Be realistic about your house’s rental value

Just as people need to be realistic about what their property is worth when putting it on the market to be sold, they also need to be realistic about what it is worth in the rental market.  Just as with selling a property, location is always a key factor.  Just because your house is the most beautifully presented in a certain area, does not make its rental value 25% higher than the average for that area.  Always remember that a rental property needs to be clean and tidy and well-presented but not to your own personal taste and specifications.  Having hugely expensive, gold-plated taps does not change the water coming out of them – the cost of the taps cannot be added to the overall rental price.  It is far more important that the boiler works!  All of us have fallen victim to over-finishing a property that is going to be rented and feeling disappointed when an agent tells us that it is only worth a certain amount.  Having a property standing empty for a couple of months because you are hanging on for an extra £50 per month is false economy, however annoying it may seem at the time.