What Is A Rental Appraisal?
By Jahnae Jackson
Whether you own an investment property or are considering purchasing one, a rental appraisal can help you achieve your property investment goals. Having a thorough understanding of your property’s current rental value, comparable properties and market conditions lets you assess your asset’s financial viability. If you want to maximise your investment potential, here’s why you should get a rental appraisal.
Why Should You Get A Rental Appraisal?
As a property investor, you must make many important decisions about your asset, which is where a rental appraisal can assist. This valuable report allows you to understand your investment property or one you are considering purchasing, set realistic goals and project your future cash flow. Carried out by a real estate professional, a rental appraisal provides you with the facts you need to make better decisions.
Regardless of which stage of the property investment journey you are at, a rental appraisal can be beneficial. If you’re a first-time investor, it can identify which location is best suited to your budget and help you understand your return on investment. On the other hand, if you’re a seasoned owner, it can reveal if you are getting the best possible returns or indicate potential returns if you’re considering building your portfolio.
What’s Included In A Rental Appraisal?
A rental appraisal presents a detailed analysis of your property’s rentability and marketability, given the current market trends and conditions. A real estate professional will assess your property’s location, features and nearby amenities, as well as the area’s recently rented properties and overall housing market. Once they have reviewed these factors, they will prepare an accurate report which should include the following:
- Rental Price Estimate – Professional opinion of the marketability and likely rental range of your property.
- Similar Rented Properties – Comparison of your property to other similar properties that have recently rented in the same area.
- Current Market Trends & Conditions – Overview of market trends, conditions, demographics and demand and how these could impact your property’s appeal and rental returns.
- Results-Oriented Marketing Strategies – A personalised plan and advice about how to market your property to reach the best tenants and achieve the maximum rental price.
When Should You Get A Rental Appraisal?
There are many instances where you should get a rental appraisal. If you’re considering buying an investment property, it can give you an accurate idea of what the asset may return and could also be required when you get a loan. If you already own an investment property, a rental appraisal can ensure that you are getting the best returns. It can assist with lease renewals, rent reviews, improving your property’s appeal and checking current rental rates.
How Do You Get A Rental Appraisal?
If you would like a no-obligation complimentary rental appraisal of your investment property or one you are considering purchasing, we are here to help. Simply fill in your property’s details here, and we will send you a detailed report about your property. This document will include an overview of your asset’s estimated rental returns, current market trends and how our experienced Gold Coast property management team can help maximise your investment potential.
At ManageMe, we work closely with you to understand and achieve your property investment goals and are committed to providing you with the highest standard of professional property management. Whether you are a first-time investor or seasoned owner, we will guide you every step of the way and make it a rewarding experience. Contact us to find out more.
Before making any financial decision, you should seek independent financial advice from a licensed financial advisor.
