Too expensive?

grace1990

I have decided to rent out a house I own so I went to a local estate agent who came to look round and said I should market it at £1,400pcm, does this sound like a good price for a 4 bed detached house in a rural somerset village?

MX5huggy

Somerset is a big place please be more specific, name the village or which town would you shop in?

Get atleast 2 more agents, I found they over estimate the rental value in an effort to get then to go with them are they in ARLA?

grace1990

5 minutes from bishops lydeard

carlsberggal

It could be- just looked on Rightmove, there is a 4 bed detached to rent in bishops lydeard for £795. Maybe yours is far bigger and superior?

grace1990

I just looked on rightmove at the house you mentioned. Mine isn't on a housing estate like that one, it's not in the actual village, it's 5 mins away, down a country lane, it's not totally isolated though there is a riding school next door and a house opposite and a farm right at the bottom. Need to get it rented as it is sitting empty and I wanted the rental income from the house to go towards the mortgage of my current house.

QTPie

Very, very difficult to tell: get a number of estate agents around to give you valuations.

I know that the house carlsberggal pointed out isn't like yours, but do you think that yours is worth £600 a month more is the question? Would someone looking to rent that house also look at yours or are they COMPLETELY different propositions? Is there quite a big rental market in your area? Doesn't sound like there are many 4 bed houses to rent around... might mean that you could get lucky or that there isn't much of a demand for that sort of property in your area.

Assuming people looking for a 4 bed house in "the Taunton Area" might be potential renters, I suggest that you do another rightmove search of rental property within "10 miles of Taunton" (I think that is the market that you will be competing with) and see what pops up. If someone was looking for a 4 bed property within 10 miles of Taunton, what choices do they have and how do they compare to your house, does £1400pcm for yours seem about right?

Definitely get some more estate agents to value the place, though.

Good luck
QT

PasturesNew

They're looking for big properties in the countryside....

http://news.google.co.uk/news?hl=en&um=1&tab=wn&nolr=1&q=drugs+factory+landlord

grace1990

Thanks QTpie. I was expecting them to say somewhere in the region of £1000 because a similar property a few miles away was renred for that, personally I think they have over valued! PasturesNew are you trying to be funny!

MX5huggy

PNew is just warning you of one of the pit falls of being a LL especially with a large isolated property, the damage done by these guys is huge.

QTPie

grace1990 wrote: »

Thanks QTpie. I was expecting them to say somewhere in the region of £1000 because a similar property a few miles away was renred for that, personally I think they have over valued! PasturesNew are you trying to be funny!

Definitely get a few more quotes and look at the wider competition - I am guessing your competition is "within 10 miles of Taunton" (could be wrong).

Whatever, definitely get the letting management and insurance sorted out and secure: anyone can damage a property. Friends of mine let out their lovely Georgian two bedroom flat in Bath (they moved to Oz for a few years). The tenants were respectable professionals, but spiralled into out of control drug use. The tenants stopped paying rent and basically TRASHED the place: it took my friends some time and money to get the tenants evicted and re-do the place. I am not sure what insurance or lettings management they had, but I have a feeling that they did it the cheapest possible way and that everything was not covered as it should have been...

Good luck
QT

zone

For a 4 bed detached I would have thought around £1200 tops. But does your place have some special features or extra parking / views etc? The suggestions made to get more agents in sounds best.