How to make money from your property
No doubt the first question you’ll want to ask before renting out a room or property is how much money can I charge and what will it cost me to rent out a property?
The answer is, of course, it depends.
Many factors need to be taken into consideration first such as location, type of property and the condition it’s in. The best way to ensure you make as much money as possible is to research the market thoroughly before opening your property to rent or sale. You can get your property valued by a letting agent but your best bet is just to browse through the Homely listings page. We have wide range of listings in Malaysia so you will be able to see what similar properties in similar areas are charging for rent or sale.
In terms of cost, it will depend on what condition your property is in and how much support you need.
You can choose whether to include bills in your rent price or to keep them separate. By including them in the rent, it means you can charge more but you will be responsible for ensuring everything from Indah Water to TNB bills are paid each month. You will also be responsible for ensuring everything is working properly and be available if the tenant has any problems. If you choose to list with bills not included, you’ll only be able to charge the tenant for the cost of renting the property. They will then be responsible for paying their own bills and set up everything from internet to electric charges.
TEMPORARY home and vacation rentals are now in trend for Malaysia. A recent AirBnb statistic listed 20,042 active homeowners who were willing to share their houses with an income of RM29 million generated on average within a year. Homestays must be registered with the Tourism and Culture Ministry. So, it will be an offence to simply use the term as the unregistered homesharing entities can be identified as guesthouses.
Generally, many customers or guests opt for temporary home and vacation rentals because they find it cheaper than the traditional lodgings and accommodations at hotels. Of course the homes can accommodate more people all at once thus making them a preferred choice for large families on holidays. Home rental is just one way for property investors to achieve a positive cash flow. Whatever it is, you have to really study and know the market before converting your house into a guesthouse to avoid any unforeseeable circumstances. Last but not least, do also abide with any laws imposed by the local authorities and resident’s society.