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How much rent should I charge? |
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Before securing a property, you should have researched a rental assessment to determine realistic rental values. Developers can sometimes exaggerate what their properties can be let for, which is why due diligence is so important The lender will also undertake a rental assessment. This is an important survey as your mortgage offer is based offered on the level of borrowing the expected rental income will support. If the rental valuation falls short it can affect your mortgage offer and may mean you have to put more money into the deal.
However, even though a sensible monthly rental figure is the best way to get your property let quickly, be aware that some investors do try and let their properties for more than the going rate and this can affect how quickly the property is let. It is better to have a small shortfall in rental income than an empty property. 80% of something is better than 100% of nothing.
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