Getting The Right Rental Value for your Rental property
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.
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.
Categories
- Landlords (19)
- Real Estate (9)
- Renewables & Green Issues (1)
- Rental Property Investment (1)
- Tenants (21)
- Uncategorized (11,860)
Archives
- November 2024 (51)
- October 2024 (82)
- September 2024 (69)
- August 2024 (55)
- July 2024 (64)
- June 2024 (54)
- May 2024 (73)
- April 2024 (59)
- March 2024 (49)
- February 2024 (57)
- January 2024 (58)
- December 2023 (56)
- November 2023 (59)
- October 2023 (67)
- September 2023 (136)
- August 2023 (131)
- July 2023 (129)
- June 2023 (128)
- May 2023 (140)
- April 2023 (121)
- March 2023 (168)
- February 2023 (155)
- January 2023 (152)
- December 2022 (136)
- November 2022 (158)
- October 2022 (146)
- September 2022 (148)
- August 2022 (169)
- July 2022 (124)
- June 2022 (124)
- May 2022 (130)
- April 2022 (116)
- March 2022 (155)
- February 2022 (124)
- January 2022 (120)
- December 2021 (117)
- November 2021 (139)
- October 2021 (130)
- September 2021 (138)
- August 2021 (110)
- July 2021 (110)
- June 2021 (60)
- May 2021 (127)
- April 2021 (122)
- March 2021 (156)
- February 2021 (154)
- January 2021 (133)
- December 2020 (126)
- November 2020 (159)
- October 2020 (169)
- September 2020 (181)
- August 2020 (147)
- July 2020 (172)
- June 2020 (158)
- May 2020 (177)
- April 2020 (188)
- March 2020 (234)
- February 2020 (212)
- January 2020 (164)
- December 2019 (107)
- November 2019 (131)
- October 2019 (145)
- September 2019 (123)
- August 2019 (112)
- July 2019 (93)
- June 2019 (82)
- May 2019 (94)
- April 2019 (88)
- March 2019 (78)
- February 2019 (77)
- January 2019 (71)
- December 2018 (37)
- November 2018 (85)
- October 2018 (108)
- September 2018 (110)
- August 2018 (135)
- July 2018 (140)
- June 2018 (118)
- May 2018 (113)
- April 2018 (64)
- March 2018 (96)
- February 2018 (82)
- January 2018 (92)
- December 2017 (62)
- November 2017 (100)
- October 2017 (105)
- September 2017 (97)
- August 2017 (101)
- July 2017 (104)
- June 2017 (155)
- May 2017 (135)
- April 2017 (113)
- March 2017 (138)
- February 2017 (150)
- January 2017 (127)
- December 2016 (90)
- November 2016 (135)
- October 2016 (149)
- September 2016 (135)
- August 2016 (48)
- July 2016 (52)
- June 2016 (54)
- May 2016 (52)
- April 2016 (24)
- October 2014 (8)
- April 2012 (2)
- December 2011 (2)
- November 2011 (10)
- October 2011 (9)
- September 2011 (9)
- August 2011 (3)
Calendar
Recent Posts
- Demand for accessible rental homes surges – LRG
- The landlord exodus is fuelling a rental crisis
- Landlords enjoy booming yields – Paragon
- Landlords: Get Your Properties Sold Fast and Cash in the Bank before the New Year!
- Exclusive: Will the government delay Section 21 to social housing providers and not private landlords?