When you're first using rent prediction tools or rent estimators, you might be surprised to find out that your rental property isn't worth what you thought it was. While you might value your property greatly, not everyone will necessarily think it's worth the same amount when it comes time to pay rent. Here are a few simple tips you can use increase the rent estimate on your property.
Remember Curb Appeal
The easiest way to increase your property's value for a smaller investment is to focus on how your property looks from the outside. Curb appeal can have a significant impact on the overall value, even without spending much. You'll also likely have more potential renters interested in your property since eye-catching properties are the first ones to attract renters.
Location, Location, Location
You might not be able to change the physical location of your property, you can at least make the most of the neighborhood and the market expectations for your area. Before you list your property for rent, be sure to check property reports and average neighborhood rents. That way, you know you're getting the most money possible for your rental property without reducing interest in your rental. Make use of a rent prediction tool if you're unsure about what you should be charging.
Initial Investment Costs
If you're looking for a new property to invest in, keep in mind the difference in costs between what you're paying to buy the property and what you'll be charging for rent. A survey by Better Homes and Gardens Real Estate revealed that 96% of people who have invested in real estate believe their decision helped them achieve financial success. However, if you want to make the most out of your potential investment, keep your starting costs lower. That way, no matter what you charge for rent, you'll be able to have significant profits.
Finding the right amount to charge for your rental property can be a challenge, but using these tips to get the most money possible out of your rental can help. For more information or to find rent statistics for neighborhoods near you, contact Rentometer today.