Investing in Real Estate is one such option that is sure to give you some extra income per month. But the one point where you might be confused is getting the right amount for your property.
You might be afraid of charging more and letting go off potential clients or you might be worried that you won’t get the amount that your property deserves.
Well, here is how you can set the rent for your property to get the right kind of clients on the go!
There are a few factors that are considered while hitting the right balance for your rent.
Check out these factors:
The more the merrier. Higher the area of your property, higher the return in form of rent .
A property with an area of around 1000 sq.ft. set out into a 1BHK flat will be charged at lower rates than a 2 BHK flat with the same area. This is because the 2BHK flat gives the convenience of personal space in the same size compared to the 1 BHK.
As the number of facilities provided in a society/apartment/commercial setup increases, you can charge a higher amount for rent.
A society with all the modern-day security services, swimming pool, clubhouse, a garden area, etc. can be rented higher than a simple apartment.
A commercial setup with lift, security cameras/guards and parking spaces can be rented at a higher price.
If you are providing a fully-furnished home with modular kitchen and setup then you can ask for more amount from the tenant.
Similarly, fully-functional office space will get you more in your pocket monthly.
A road-side commercial property can claim higher rents than an office area hidden behind the rows of housing societies as it offers more visibility.
In the same way, an apartment situated in the vicinity of education centers, shopping malls, hospitals is sure to give you loads.
Now you know that what kind of property sells more. Here is how you can invest in such properties and take measures to gain more income.
• After buying a home/office, make sure that you furnish it properly. An additional amount invested on your property won’t hurt and on the other hand, it’s bound to give you more returns in the long run!
• While investing, keep one thing in mind, a smaller 3 BHK will pay you more than a 2 BHK having a larger area. Make the right decision.
• Invest in a well-maintained house/office with modern-day amenities.
A tip to be business-savvy, keep an eye on the real estate market in Junagadh; when the demand is high, you can set the rent higher and when the demand is low, you can reduce the rent to get the tenants.
Deciding the right amount for the rent of your property will ensure that it doesn’t stay vacant. Generate regular monthly income with the help of your property.
Want to invest in the properties that will help you get a steady income each month?