for houses or flats with one more or one less bedroom than your own. Remember that number of bedrooms isn’t the only deciding factor when considering what rent to charge. For example, if you have a large 2-bedroom house, in a nice area, you may be able to charge as much as a smaller 3-bedroom house. On the other hand, if you are letting a property with four box rooms you will probably not get away with charging the same rent as a large 4-bedroomed property, so do your research thoroughly.