Are you seeking to find out the rental value of a property within your portfolio? Perhaps your current tenants have handed their notice in, or you've recently made an investment and are preparing to let it out for the first time. Whatever your situation, it makes total sense to get a lettings valuation before placing it on the market. That's where Hunters can help you.
Industry data from Rightmove reveals average rental yields in Q2 of 2022 were as high as 8.1% in some UK regions, which is great news for landlords. But you need to make sure you are charging a fair and competitive price to attract prospective tenants. At the same time, you need to bring in enough to cover your outgoings and make a profit. It's a delicate balancing act, which is why a thorough rental valuation is so important.
Here, we'll take you through everything you need to know about rental property valuations, including what is covered, how much they cost and what happens afterwards. Hunters has a nationwide network of letting experts who can offer comprehensive valuations, so please get in touch if you'd like to find out more.
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Why do I need a rental valuation?
Receiving a letting agent's valuation means you'll get an expert opinion on where you should pitch your prices. This will vary based on the type of property and its location, among other things, and there are lots of factors that are taken into consideration when calculating rental prices. It can be quite a complex process to tackle yourself, even if you are an experienced landlord, which is why we would always recommend arranging a valuation of any investment property.
It will allow you to let the home for a fair and reasonable monthly cost. Without the information provided by the valuation, you could set your rates too high and deter potential tenants from booking a viewing. Conversely, you could end up setting your rates too low and struggle to cover your outgoings as a result.
What is covered when you value my rental property?
Many aspects will be discussed when you book a rental valuation. These include:
Your target tenants
Are you looking to attract young professionals, students, families, commuters or those that fall into another demographic? Someone in full-time employment is likely to be in a position to spend more on their rent than a tenant who is studying at university, for example.
Are lots of people in that area searching for the type of property that you're letting? And if they are, is that level of demand likely to last? If the situation is set to change, it could affect how much you charge your tenants.
How well situated is the property? Is it close to lots of amenities such as shops, cafes and bars? Is it within handy reach of the local transport networks? If you're targeting families, what are the schools like in the area? A property that ticks all or most of these boxes is likely to receive a higher rental valuation.
Fixtures and fittings
Will the property be furnished, or will the tenants be expected to provide much of that themselves? Furnished homes will likely be given a slightly higher rental valuation, while you'll also have to take into account whether major appliances such as ovens, fridges and freezers will be included.
Condition of the property
If the décor needs updating or maintenance is required, your lettings valuation may reflect that. If the property does require a bit of work, you need to make sure it is safe, clean and in good repair before placing it on the market.
What do I need to prepare before a rental valuation?
Your agent request to see the deeds to the property and some identification to confirm you are the owner. But otherwise, there should not be too much you need to prepare other than ensuring access to all parts of the home is possible.
How long will it take to value my rental property?
That will depend on the size of the property. A one-bed flat will not take as long to look around as a four-bedroom family home, for example. So, the time it takes can vary but you can usually expect a rental valuation appointment to last for anything up to an hour. You should also factor in the amount of time it takes for us to sit down and talk you through all of our services and discuss all the information you need to know about being a landlord.
How much does an estate agent's valuation cost?
We can provide a rental property valuation completely free of charge. There is nothing for you to pay at any stage of that process and there is no obligation to let your property with us when you come to advertise it on the market.
What happens after you value my rental property?
Once the rental valuation has been completed, your agent will let you know the results i.e. what you can realistically charge your tenants for a property of that type in that location. Once you have that information, you are free to proceed however you wish – whether that be letting through Hunters or via an alternative route.
How do I book my rental valuation?
Making an appointment for an estate agent's valuation should be a simple process, and that is exactly what you get when you choose Hunters. You just need to head to our booking page and follow these three easy steps:
1. Enter the property's address
2. Pick a preferred date and a time for the valuation
3. Submit your contact details and your nearest branch will be in touch to confirm
Why should I choose Hunters?
As well as offering free rental valuations, there are plenty of other reasons to choose us:
· We can provide advice on the likes of insurance and rent protection as well as help you get your property ready to let.
· Our customer satisfaction rating is well over 90% – much higher than the industry average of 73%.
· We will advertise your property on all major portals including Rightmove, Zoopla and Prime Location.
· Our landlord portal allows you to keep track of all your lettings in one place.
· We have fully trained lettings experts across the country, so we'll never be far away when you're looking for a rental property valuation.
· It's our job to be fully versed in the 400+ rules, regulations and legislations of being a landlord, so you don't have to worry.
· You can check out our landlord resources, which are full of lots of useful information, tips and guides.
So, if you need a lettings valuation, look no further than Hunters. It takes a matter of moments to book your appointment and if you have any other questions, please feel free to get in touch.