Since the average Florida landlord earns nearly $65,000 annually, purchasing property in Dunedin is one of the best ways to reel in passive income. However, no two investments are made equal, and a rental valuation can tell you how much you can realistically expect to make.
Here, we're going to talk about what a rental valuation is and how you can boost your property value. Read on to learn how PMI Palms can help you maximize your monthly rental income as a budding landlord.
What Is a Rental Valuation?
When a landlord gets a "rental valuation," they ask a third party to figure out the theoretical value of their property. This third party will ideally be a property management company that already understands the Dunedin, Florida rental market.
They'll analyze the average rental income of houses of a similar size and layout. They'll then look into fixtures you have that boost property value and problems that might decrease it. In the end, you'll learn how much it's worth when compared with its current market value so you can set fair but high rent.
Property Appraisal and Rental Pricing Tips
Most landlords charge between 0.8% and 1.1% of their property value to tenants each month. If your home is worth $200,000, monthly rental rates should be anywhere between $1600 and $2200. The precise figure will depend on what shape your property is in.
Since the average rent in Dunedin is $1980, you likely will want to charge about $1700-$2000 for an average-sized unit to remain competitive. Of course, there will be exceptions to this for larger units and those with highly desirable features.
This will decrease your likelihood of vacancy. You can always raise the rental rate over time, and you want some wiggle room to fairly increase profits in the future.
Boosting Your Rental Income
Property managers aren't just helpful because they appraise your property and set rent. They'll also give you tips and tricks on how to make your property a better investment. Plus, experts will tell you what's decreasing its value and what renovations can make it more appealing to renters.
Experienced property management professionals will be seasoned in real estate market trends and can tell you what additions would make you stand out against competitors in the area. At PMI, we also already have ties with reputable contractors in the area. You won't need to research maintenance and repair professionals while fearing making poor decisions.
Our partners are tried and tested, and they know what they're doing. You'll save time and ensure that everyone entering your property is well-versed in getting maintenance done with little hassle.
Make the Most of Your Dunedin, Florida Property
Now that you know how a rental valuation can maximize your rental income in Dunedin, it's time to work with the best property managers in Florida to boost your ROI.
PMI Palms is committed to helping you determine the worth of your residential or commercial property, set rent, and perform maintenance that makes it worth more in the long run. Request a free rental analysis to learn more about how much your rental is worth today.
