Dear Legal Wiz,
I have a property in the Constant Spring area value approximately 6 million dollars. I would like to rent it to tenants, but need to calculate/assessment the rent to be fair.
Dear LoveletteThank you for communicating.
The Rent Assessment Board is the best place to begin, so that both parties can be guided on how much rent can be charged on proprty in Jamaica. However real estate agents are a useful alternative.
Mr Paul Lewin, an agent advises that you multiply the value by the estimated rate of returns. On a 6 million dollar property the rate of returns is usually 7 per cent. Hence the rent recommended is
6,000,000 x 7% = $42,000.
Now if the house is a split tenancy, this sum is the total to be collected.
PLEASE BEAR in mind that these are among the factors which can also impact on the calculated sum:
conditions of home, and elements such as roofing, flooring
needs for repair
lack of maintenance over the years
whether utiliities are included in the sum
Be reminded that where maintenance of property is the general duties of the landlord, the tenant is responsible for upkeep. It is therefore imperative for you as owner/landlord to maintain your property well and regularly, hence maintaining value.
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