I am very new to this so excuse my ignorance.
In working out the “11 second rule” you need to know the rent of the propoerty, this is fine if the property has a current tenant but what if it was owner occupied and you think that it is a good deal?
Is there a way of determining the expected rent (say % of property value) or where would I find resources to determine the expected rent?
Should I be looking for properties that are currently rented (ideal)?
Thanks in advance.[
]If the house is not currently tenanted it’s a case of “best guess”. Check rental lists or ring agents for similar houses in the same area that are currently being rented. This will provide you with a good guide, and the final price as always is determined by the market at the time, and the specifics of the particular property.
Usally the agent can give you a good idea on rents but in saying that….. the agent is the one that’s out to sell you on the property, so beware
R2
I’d speak to a few agents in the area and find out what a property with the same number of bedrooms etc is renting for.
BB[
] Thanx Guys/Girls, I will put that into my search criteria. I just didn’t want to depend on the agents estimation as R2 said that they are the ones trying to get you to buy the property.Thanx again.
Hey Milkman,
I’m forever ringing up agents in the same area to get an idea of what the rents might be. I usually ask three different agents to get a reasonable ball park figure. You have to take the condition and extras into account.By the way, they want you to buy IF they think you are a buyer. I’ve called agents and asked about rental prices and they thought I was looking for a home to live in…I don’t usually tell them any different…unless they ask which happens if they are on the ball. However, if you haven’t mentioned any particular property they don’t usually get too excited in my experience.
Have fun with it,
Hungry []hi guys
As i’mstillhungry said ask a lot of agents. i purchased a house recently and one agents told me the rent would be $130pw but 2 other told me $155pw. obviously i went with one of the $155 agent, and they achieved this for me. So it is wise to talk to a few agents, sadly some rental managers under value their homes or haven’t kept up with the increases in rents that are happening.
regards westan
]
The topic ‘Rents’ is closed to new replies.
