Renting out your apartment is a great way to make some money from a property that you would not be using. However, there are a number of steps that you need to take to ensure that the rental process runs smoothly.
Get A Rental Value
Once you have decided to rent out your apartment you will need to get an estimated rental value. There are 2 ways that you can do this and they are through research and by getting an agency. If you are going to use research to find the rental value then you will need to start with looking for apartments in the area that are being rented out. You should look at apartments that are similar to your own and see how much they are charging. You can use an average to determine what you are able to get each month.
Many people find that it is easier to get an agency to give you a valuation. You should ask 2 to 3 agencies to look at the apartment and provide you with a rental value. You will not be obligated to use the agency as a letting agent if you ask them for a valuation. You will then be able to get an idea of what the agents believe you property can rent for.
Look At Value Adding Improvements
If you want to increase the amount that you get each month for the apartment then you should consider some value adding improvements. This could be something as simple as repainting the apartment or it could be a more expensive project. However, before you commit to any improvements you will need to weight the costs and benefits.
You should look at how much the improvement will cost you to complete and compare this to the increase in the rental value. If the increase is not very much then you might want to reconsider the improvement. However, if the improvement will increase the functionality of the apartment then you need to seriously consider completing it.
Know Who Your Tenants Should Be
While you can hire an agency to screen potential tenants you will still need to provide them with some information about who you are looking to rent to. Some people do not feel comfortable with having children in their apartment while other people will not allow pets. You need to consider who your ideal tenants would be and let the rental agency know.