To Furnish or Not to Furnish? That is the Question!
Posted on 28th April 2018 at 11:07
Many Landlords and/or property investors are unsure on whether furnishing a property is a good or a bad idea, and the answer is … there isn’t one! But here are a few positives and negatives to try and help you make up your mind...
Letting a furnished property means that the majority of the time you’re saving tenants money as they don’t have to go out and spend a fortune on furniture, however for some tenants who already own furniture, it may mean having to spend money on storage, or selling what furniture they don’t have room for.
You may let a property more quickly (depending on the location and demand) if it is furnished because generally most tenants are looking for furnished lettings, however if at the end of a tenancy the furniture has sustained damage or wear and tear, you will have to replace the furniture. Some payment can be taken from a tenant’s deposit, however as a landlord you’re not allowed to charge tenants the full price of the furniture if there is only wear and tear. This could also be seen as a positive as if the furniture is not damaged at the end of a tenancy then it means you’re able to keep the furniture for yourself or offer it to future tenants. Furnished properties also need to maintain an inventory to ensure that there are no arguments at the end of a tenancy as to whether something was damaged when the tenant moved in or not, which can be very time consuming.
Tenants don’t tend to stay as long in furnished properties as they do in unfurnished properties, partly, because the type of tenants who have their own furniture are more likely to be settled, and partly because of the added time, effort & expense that comes with moving all their furniture.
To conclude, some lettings agents think that slightly higher rents can be achieved from furnished properties than unfurnished - somewhere between 5 and 10 per cent, however most argue that giving your tenants the option of having furnished, part-furnished or an unfurnished property is the best option as it gives your tenants the flexibility and keeps them happy.
If your struggling to rent out your property and want some advice or you’re thinking about investing in a new property, give us call on 01604 644 449 to find out how we can help you!
Tagged as: Furniture
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