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Guide To Letting > General Questions
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Letting Guide - General Letting Questions And Answers |
Below
are some common questions asked by those new to letting
How
Much Rent Can I Charge?
The amount
of rent that you can charge is determined by a range of factors:
-
The
number and size of the rooms, for example a flat with two large
rooms will command a higher price than one with one large room
and a box room, as the first flat will attract two individuals
sharing who require equal space
- The location
of the property
- Current market
conditions
- The condition
and appearance of the property
Usually there
is little difference in rental charges between furnished and unfurnished
properties, however there is often more demand for smaller properties
that are furnished.
It is advised
that you approach a few different letting agents and ask them to
suggest an appropriate figure. This will give you a good idea of
the rental value for your property.
If you decide
to use a letting agent to handle the rental of your property, don't
simply opt for the one providing the highest rental figure. Often
agents suggest a higher rental value to get you onto their books
and your property may remain vacant as prospective tenants consider
it too expensive.
How Should
I Collect My Rent?
If you decide
to use a letting agency to manage your property or a rental collection
service, then the tenant will pay their rent directly to this agent,
who will then pass the rent onto you, minus their fees.
If you originally
used a letting's agency introduction service to find your tenant,
then you will simply need the tenant to pay the rent into your bank
account.
How
Long Will It Take To Find A Tenant?
The length of
time it takes to find a tenant depends on a number of factors:
- Market conditions
- Whether the
property is being let for a realistic price
- Condition
and appearance of the property
- The type
of property
- The time
of the year
- How well
the property is marketed
If the conditions
are right, then it should be possible to find a suitable tenant
within a couple of weeks.
How
Long Should A Tenancy Agreement Last?
The agreement
will vary according to the tenants requirements. Generally an agreement
will be drawn up for a minimum of six months or one year with a
break clause for the tenant to give two months notice at any time
after four months.
Most corporate
lets will last for three years, but the client is likely to require
the right to break the agreement. For this type of let, it is usual
to have a rent agreed for the first year, with an option to extend
for year's two and three at a slightly higher rental rate (usually
linked to inflation).
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