We want to rent a house we've had for sale and aren't sure how much to ask for rent. I'd heard it's 10% of the home's value. Can anyone verify that? Also, I cannot find a site that actually lists the houses for rent in our area. They only list apartments. We do have a realtor, also. Must we go through her?
2007-04-13 10:57:45 · 4 answers · asked by ? 6 in Business & Finance ➔ Renting & Real Estate
I already know the fair market value for selling it and its appraised value. I want to know how to calculate what I can ask reasonably for rent.
2007-04-13 11:25:45 · update #1
There is no calculation. The value of the property has nothing to do with the rent.
In the open market people pay to rent what people can afford to pay. How desirable your property is to a renter will also matter.
The best way to get a benchmark is to look in the paper. Focus on the classified ads for the area where your house is located. Match the number of bedrooms as that is a key driver. If there is anything special that renters care about see if the ads show similar houses. What ever the ads say is pretty much what you can get on a good day.
You can also ask property managers. They will know what they can rent it for and what the market is going to pay.
Many people will pay extra to own a house. That is why the value is normally independent of what the same property will generate in rental income.
2007-04-15 01:46:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your realtor will be able to give you the fair market value of you home. Most do this with no charge. If you don't have any experience in property management you should really have someone help get you started. There are many laws that are changing constantly, contracts and agreements that need to be addressed, quite a few details, and if you leave one out you might get screwed.
2007-04-13 11:06:20 · answer #2 · answered by dancing11freak 2 · 0⤊ 1⤋
Kind of. What you do is calculate an "proprietor occupied percent". The time you rented it out was once three months. Divide three months out of yr which equals, 25%. Show seventy five% as the landlord occupied percent. Tax methods will allocate seventy five% of the loan curiosity and truly property taxes to Schedule A and 25% to Schedule E.
2016-09-05 12:30:55 · answer #3 · answered by ? 4 · 0⤊ 0⤋
have you tried looking in the local newspaper?
2007-04-13 13:34:31 · answer #4 · answered by njyogibear 7 · 0⤊ 0⤋