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If you’ve invested in residential property or are considering the prospect, it’s important to decide how much rent to charge. As your rent contributes – whether in part or full – to your mortgage repayments, it’s realistic that you’ll want to obtain a favourable amount. Here are some tips to working out the right amount to charge.

How Much Rent Can I Expect to Receive for my Property

If you’ve invested in residential property or are considering the prospect, it’s important to decide how much rent to charge.

As your rent contributes – whether in part or full – to your mortgage repayments, it’s realistic that you’ll want to obtain a favourable amount.

However, you also need to consider what the going rate is in the market and the features of your property. These factors can impact how much rent you can receive.

There’s a delicate balance between charging too little and too much, but with the right research you should be able to come up with the appropriate figure.

Take a Look Around the Area

The first port of call when it comes to setting rental prices is to consider what other landlords are charging in the area.

If you charge less than than the average rate in your investment property’s street or suburb, you might attract a wider pool of tenants. However, you could also be short-changing yourself.

Likewise, you might be able to bump your rent higher than the average rate in the area. However, you should consider whether your property’s features justify this. Raise the figure too high and you could out-price yourself from the market, while still having loan obligations.

Consider Your Features

If your property has ample living space, a backyard and a study, you’re in a better position to scoop up a tidier rental income than a neighbouring property that’s dingy and lacking a spare room.

Other features or property aspects that potential tenants might be on the lookout for include a separate laundry, room size and off-street parking.

Perhaps you’ve recently completed renovations on the rental property. If so, you might be able to charge a little more.

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While you want to consider your outgoing expenses when coming up with a rental figure, including the property’s mortgage and maintenance costs, it also pays to view the property from the eyes of a tenant and consider how much a reasonable person would pay.

Is your current home not quite right for your needs? Whatever the reason, you might sell your property if it’s time for a change. Here are five reasons why it might be time to change your current living situation and buy a new home.

Does Your Current Home Still Suit Your Needs?

Is your current home not quite right for your needs? Whatever the reason, you might sell your property if it’s time for a change.

Here are five reasons why it might be time to change your current living situation and buy a new home.

It’s A Squeeze

Your first home may be accommodating for one or two people, but if you’re looking to start a family, it may seem a little cramped.

If you simply don’t have enough bedrooms for a family in the near future, it might be time to consider a move. Likewise, if you already have one or two children but are considering having another, you might consider upsizing.

Young children are often happy sharing a bedroom, but it’s wise to think into the future, when older children may want their own space.

It’s not just bedrooms you’ll need to consider. Having ample living space and even a backyard area are important features for families.

A common tip given to investors is to consider local schools, parks and shops in order to appeal to plenty of tenants. But the same advice applies when you’re buying for your family, so keep these factors in mind.

The Facilities Aren’t Right

Have you got the best home on the worst street? Alternatively, your neighbourhood may be pleasant, but it just doesn’t offer the facilities that you want.

Whether you want access to lots of local cafes or are keen on having an aquatic centre and gym nearby, a lack of quality local facilities may encourage you to sell your existing home in order to shift into an area that better suits your needs.

You’re Sick of Commuting

Perhaps it’s not the house that’s the problem, but getting to and from work each day.

Whether you’re stuck in the car for well over an hour, or find that public transport links are infrequent or unreliable, it might be worth moving.

Remember that properties in more central locations can carry a higher price tag. It’s important to weigh up the costs of of mortgage repayments against your regular transport costs.

You’re Wasting the Space

In the later stages of life, couples often become empty nesters and are left with an expansive family home.

Downsizing is an option for many, but there are some important factors to keep in mind. If you’ve got strong links with the local community, you might like to limit your hunt for new residential property to a few nearby suburbs.

You’ll also need to consider what happens to the furniture and possessions you’ve accumulated over the years, as it may not all fit in a smaller property.