Many people are of the opinion that it is not wise to furnish your property before letting it out. However, you should furnish your property as it will bring in more profits in the long run.
We can help you answer the following two important questions thus:
- Will furnishing make the property more marketable?
- Will you be able to charge more rent for that property?
Standard For Furnished Properties
There is a standard for both furnished and unfurnished apartments in any city within the UK. However, there are factors to consider before making such a decision.
Generally, most furnished properties have the standard basic appliances like refrigerator, microwave and an oven. Bonus appliances include dryers, washing machines, and dishwashers. Additionally, furnished properties have items such as beds, wardrobes, chairs, couches and tables; all making up the furniture.
Reasons For Furnishing Your Property
This article discusses the various reasons why you should furnish your rental property.
Furnishing makes a home more attractive
The benefits of having furniture are that it makes a home more attractive to potential tenants who don’t have such items. This will remove the option of buying these items. We have consistently found that the more attractive a house is, the more potential it has to attract reliable and trustworthy renters.
It produces an all in one solution for tenants
If a landlord is offering a furnished property, it means tenants can move in immediately without the delay caused by sourcing furniture themselves. This set up favours professionals, first time renters, as well as students.
You’ll earn higher rent on your furnished property
A furnished property usually comes with higher rent for tenants. Therefore, you can pass on the cost of furnishing to tenants through raised rents.
Bear in mind that if you want to furnish a property but do not have the money, you can rent furniture from various internet websites and discount outlets.
It makes your property attractive to companies
Furnishing your property provides an avenue for you to go into the corporate housing market where you can charge even more in rent. Companies leasing residential houses can sometimes produce quite short-term leases (3 months or less) or alternatively long contracts (2 years+). Companies sometimes lease houses to provide accommodation for temporary staff/contractors when the cost of paying for hotels would be much more expensive, but the contractors working may change too frequently, meaning that each individual member of staff would find private residential accommodation difficult to obtain.
There is the possible expectation of quality furniture and possibly even internet provision, but the probability of late rents in relation to companies can be much lower than rents to individuals. Sometimes you may also find companies favour much larger houses so they can house more staff, which is a good alternative to students who may not look after your property as well as working professionals.