When thinking about your investment property, and what you may expect to charge renters, sometimes there is some confusion in relation to how the current market is doing. Even if you are keeping abreast of the current prices online and you may have an up-to-date understanding of how the market is performing, you might find that your price gauge may be a little higher or lower.
Hence why prospective rental providers should always complete a detailed rental appraisal before proactively making the property available for renters. This is where our experienced property managers research the location, and comparable properties and assess current economic influences- giving you more of information to consider for your investment.
Here is a list of the benefits of a rental appraisal and why every rental provider should consider this before getting the property on the market.
Know your asset
Keeping on top of rental market trends is certainly a full-time job. Many rental providers simply don’t have the time or the latest information at their fingertips. No one wants to have impossible expectations or be offering a complete bargain. A rental appraisal provides a safeguard for you- receiving a thorough and comprehensive update on your property’s value. This will help you to feel at ease with the pricing and you can charge the correct amount of rent and avert any problems finding renters.
Planning finances for your future
If you’re getting ready to purchase a new property with the intention of making it an investment property for the future, you need to know how much income you can achieve and what to expect to generate from your purchase. A rental appraisal will provide you with a clear estimation of your potential earnings. Giving rental providers more certainty and assurance to purchase their investment property and plan other budgets and financial plans.
Maximizing your income
With the recent increases in the interest rates and less flexibility with banks- the market is constantly changing, with some suburbs climbing rapidly in value as others become less appealing to renters. Liaising with an expert team in conducting a rental appraisal, the information provided to you will assist you in getting the greatest return on your investment. Instead of leaving the rent unchanged when you intend on releasing to new renters or to take a predicted guess on rent, you’ll receive insightful advice to guide you in making the right decision for your investment income.
Are you ready to undertake a detailed rental appraisal? We are here to help you and answer any questions you may have about your current investment or upcoming new purchase.