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To get pricing for your rental property. This is far from a one-and-done task—it's something you'll need to regularly adjust to accommodate changes in the market, economic impacts, and local demand. 1. Research Your Local Competition Visit rental sites to see what other rentals are charging. Look at the size of their property, the location, and the amenities they offer so you can get closer to an apples-to-apples comparison. Regularly check back to see if other similar properties are still vacant. If they are, they might have their pricing wrong, and you can price your rental appropriately. 2. Remember the Price-Value Relationship The price that your tenants are willing to pay is determined by the value they believe they're receiving. Increase the value, and you'll increase the price. For example, you may want to invest in new appliances, hardwood floors, or furniture to enhance the perceived value of the property. Or you may want to highlight the covered parking privileges or neighborhood safety statistics. Look to see what other rentals are highlighting in their listings. They may be focusing on neighborhood characteristics, luxury amenities, commute times, or other features. See what you could be marketing, too, to increase your rental property's value. 3. Budget for Expected Expenses When setting your price, don't forget your other expenses. Initially, you may be wanting to just set your price higher than your mortgage so you can decrease your vacancies and pocket a small amount of cash each week. Unfortunately, this strategy doesn't cover all of your other recurring expenses: Utilities Maintenance Repairs Taxes Insurance And more... If you're self-managing the property, you also need to factor in the cost of your time. It can take hours to research your pricing and update your listings. Plus, you'll sometimes need to visit the property in-person for minor repairs, cleaning, and more. This time adds up, and if you're not factoring it into your costs, then you could be spending a lot of time for not a lot of monthly income. 4. Focus on Profit, Not Prices In the end, you're not just looking to set the highest rental price you can get away with. You don't want to maximize rent—you want to maximize profits. A bad tenant at a higher price is almost never worth the few extra bucks. To maximize your profits, you're going to need to set prices that entice and retain tenants who'll pay on time (every time) and take care of your property. Don't think so much about, "How much can I rent my house for?" Instead, focus on, "How much can I profit from my house?" 5. Regularly Reevaluate Your rent price is never set in stone—it's going to need to fluctuate from time to time. Reevaluate your price at every lease expiration to see if the value has changed. You may have an opportunity to increase rent while maintaining top tenants—that's the ideal situation. However, if you're experiencing any concerning vacancies, you may have to decrease your rent to bring in tenants. This isn't a preferable scenario, but it's sometimes necessary in order to mitigate losses.

Owning a home isn’t only an emotional experience. It’s also a financial decision that can pay dividends as you build up equity in your home and see your property value increase over time. The rate of this property value increase can depend on a number of different factors, including the community where your home is located, local demand for housing, and the economy as a whole. But homeowners can also affect their home’s value over time by making upgrades and changes that increase its appeal and merit a higher selling price. Whether you’re planning to sell in the near future or you simply want to continue to grow the value of your home investment, there are many steps you can take to increase the value of your home. Here are six proven strategies that can pay dividends when it finally comes time to sell. 1. Update your home’s finishes. Superficial changes can make a bigger impact on buyers than more intensive renovations. Many real estate agents rave about the difference a fresh coat of paint can make—especially given the low cost of this upgrade. Some experts argue that a fresh coat of paint throughout your house can increase the home’s sale price by as much as 5 percent. Other simple upgrades, from replacing old light fixtures to changing out your front door, can also give your home a nice bump in value. 2. Upgrade to energy-efficient features and appliances. Energy-efficient upgrades reduce your utilities bills while you own the home. When it comes time to sell, these upgrades will also offer more appeal to buyers, many of whom are interested in energy-efficient features to lower their own costs as a homeowner. If your home currently features old appliances that guzzle energy and date your interiors, an upgrade—even if it’s installing modestly priced modern appliances—can help you net a higher sale price. 