Deciding what rent to charge
It is important to set the rent at a realistic level. If a property is marketed at too high a price, you will not attract any tenants. If a property is marketed at too low a price, you may not attract the most suitable tenants and you will miss out on potential income.
For budgeting purposes, you should allow for regular costs such as letting agent's fees and mortgage payments. You should also allow room in your budget for 'void periods' where the property is vacant and you are not receiving any rental income.
Using a good letting agent, ensuring tenants are properly referenced, and maintaining the property to a high standard can help you reduce your void periods.
We can help you decide on the appropriate amount of rent to ask for your property. We can also offer advice on average maintenance costs and void periods for the type, size and location of your property.