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Should you be in a quandary as to whether to rent your property on a furnished or unfurnished basis, it is probably worth considering these different factors that will influence a number of aspects of the letting.
So here are some tips for this particular topic in Housing Needs Solutions.
Advantages for Tenants:
- No need for removals:Renting a furnished property means you won’t have to go to the trouble or cost of hiring a removals firm.
- You can move straight in: You won’t have to go hunting for items to make your new home habitable.
- Less expensive: Crucially, you won’t have to go to the expense of buying furniture.
Landlords: Obviously furnished rentals command higher monthly/weekly rentals.
Disadvantages for Tenants:
- Responsibility for furniture: You will be responsible for maintaining not just the property but the furniture, too.
- Less flexibility:Furniture may restrict what you can use a room for. For example, if a spare bedroom contains a large bed it will be difficult to convert it into a study.
- Storage of your own furniture: If you already own even small items of furniture, there may not be space for them in your new home – and that could mean shelling out for storage.
Landlords: Possible risks of damage to furniture
If you rent your property on a furnished basis will it achieve a higher rent? Real estate agents are your eyes and ears on the ground so take sometime to contact a few to get their opinion in order to ascertain whether the cost of purchasing furniture will be a good return on your investment.
Furnished properties are ideal for short term tenants and can be a great option for overseas visitors. However, going this route means your property’s occupancy levels can fluctuate dependent on the strength of the currency, changing seasons, holidays, and major events.
The long term appeal of unfurnished houses is impacted less by these external factors. The flipside is that during any vacant periods you can use your house as a holiday home and take advantage of the perks of having a second property without having to move furniture in and out regularly.
2. Void periods.
Likewise is there more demand for furnished or unfurnished properties? This could influence how quickly the property lets and should be factored in to your overall annual costs.
Typically, this means that leases will be for twelve months and tenants will bring a house worth of furniture with them. Some tenants prefer the opportunity to furnish the property as they see fit and will be put off by a landlord’s furniture as this may mean they will feel required to store the items at a cost.
As people who are looking to create a home rather than just having a place to stay, long term lessees are often thought to take better care of the property as a whole.
3. Electrical items.
It is usually fairly standard to supply a washing machine, air conditioning, fridge and oven, but additional items such as TV, lamps and small kitchen appliances like kettles and toaster will vary for each landlord. By providing these remember that you will need to replace them if they get broken adding to your costs, so consider if they are really needed.
Be sure you ask or find out which of the following things comes with the unit:
- If and how many Air-conditioning units are already installed
- If there is a water heater for the bathroom/s
- Which appliances you will find (ref, washing machine, stove, range hood, oven)
- Which furniture are already present, between beds, couch, wardrobes and others
Most of the unit owners, are usually willing to add something that you require, when closing the renting deal.
4. Consider your market.
If your property is in the centre of the city and ideal for a professional tenant, then it is likely that this type of tenant will want furnished property. On top of this, they may have moved from overseas with just their suitcases so you may need to thinking about providing everything down to towels and teaspoons.
So, consider to add and prepare those things that they need in their everyday needs.
5. Tenancy terms.
Unfurnished properties tend to experience longer tenancy terms. The reason for this is that once a tenant has purchased all their furniture and has moved it all in, they are less likely to be in a hurry to move again. They have made a big investment and it is not as easy to move than with just suitcases.
Furnished properties are aimed at travellers and young tenants who haven’t accrued large amounts of furniture yet. The leases reflect the instability of such tenants and are usually between three and twelve months long. With this type of property, the renter is able to move in quickly and makes them the ideal option for people arriving from overseas and need a place in a hurry.
If you are letting your property on a furnished basis you may find the furniture lasts seven years or so. It may even be the case that the furniture dates before it breaks! It is important therefore to get sturdy furniture that is on trend without looking it will date quickly. As this can be a hard balance to strike there are furniture companies set up to do provide furnitue for rented properties.
Many appliance companies offers a long term warranty for their appliances, so grab those things for future use.
7. Window dressings.
Even in an unfurnished property you will need to provide window dressings. Pick something that is durable and blocks out the lights for night time and also to keep the room cool. If the property is overlooked, then a voile works well by providing privacy but not restricting daylight.
Also, don’t forget to pick those best colors or prepare and extra colors and designs for the tenants needs.
The best thing you could do as a landlord is remain as flexible as possible. Be open to offers and consider each one carefully on their merits.
You don’t want to be moving furniture in and out of the property between every tenancy but if a tenant agrees to let a property for a long tenancy without a break but you will need to provide a television or remove a sofa, then it is certainly one to consider.
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