3. Freshen up your curb appeal. Simple landscaping features such as new plants and fresh mulch can help your home make a great first impression. These changes don’t cost much, and you can do many of them on your own. Both potential buyers and appraisers will be influenced by this visual impact. 4. Put your money into your kitchen and bathroom. Many real estate agents will tell you that kitchens and bathrooms are the rooms that sell homes. In many cases, a kitchen or bathroom remodel can offer a 100 percent or greater return on your investment—and that number could be even higher depending on the finishes you choose, the amount of labor you’re willing to do yourself, and how much of an upgrade these changes offer over your home’s current condition. If you have a renovation budget, kitchen and bathroom upgrades are the best way to increase the value of your home. 5. Finish off your basement or other unfinished spaces. Finished square footage is an important calculation when determining your home’s fair market value. Even if you don’t want to invest in a heavy-duty makeover, simple steps like putting up drywall and adding carpet to a room can turn unfinished space into a profitable addition to your home. This allows you to increase the value of your home by expanding the footprint of this finished space. 6. Clean and declutter before showing your home. When you’re selling or getting an appraisal on your home, a little deep cleaning can go a long way. Take this opportunity to dust in high places, wash your baseboards, give floors a good mop, and haul excess junk and clutter to a donation center. Bonus tip: Use a fresh coat of paint to revive worn spots. Is your home looking a little worn, inside or out? A DIY paint job carries a low cost for materials, but it can have a big impact on the eye appeal of your home. Whether you’re painting your living room, bedrooms, or even just the front door of your home, a bright coat of paint can make old surfaces look brand-new—and add some instant charm to your home.

What Are the Benefits of Solar Panels in the UK? What are the main solar energy pros and cons? On the pros side, solar energy can reduce your energy bills, increase your property value, sell back electricity, protect you against rising energy costs, and reduce your carbon emissions. On the cons side, solar energy doesn’t work on every roof, it may not be a smart investment if you’re about to move, it gives lower returns on investment if you have a small electricity bill, up-front costs can be high, and finding the proper installation company can be difficult. Below is a list of the main advantages and disadvantages of this renewable source of energy: AdvantagesDisadvantagesRenewable EnergyWeather DependentReduces Energy BillsUses a Lot of SpaceLow Maintenance CostsSell Back ElectricityIndependent of Grid Solar improves the value of your home Millions of UK homeowners are interested in solar panels but haven’t taken the time to figure out what it takes to install them. This consumer reality, and the undeniable benefits of having solar panels on a home, complements recent studies that found property values increase after solar is installed. Infact research shows that energy saving measures boost house prices by up to 14%. The DECC found that energy saving home improvements, such as solar panels, could increase property values by on average £16,000. Even if you’re planning on moving in the near future, you’ll earn back your solar panel investment and then some when you sell your home. Independence Off The Grid Solar power provides the great benefit of energy independence. The ‘fuel’ used to produce solar energy cannot be bought or monopolized so it is free for all to use. Once you have the solar panels installed you basically have an independent source of electricity that belongs to you. This must not be looked over and is important for the future not only for you but for companies, cities and countries alike. Reduces Electricity Bills Since you will be meeting some of your energy needs with the electricity your solar system has generated, your energy bills will drop. How much you save on your bill will be dependent on the size of the solar system and your electricity or heat usage. Moreover, not only will you be saving on the electricity bill, there is also a possibility to receive payments for the surplus energy that you export back to the grid. if you generate more electricity than you use (considering that your solar panel system is connected to the grid). Sell Back Electricity If your system produces more energy than you need, through the generous tariff schemes, you can sell the surplus back to the grid. Thus, apart from cutting down utility bills, your investment in solar panels gives you a warranty for a state-backed income for the next 20 years. Renewable Energy Switching to solar energy cuts your carbon footprint, as it is a green, renewable source of energy. Unlike traditional electricity generators, solar power does not release any harmful carbon dioxide (CO2) or other pollutants. Estimates also show that solar panels for homes could save around one tonne of CO2 per year, which comes to approximately 25 tonnes over its lifetime.