Appraisal

How should a landlord or property manager determine how much rent to charge for their property?
A property appraisal can be easily obtained which is an expert judgment as to the value, evaluation of its worth, significance, or status of the property. A property appraisal provides a rental rate or value gauging how much to charge for rent or the rent amount a tenant may be willing to pay. An appraisal consists of the value or rental rate of a ‘like’ property in the same area.
For those choosing to search for appraisal information themselves the following information may help alleviate any uneasiness; replaced with information and knowledge of the rental market.
First, write down the amenities of the property. Asking yourself does the property come with a washer/dryer, type of heat, fireplace, kitchen appliances, garage, carport, or yard and the number of bedrooms and bathrooms.
Next, look in the immediate neighborhood for like properties searching first for the same number of bedrooms and bathrooms, then for matching amenities from your list. Write down the amenities of each property and the rent amount being currently collected. Match your property with amenities of other properties.
When completed, take a look at how your property matches up. Better, not as nice, or equal? Match your rent to like properties, adding more for additional amenities taking away for lesser amenities. Search on-line sources reflecting the rental rates in your area to gain additional insight into your rental market. When completed, your property would have had an appraisal and you are also solidly informed and educated about your property and the area rental market.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/


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