Make it easy to decide whether to rent your property on a furnished or unfurnished basis.
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.
1. Rent.
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.
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.
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.
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.
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.
6. Maintenance.
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.
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.
8. Flexibility.
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.
