Settling on a fair rent

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  • Settling on a fair rent

    Is there somewhere I should be looking to help me come to a fair rent to charge?

    I've looked in local papers but there hasn't been much like the property we hope to rent out.

    It will be unfurnished but will have curtains, carpets, washing machine, cooker, fridge/freezer and washer/dryer. We will see to all repairs to appliances also.

    Thanks in advance.

  • #2
    Have you looked at Rightmove?

    http://www.rightmove.co.uk/

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    • #3
      Thanks very much Mrs Mug. Will take a look right now.

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      • #4
        Also, check out findaproperty.com. On the information page for your area they list the average rents for the last three months!

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        • #5
          Originally posted by Twohoots View Post
          It will be unfurnished but will have curtains, carpets, washing machine, cooker, fridge/freezer and washer/dryer. We will see to all repairs to appliances also.
          I agree with the previous 2 posters.

          Also worth bearing in mind that you are not offering anything 'exceptional' above and beyond the standard 'unfurnished' property. Washer/Dryer etc will make the place easier to let but unlikely to affect the rent greatly.

          Good luck

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          • #6
            Look at the local LHA rate. Tough it is only a guidance.

            Also, for tax reasons, it is better to rent out furnished (even if part furnished).....

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            • #7
              Originally posted by Snorkerz View Post
              I agree with the previous 2 posters.

              Also worth bearing in mind that you are not offering anything 'exceptional' above and beyond the standard 'unfurnished' property. Washer/Dryer etc will make the place easier to let but unlikely to affect the rent greatly.

              Good luck
              I didn't mean to imply that we were offering anything exceptional. I was just trying to give some idea of the place.

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              • #8
                Originally posted by irishgem1 View Post
                Also, check out findaproperty.com. On the information page for your area they list the average rents for the last three months!
                Thanks for that. Have looked but nothing listed for our area.

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                • #9
                  Contact a couple of local letting agents. Tell them you are considering using them to market your property and manage it (depending on the cost and their terms and conditions, etc. - ask for a copy), or possibly self-managing but using them to find a tenant. Invite them round to have a look at the property. Ask them how much rent they think it will command.

                  Then say you will let them know when you have studied their T & C.

                  Then let them know that you have decided to self-manage.

                  If you struggle to find a tenant it may be worth paying them to find you one, as long as their commission on this is not extortionate. As long as they have prospective tenants on their books, this could work out cheaper than having a couple of months void period while you hunt.

                  Even if you do not use them for anything, you will at least have an idea of a sensible rent to charge. They won't mind, because they will think you are more likely to choose them in the future if you get fed up of self-managing.
                  'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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                  • #10
                    Originally posted by Twohoots View Post
                    Is there somewhere I should be looking to help me come to a fair rent to charge?

                    I've looked in local papers but there hasn't been much like the property we hope to rent out.

                    It will be unfurnished but will have curtains, carpets, washing machine, cooker, fridge/freezer and washer/dryer. We will see to all repairs to appliances also.

                    Thanks in advance.

                    You could also visit some of your local letting agent's websites and see if they have any properties that are similar to yours and in your street/neighbourhood.

                    Also, try some of the non-agent orientated websites, such as spareroom and search as if you were a tenant.

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                    • #11
                      Originally posted by Twohoots View Post
                      I didn't mean to imply that we were offering anything exceptional. I was just trying to give some idea of the place.
                      No offence intended - just trying to clarify that you should be aiming for the average rent for the area, not something startlingly higher. I am finding it difficult to work out why there is nothing similar to compare with. Is it a particually large house? 6 beds for example?

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                      • #12
                        No worries Snorkerz .... No, it's a tiny one-bed house in a large village. I find plenty of 2 beds but no 1 beds. The nearest town is quite posh and the prices there are always higher than the rest of the area, so I need to be cheaper than those I guess.

                        Also, if I compare it to a one-bed flaat with no garden that's not right either. This is maintenance free, 2 parking spaces, lovely small private garden and a conservatory which makes a lovely extra room.

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