When investing in a real estate property, whether residential or commercial, always ensure to evaluate certain things like the exact amount of rent you can generate, ROI, and how much does it cost? And an essential aspect of all is the value of any property, especially if you plan to buy it as an investment.
If you plan to rent your commercial property, the best option would be to contact a real estate agent, as they will help you get the best rate possible.
Nevertheless, here are some ways you can evaluate the rent of your property by yourself.
Find out the market rate of your property.
To evaluate the exact rent of your property, you need to figure out the current market rate of your property. While that depends on several factors, calculating the market price is essential as it is the first step to determining the rent value of your real estate.
While calculating your property’s market rate, consider the following factors.
- The locality your property is based in
- Framework and accessibility
These two factors are significant in determining the price of a property. The location in which your property is based will set the standard rate of your property. Moreover, the infrastructure in your localities like schools, universities, and health care facilities helps figure out how accessible your neighborhood is and how convenient the day to day life is there.
Calculate the rent per square foot.
It s the most popular way to evaluate the rent of any property. First, find out the rental rate per square foot in your locality. Then, measure the area of your house and determine what the total square feet of your property are.
After getting the exact figures, multiply them with the rental rate per square foot, and you will get an estimate of the precise rent of your property.
Browsing through rates
The internet today is a boon to our lives. There’s nothing that we can not find on the internet which involves rental rates too. So go on the internet and search for the rental properties around you.
Compare them with your property in terms of area, amenities, number of rooms and bathrooms, etc. Comparing your property with similar ones will give you a brief idea of how much rent value you can get for your real estate. However, factors like location and infrastructure can differ between the rates, so do not forget to consider them.
