Are you investing in property in the hope of making money through rent payments? If so, you'll need to know how much your rentals are worth. There's no better way to manage your investment dollars than by putting them into real estate. Unlike with buying certain types of shares, with property you're almost certain to see your assets appreciate in value over time. What's more, collecting rent is a great way to bring in additional income, allowing you to make money on your properties without selling them.
But do you know how much you can be making in rental payments? Especially if you're relatively new to being a landlord, you might not have a good handle on this. To optimise the process and bring in the most income possible, you'll want to know how much your rental property is worth. This is sometimes tough to figure out.
Evaluating the right factors
When you first choose to buy a home with the intent to put it up for rent, it's wise to be thinking from the very beginning about what factors might determine its value. According to Your Investment Property Mag, the most important ones are location and accessibility. Is the unit in a desirable city where a lot of people want to live, and is it accessible from major transportation centres and popular cultural areas? These are the key questions.
In addition, you should look at opportunities for future value, not just what the place is worth today. Is there potential for you to improve your property by renovating it? If so, you may want to calculate the value of the upgrades you can make and consider those figures as part of your overall business strategy.
Work with a manager who will know what your apartment is worth.
How a property manager can help
When offering up houses for rent, some decide that "going it alone" is not the best strategy, and they'd prefer to have property managers on hand who can help with mapping out rental strategies and figuring out finances. The Western Australia Department of Commerce notes that having an agent on your side is often a valuable resource because you can get advice on everything from rental values to insurance policies and home repairs.
One way to get a highly capable, professional management team on your side is to reach out today to First National Real Estate. We have a solid group of experts on real estate in Australia, who would be happy to assist you.
When you contact us, we'll be ready to start you off with a free appraisal of your rental properties. Once you know what they're worth, you'll be ready to move forward with confidence, managing your real estate and making easy money each month.