Importance of Property Valuations

When you let property, you need to make an informed decision. With ana ccurate assessment of your property, you'll find it becomes easier to make the right call.

Landlords need to make informed decisions, which means you need to know the local market, and what people’s expectations are. If you don’t know what people are willing to pay in rental fees, you cannot make suitable plans as a landlord.

Therefore, you should always begin with an appraisal of the local market. Look at what rents are being charged, and at the variance of rental fees. It is important to know the reasons behind different valuations.

Sometimes property valuation differences are apparent

Sometimes the reasons for differences in property valuations are obvious. A larger home, a home that is in better condition or a home that is in a fantastic area is likely to attract a higher fee than property which doesn’t meet this criteria.

The importance of property valuations affects every issue you face as a landlord, even from before you buy your rental accommodation. The value of the property influences what sort of mortgage a lender is willing to buy. The condition of the home, and the willingness of tenants to pay a suitable fee are critical factors for mortgage lenders. The valuation of the property you wish to buy will influence what buy to let mortgage you can obtain.

The value of the property influences the tenants you wish to reach

You’ll also find the value of the home, and the rent you can afford to charge, will influence what tenants will hold an interest in your rental property. You may have an ideal tenant in mind, and it is likely there will be tenants looking for homes in your area. However, you need to make sure your home is suitable for these tenants.

If you aspire to rent to households looking for a high-quality home, it is likely the value of the house will be high. The rent you can charge will be reflected in this, but equally, the price you need to pay to obtain this rental property will be much higher.

Your budget is affected by the rental property valuation

Therefore, the valuation of the property will impact your budget, and what you hope to achieve in the market. You should look to arrange a valuation as early on in the process as possible, as this will help you bring everything else together as a landlord.

An instant valuation is a great starting point, and can allow you to start the process of letting your property. However, for a more informed decision, you want to ensure your property is valued by an expert who visits the home and assesses it accurately.

Being a landlord is difficult, but you need the right information to make the best possible decisions. Therefore, you need to call on local experts to help you out. At Ariston property, we are pleased to say we have helped many local landlords, at all stages of the rental process.

When you want to let your rental property with confidence, get in touch and we’ll be more than happy to assist you.