One of the questions the agents of Williamsburg property management get asked most frequently is, “How much should I charge for rent on my property?” This is not an easy question to answer, as there are a number of factors that go into deciding on a rental price. Read on to learn more.
According to the pros of Williamsburg property management, the first thing you want to consider is the square footage of your rental property. Keep in mind that sheds and garages do not contribute to the overall square footage of a home. After you have determined how much space you’re offering, find out the rent on comparable homes in your area. This should give you a general idea of what ballpark you are in.
You will also need to figure out what amount of rent will turn you a profit. After all, that is why you are renting out property in the first place. Take into account your mortgage, the cost of upkeep, and property taxes. Remember, while it is important to make a profit, you must also set a reasonable rental amount; you don’t want to price yourself out of the market. An unrented house will make you no money, so be realistic.
If you’d like to charge more in rent, add extra amenities that apartment-seekers will pay for gladly such as a washer and dryer, a dishwasher, and stainless steel appliances. There are many cost-effective ways to raise your rental property’s worth, so do your research!
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KRS Holdings | 2000 West Club Lane, Richmond, VA 23226
Phone (804) 554-3197 | fax (804) 282-4757