If you have a property that you want to rent out, you may find some difficulty in choosing the right rent. It is necessary that you are balancing the price of your property and the rental. The reason for anyone renting out their property is to get a steady income but deciding on the rent can be challenging. No one wants to rent out a property at a very high price as the takes may be few. But going low on rent can bring you to lose money. Hence, it is necessary that you are balancing the price.
What impacts the rent of a property?
- When you are deciding on your rent, you need to keep in mind the size of the property that you have. The smaller the house, the lower the rent and vice-versa. If your house is big, then you can get higher rent.
- The layout of the property is also another factor that you should consider when you decide on the price of the rent. A 1-BHK house will have a lesser rental amount compared to 2-BHK and 3-BHK houses.
- Amenities also play a major role in deciding factor for your rental amount. A raw house without lawns, pools, etc. will not yield much of rent. However, if the house comes with a pool, car parking, clubhouse, etc. then you can raise your rent. An independent house yields more rental income than an apartment in a building as the building may or not have parking space or other amenities.
- Furnishing is also another important factor for deciding on the rent of your house. A house that is fully furnished with appliances, cupboards, well-done kitchen, etc. can have higher rent. The tenant will be ready to pay higher rent if he or she does not have to worry about appliances and furnishings.
- Decide on the rent based on your location because location matters. A person will not want to rent a house or an apartment if it is located in a congested area or even if the area has no access to schools, markets, hospitals, etc. You can choose for higher rent if your house or apartment is located in an area that is accessible.
How to ensure that you are getting a higher rent?
There are some ways in which you can get higher rental income for your property. But the current situation of the demand and supply of properties also play a major role in the rental income no matter how good your property is. However, there are some ways in which you can ensure that you are getting higher rental income for your property.
- Make sure that your property is furnished. If you spend some amount of money to work on your interiors and get your house furnished, then you can get higher rent.
- Buy a smaller 3-BHK so that you can rent it out to 3 people and get more rent for it. But with a big 2-BHK, you will not be able to get a lot of rent.
- A location place or society that has all the amenities nearby can also yield good rental income.
- Choose a broker who is very good and understands your area and has experience in your area. If the broker is good and experienced, then the chances of your rent going up are more. She or he will also ensure that you get the tenant faster.
In India, you can find many brokers who can help you with getting the right rent for your property. You can also choose to use an online real estate website where you can put your property for rent in India. These websites are quite effective and can also eliminate the brokerage fees.
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