Should You Let Your Property Furnished or Unfurnished
Should you rent out your property unfurnished? Or should you pop down to your local Ikea store and do a spot of flat-pack buying?
It’s possible to do either, of course. It’s your property, after all. But, it makes sense to think about who your target market is first, before making any big decisions and spending a fortune on what could turn out to be unwanted furniture.
Should You Furnish Your Rental Property?
Why? Well, because if you’re looking for young professionals or students then you’re going to better furnishing the flat. Young professionals don’t want the bother of having to furnish a place when, chances are, they’re going to be up and off when a better job, in another city, comes up.
Students, typically don’t have much cash so couldn’t afford furniture anyway. And yes, they don’t want to be saddled with a sofa, kitchen table etc either.
Then there are people coming from overseas who may want to rent. They definitely won’t be bringing any furniture in the plane or boat with them!
Renting an Unfurnished Property
If your property is a two or three-bed and isn’t in the city or town centre (ie it’s more likely to be situated in the Suburbs) then you’d be better off not furnishing it. That’s because this is the type of place a family would probably opt for. And, families, tend to have amassed their own furniture over the years.
How Should You Furnish a Property for Rent?
The basics you would expect to find in a furnished flat for rent are a bed, wardrobe, sofa and table/chairs. This would be referred to as a part-furnished property, where the tenant can still put their own stamp on the rental by bringing in items he or she likes.
To make your property more appealing you could also add a coffee table, TV, beside tables and a chest of drawers.
Pros of a Furnished Rental
- Your property should be quicker to rent
- Furnished flats attract a higher premium
- Professionals and overseas renters will want to see it
- You can sell the furniture once you no longer have tenants
Cons of a Furnished Rental
- Buying furniture isn’t cheap
- It might get damaged
- Your renters might not like it
- You’ll have to store it if the tenant has their own stuff
Pros of an Unfurnished Rental
- You don’t have to buy furniture
- There’s no need to insure contents in the property
Cons of an Unfurnished Rental
- Those who are looking for a furnished flat won’t even look at it
- It won’t look as good when marketed
What is Fair Wear and Tear?
When the sofa is just a bit too dingy or the curtains are looking rather threadbare you can replace them and claim back the price on expenses. This is the fair wear and tear principle. The only real stipulation is that the replacement sofa or curtains etc are of a similar type and price range ie that you haven’t upgraded from a fabric sofa to an expensive Italian leather version, or similar.
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