I am in the middle of deciding whether I should invest in a property that has come up - as a rental. I've never had a rental before and am spending a bit of time deciding everything.
My question is to the renters (I've also never rented, just gone from living at home to buying my own) - about what would be considered reasonable rent.
What I am looking at is a small old church, which I will completely do up - new bathroom, kitchen, double bedroom, and open plan living/dining. I will do new windows, polished floors, etc and plan to furnish it with furniture for bedroom, lounge, dining as well as fridge, washing machine and microwave. It is in a georgous quiet rural location with fantastic views.
It is 10 minutes outside of town and town is 50mins from major city. We have a lot of industry in the area including a power station which is only 5 minutes from the church.
In town, people pay $200 plus - a girl I work with pays $200 for a 2 bedroom old house in town with a dining setting and some crockery in the kitchen.
How much would you pay??? Maybe a hard question, but what do you think would be fair?
Definitely get a rental apraisal (or three ) from a couple of different local REA. But also check out the local rental listings on realestate.com.au and Domain.com.au and have a look what other properties in the area are going for and how they compare.
I agree with Lulu and Misty and also think v carefully before furnishing - the vast majority of rental places are unfurnished so most renters will have their own stuff and it would just be an extra hassle for them to store it and could put them off.
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What's a fair price for this rental?
) from a couple of different local REA. But also check out the local rental listings on realestate.com.au and Domain.com.au and have a look what other properties in the area are going for and how they compare.
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