Rental Appraisal Christchurch
A rental appraisal tells you the earning potential of your rental property and should be carried out every 12 months free of charge. Our experienced property managers will compare similar properties and the unique features of your property to create an accurate assessment of the current fair market rent.
How we determine the value of your rental property
Our experienced property managers assess a number of factors when determining the current market rental value of your property.
Recent market trends
Particular suburbs and areas can often experience mini-booms so it is always our starting point to compare similar advertised properties to see how much rent they are currently asking for and by how much that asking price has gone up in the past 12 months.
The number of bedrooms in a property is one of the first things that people look for when purchasing or renting a house. It is the same with a rental appraisal where we consider the number and size of each bedroom to consider if they are usable as a double room, single room, guest room or home office which is becoming increasingly popular.
After bedrooms bathrooms are one of the next most important factors. Things like separate ensuites or toilets can make a property a lot easier to live in especially if there are two or more couples.
The proximity of your rental property to work, shops, public transport and recreation facilities plays a large part in the value of your property. Being closer to these amenities is both more convenient and saves people money by reducing the distance they have to drive. As a result of this properties in good locations are often able to attract higher rents. With the landscape of Christchurch evolving rapidly with the rebuild, getting regular rental appraisals done is a good idea. This helps ensure that your property is accurately priced for the location it is in.
Two houses that are exactly the same from the outside may still command different rents based on the condition and upkeep inside. This plays a part in the first impression to both prospective tenants and our property managers when assessing rent. We pay careful attention to the fixtures and fittings of each property when forming the overall picture of what it is worth in rent per week.
Schools in Christchurch enforce strict local enrollment zones and depending on the reputation of each school some attract premium property and rental rates amongst parents who would like their child to attend a particular school.
Having a garage or off street parking is increasingly becoming a luxury especially in central city locations. Tenants are willing to pay a premium for this convenience and the extra storage that comes with a garage and so this is a crucial factor in working out a fair rental price. In some cities parking spaces are even rented out separately. If you have a Christchurch rental property that has a prime parking spot then this could be something to consider.
As well as being a mood booster having good sun at any property is a real asset. Having good sun makes it easier to dry clothes and maintaining a warm healthy home. By using the dryer, dehumidifier, heaters and lighting less it will also save on the power bill.
As they say “that view is to die for” and that means higher rents for properties that have sought after views. Typically the most sought after views in Christchurch are outlooks that include the ocean, the hills or out over the city at night. Any rental properties that face the sunrise or sunset also tend to be popular with tenants.
When to get a rental appraisal?
There are several key times when a rental appraisal for your investment property can be extremely helpful.
Buying a property
When considering buying a new property the bank will generally require a current rental appraisal to prove that there is enough income from the property to help cover the mortgage.
Selling a property
If you are selling a property you may choose to make the latest rental appraisal available to prospective buyers so that
A change in tenant requires advertising the property to attract new tenants so it is helpful to know the current market rental value. This will ensure that you are getting the maximum return from your rental property but also setting a fair price that will attract tenants and reduce the risk of vacant periods.
Every 12 months
We recommend carrying out a rental appraisal every 12 months to ensure that your rent is in line with the current market rates. As a client of Wolfbrook property management this is something we conduct for free every 12 months.
Refinancing your investment property
With property prices increasing significantly in the last few years you may be considering using some of the equity to buy another property or carry out renovations. In either case it is handy to have a recent rental appraisal to show the bank the income you are earning from your property. Experienced property managers should also be able to provide an accurate assessment of the increased value any planned renovations would add to your rental property.
If you are feeling the squeeze from costs associated with your rental property and feel like it could be achieving more for you then it is worth talking to one of our Christchurch property managers. They can help by not only providing a free rental appraisal but also other tips to improve your yield.
How to get a free rental appraisal?
Wolfbrook property management provides free rental appraisals for all of the rental properties that we manage every 12 months. We also offer free rental appraisals to any new clients who are considering changing the management of their property to Wolfbrook Property Management. To request an appraisal of your property get in contact with us today and book a time for one of our Christchurch property managers to come and take a look.
How to increase the value of your rental property
If you would like to increase the value of your rental property by making some improvements here are some tried and true methods. Our property managers know that by carrying out some of these projects it will lead to an increased rental value plus help attract and retain good quality tenants.
Providing additional off street parking is a great way to stand out to tenants especially properties appealing to 4 or more tenants where they are likely to own at least a few cars between them. If you are constrained by space and can’t make an additional park then you could consider adding a carport which will be really appreciated on rainy days trying to unload the supermarket shopping.
Although lots of older houses have character the layout of them often doesn’t work as well with the busy lives of modern families, students or young professionals. Adding an extra bedroom through converting an underutilized extra living space or doing an extension is a great way to increase the rental potential of your property. Extra bedrooms can also be easily converted into home office spaces which are becoming increasing popular as more people have the option to work from home.
Smart use of space and additional storage is always on peoples wish lists and helps add to the value of your property. This could be as simple as adding shelving to big cupboards or making better use of a void under the stairs.
Tidying up the backyard or removing some older trees that might be blocking light is a great way to increase the value of your house. Depending on the type of tenants you wish to attract, making the section easy care with little ongoing maintenance required is also a good way to increase value and save on gardening costs.
Kitchen & Bathrooms
Kitchens and bathrooms are two places that we spend a lot of time and are always subject to new trends and more functional ways of living. If either of these rooms in your investment property feels a bit tired then consider making an upgrade to day
Updating your property with a fresh coat of paint makes it look modern and clean. It is also a great way to start with a clean slate as it removes any claims that a mark or dent in the wall was caused by previous tenants.
Adding new carpet or flooring is a relatively straightforward job that is appreciated by all and adds a touch of luxury to your property.
Although the new healthy homes standards don’t apply until between 2021-2024 why not get in early and show tenants that your property is fully up to standard now which is something many competing properties won’t be able to say. With interest rates at historic lows then it makes sense to avoid the rush and make the changes sooner rather than later.
If you have some furniture or whiteware you are considering replacing or see something cheap on Facebook marketplace or TradeMe then why not make it available to your tenants. Fully furnished properties can go for $50 per week more than unfurnished plus you avoid the risk of damage from people shifting heavy objects around when you change tenants.
Take nice pictures
Having nice pictures when advertising will make your property stand out to prospective tenants. Our Christchurch managers are skilled in photographing homes and we are the first company in Christchurch to make use of 360 degree virtual walkthroughs using our state of the art new camera.