Are you a landlord looking to check you are charging the correct rent to your tenants? Or are you looking to rent a property and would like to know how much you can expect to let it for? Whether you have a portfolio of properties or simply one that you’re looking to value - our team of RICS Chartered Surveyors can prove a useful tool in these circumstances. Having proof of a fair, up to date rental valuation means you know exactly how much you can expect from your tenants.
Market rent value explained
The market rent value is the amount of money a property would rent or lease for if it was available at a specific time. For a fair rental value, an expert's judgement based on knowledge, appraisal and intuition will determine this.
What is the purpose of a market rental valuation?
As we mentioned above, one of the most important decisions you will make when managing your buy-to-let property is determining a fair market rental value. Once this calculation is made by a trusted RICS Chartered Surveyor, it will help you to decide on the rent you plan to charge your tenants.
A rental valuation is conducted by a Chartered Surveyor who will take into account a number of factors. This includes taking into account rental rates of similar properties in the same area, the condition of the property and also the size.
The property market is ever-changing, so a Chartered Surveyor will take this into account at the date of the valuation and will analyse and assess the relationship between then tenants and landlords in order to come to an opinion of value.
The second purpose of market rental valuations is when we assist landlords who want to remortgage their existing property that has increased in value, then use the equity released to purchase further properties. Alternatively, landlords may look to do the opposite and reduce their portfolio, so they will need a rental valuation to sell their properties and make the best use of their capital gains allowances.
How will the rental valuation be conducted?
During a rental valuation, one of our qualified RICS registered valuers will undertake a physical inspection of the property; taking into consideration a number of attributes such as size, condition specification and location. Using local knowledge and gathered evidence throughout the inspection, an accurate valuation can be determined.
Morgan Sloane is here to help with your valuation. Our team of RICS Chartered Surveyors have experience working for lenders and landlords alike in the preparation of rental valuations across Essex. With years of experience within the local area and knowledge of the property market, you can rest assured that your valuation is up to date and accurate. Speak to our team today to book your rental valuation.