Showing posts with label rent valuation. Show all posts
Showing posts with label rent valuation. Show all posts

How to Find the Right New York City Apartment To Rent?


Finding the right rental apartment, especially in a busy place like NYC, is not an easy task. Just collecting all the information you need to have is a huge burden. On top of that, dealing with rental brokers can make your apartment rental search a dreadful process. That’s why it makes sense to get help from experienced apartment rental professionals who can make your search easier, quicker, and less expensive?

Here’s how to search for New York City apartments.

Start your search with a licensed Apartment Information Vendor (AIV). You will set the budget and the neighbourhoods that you are interested in. Here’s why you want to start with a New York City based AIV.

·     An apartment rental service provides a large list of NYC apartments that lets you make a choice based on YOUR needs, convenience and budget.

·     If you are new to renting an apartment in NYC, look for a rental service that provides a comprehensive rental guide.

·   Apartment rental services believe you would prefer to save the hugely expensive broker’s fee. When you are introduced to a property by a broker, you are obligated to pay the broker's fee if you want to rent the apartment, which adds a large cost to you – from one month’s rent all the way up to just less than two months of rent (15% of the first year’s rent!). With the right apartment rental service, you will NEVER pay a broker’s fee.

A good rental service will help you stay organised during your search and be properly prepared for the application process. Timing and advanced preparation are the keys to a successful apartment search.
   




Choosing the Right Apartment Rental Service – What should you consider?

Apartment Information Vendors serve as marketplaces where renters can find the best no fee apartments in NYC with ease and convenience. Using a broker to help you in your search for a rental apartment means that you will, almost definitely, being paying a broker’s commission – or broker’s fee as most people call it.

So when you select a NYC Apartment Information Vendor to help you in your apartment search, look for these additional benefits:

Experienced Service: Does the AIV have the expertise and inventory to help you find an apartment within your budget and neighbourhood needs? Whether you are looking for a rent-stabilised studio or a two bedroom in a luxury apartment building, an apartment information vendor must provide you with a wide selection of apartments to look at.

Reputation: There's probably nothing that speaks louder for the reliability of a service provider than the reviews and testimonials from previous customers. Make sure you look for company testimonials and longevity. If a company has been around for a year or so, watch out. If the company’s roots go back 20 years, then you know they must be doing it right.

Live Customer Service: Getting into the New York City apartment of your choice can be a bit tricky at times. You want an experienced coach to help guide you on the ins and outs of getting a landlord’s approval. When the time comes, you want to be able to pick up the phone and speak with an expert. Make sure you work with a rental service that has a staff of apartment rental experts happy to help you.


Author Bio: The author of this article, Huge Grant is an experienced content writer who has been writing for a number of years on various topics related to the real estate industry. In this article, he focuses on the benefits of searching for a New York City apartment through a reputed apartment information vendor.

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Valuation by Rental Prospects - Real Estate Valuations


In our post - Valuation of Real Estate: How can you value your RealT?, we discussed about various parameters one should consider while valuing a RealT property. Today let’s discuss about one of the technical tools of valuation which forms a vital component of this process.



Today we will discuss about a monetary parameter of valuation. We will take a simple real-life case study and show how ‘Rental Income’ played its role in constituting the value of that asset.

Before we begin, let’s make some validated assumptions. We are saying ‘validated’ because the case we are discussing here is a real life case.


Case Study: Rental income from an asset in Civil Lines, Kota (India) [Places’ names have been changed deliberately]


An asset was bought by a person, 10 years back, in a posh locality in Kota, Rajasthan (India). Following are the assumptions:

Purchase Price
INR 2 million
Upfront Investment in Maintenance
INR 400,000 (20% of purchase price)
Yearly Maintenance Cost
INR 100,000 (5% of purchase price)
Initial Rental Income
INR 7,000 (Validated from Case Study)
Appreciation in Rental Income per annum
8% (General practice, as well as validated)

We are not taking into account the time-value-of-money & the appreciation in the asset’s value over the time. This is just to keep the things simple and calculate the impact of only Rental Income as compared to the investments in the asset.

Following are some basic calculations of total Investments and Returns in the form of Rentals:


All figures in INR '000. Click to enlarge.


 =>  Returns from only Rental Component as compared to the overall investments:


This figure shows that this person has recovered his 41% investment in the property, just by rental incomes! He didn't have to do anything in earning this revenue.


Beauty of Rental Income


The above discussed case study clearly shows that Rental Income indeed forms a vital component in the overall valuation of any asset. It is just like dividend investing: you keep on getting recurring returns on your invested money, leave aside the appreciation in the asset.

So next time you think of investing somewhere, just evaluate whether or not that asset is capable of generating recurring returns in the form of rental income!


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