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Sep
4

Getting The Right Rental Value for your Rental property

property house rental pricing

Understanding the proper pricing is the most important way to ensure your property lets quickly.

In order to price your rental property competitively, without selling yourself short, it is important to understand the key components to pricing your rental property prior to listing your home for rent. Looking into the various types of homes currently on the market is an easy starting point and will most likely give you a better understanding as to what type of competition you have, as well as the current pricing schedule set out by the various competition.

Different factors can allow for a higher rental price, all of which should be considered.

1)     Rental Property Type

Is your home a simple one bedroom flat, or is it an elaborate 5 bedroom home backed onto a ravine? Is the garden fenced in or was it open for all to see? The type of home is important when establishing your base point in rent for many reasons. If you have maintained or upgraded many different parts of the lot, you would be able to charge a higher price tag than those who have no gardens to offer. If your rental property has also been fixed with outdoor lighting, pool, hot tub or the like, although it may not increase the rental price substantially, it can increase it a small increment. Take a good look around your neighborhood at other rentals to see what they offer in comparison and gauge your rental property accordingly.

2)     Upgrades

Is your home fit with skylights or dishwashers? How about an extra seating area for house guests? These additional features aside from the basic list of household basics are the perfect areas to increase your rental price—with just cause. One of the main reasons people are willing to pay a little extra is for the extras included in the price. If you have upgraded your kitchen to a state-of-the-art masterpiece, you may be able
to increase the rent. Likewise, if your bathroom is fit with a claw-foot tub and floor warmer tiles, you can expect potential tenants to understand an increase in price.

3)     Services included

Are you offering full garden care with the price of your rental? Do you take care of additional expenses like garbage removal or offer security thro

ughout the building? These wonderful additions can help you increase the value of your rental easily, as people are willing to pay for the rewards of living somewhere with great service.

Taking the time to consider how your rental property differs from the standard rental unit, in both good and negative ways can help you truly understand what a fair market rental price should be. Overall, you should always price similarly to those in your current area (for the same sized unit of course) without under pricing. People have a tendency to avoid high-priced units and likewise, many people believe—if it sounds too good to be true, it normally is—don’t be this rental property or you may find yourself stuck for trying to get it let out.

Aug
15

Fire Safety In Properties – Landlords Beware!

 

Proper fire safety measures must be taken when letting or going to let a flat or house.  A few simple steps can be taken to help avoid fires.  The proper installation of a smoke alarm and carbon dioxide detector should be installed on all floors of a flat to ensure there is a proper awareness should a fire break out.  These detectors can be purchased and installed by the landlord or tenant at minimal cost. Regular checking of batteries for the detectors need to be done to ensure they are in good working order. The Building Regulations (1991) state that all properties built since June 1992 must be fitted with mains operated interlinked smoke detectors/alarms with at least one detector per floor level.

It is also the case that all Houses in Multiple Occupation (HMOs) are required to supply mains operated interlinked smoke alarm system.

Also having fire extinguishers, fire blankets and a proper fire escape are all key components when it comes to safety in properties.  Before moving into a flat or letting a flat to a tenant, these items should be regulated and checked and put on the inventory list as working before the let agreement is signed by both parties.

 

Landlords must maintain the electrical and gas fixtures so none of them are faulty therefore causing a possible fire.  If a tenant sees an issue with any of these items, it must be given in writing to the landlord immediately so they may rectify the situation.  Disrepair can be rectified quickly and will help overcome possible fires within a reasonable duration.

 

There are many other reasons fire can start within a flat or house.  Many accidents and fires occur through negligence and can be avoided with a few simple rules.  If the tenant is a smoker all cigarettes should be disposed of in the appropriate tin.  Never empty a tin into the trash without making sure the tin is cold or filled with some liquid.  Refrain from smoking in bed, as lying down to sleep makes for many fire related injuries and losses.  Never drape wet laundry items over heating elements to dry them.  Candles should be used with caution and be in view always.  Unplugging appliances when not in use is another way to prevent a possible fire from happening.

 

Make sure the furniture in the flat is fire resistant.  The landlord is responsible for seeing that all furniture and material is fire resistant, confirming the resistance with a symbol in each piece.  If a tenant finds furniture that is not resistant, then contact the landlord to have this procedure done or replaced with the appropriate furniture.  If a tenant does not have a landlord that is compliant with the fire regulations, contact the local council or fire service.  The council and fire service will contact the landlord and take the appropriate actions needed to make sure the rules are followed.

 

By landlords and tenants following the safety rules and guidelines along with common sense, almost all fires can be avoided.  When in doubt, seek legal advice and know your rights.

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