Have a Spare Room to Rent? Here’s What You Should Charge
Do you have the other room and you are not sure what you charge or the value of the room for someone interested in renting it ? You are not alone. There are so many factors that goes into determining the value of a property, there is this frustration you get when you seem to be overpricing or under pricing your property and the uncertainty if the next guy or lady would just scroll past your listing because of the price tag and despite it being the perfect spot . we have outlined some factors that you should consider before setting a price range on your spare room.
This is the major factor that should be considered before putting a price tag on your spare room is the location as this varies based on how close your apartment is to the city centre for working class people looking to share an apartment to live closer to their work place, how close is it to a university/college for out of state students. The city centre has a high concentration of houses and the demand is always more than the supply which gives your spare room a boost compared to apartments that are not around the city centre. Most people want to live close to their place of work, college, where they shop and have fun. How far away is your apartment from the closest supermarket, where they can shop.
How close is your apartment it to the nearest metro stop ? is your apartment in the proximity of a bus stop ? which public transport is easily accessible ? properties that are close to train stations and bus stops, these factors gives your spare room a boost above others. Most people are looking for a room to rent, getting as close as possible to the place they go to daily, either by taking a train or a bus be it to a workplace or college, and if your place has that, then you can set a price tag that you know wont be the factor that wouldn’t make them interested in your place. you would be filled with excitement when the messages and request about your place starts coming because you are able to know the true value of you place and get the best deal out of it.
This second factor is the second most important thing that will be considered by someone interested in renting spare room. The possibility of the person to be comfortable living there will be determined based on the amenities and they will be willing to part with more than their intended budget just to be comfortable. You might be frustrated about not being totally sure if the apartment has what it takes to be one out of the rest, its quite simply that you think, i bought my place in the suburbs of Milan, Italy. I knew right that moment that it was going to be a hot catch. it is in a very serene environment and it has almost all the amenities you can wish for in an apartment and ample parking space, big apartment with double rooms a 15 metre-squared bath with shower and tub. a modern kitchen, when i decided to rent the other room out, i got more over 20 offers in the first couple of days willing to pay more than 150% on the rates that similar listings bear … to keep it short, if your apartment has all the amenities that shouts comfort, amenities that makes it for the person to not feel like he is renting just a room, then you can definitely steer the course on the price tag that the spare room will bear.
Have you ever wanted to get so many offers that you tend to be the one to decide who gets the spare room ? now you’re thinking, how did i get so many offers in such a short while !
The overall size of your apartment plays a vital role in determining what you should charge as wells as the size of the room. A big apartment and a big room spells comfort and will make those interested in your spare room visualise how roomy the place is fit into their comfort and won’t mind shedding some extra bucks for their comfort. but based on the size of your room being small or big,
Does your apartment has some extra facilities that would make living there hassle free ? does your building has a door man, an elevator, a laundry unit or even a fitness centre ? then your spare room might worth more than similar rooms in the area.