You’re ready to rent your home, you have a marketing plan and you need to find tenants. One thing left to do, determine how much to charge for your rental property. What factors affect the value of your rental property? We have made a list of the most common factors:
1. Number of bedrooms and bathrooms. This is the most obvious factor that affects the value of your rental home. Generally speaking, if two rental properties with the same number of bedrooms and a different number of bathrooms, the rental with the most bathrooms will rent for more.
2. Size of rental property. Square footage in a rental property also affects it’s rental value. You must also take into consideration how many levels that square footage is split up over.
3. Amenities. Modern amenities in the home will bring in more rental income than a rental property without them. Such appliances as washer/dryer can even affect the value and help you rent your property more easily.
4. Location Location Location. Just like buying a home, a rental properties value will be greatly affected by it’s location. Is it close to good schools, parks, or other commonly traveled areas? Does your rental property have shopping or restaurants nearby?
5. Landscaping. A nice yard, fenced in yard, large yard, outdoor storage shed or any other outdoor amenities are sure to bring more value to your rental property.
6. Garage. If you rental property offers off street parking or better yet a garage, it will raise the value of your rental home and add a huge selling feature.
7. Allowing pets. Allowing pets will affect the value or your rental property, as well as open up an entire new range of potential tenants.
For more questions about factors that affect the value of your rental home, contact us at 785.320.7977.