Furnished or unfurnished? And should it matter to landlords?
As a prospective or existing landlord, the question of letting your property furnished or unfurnished will – at some point – be a consideration. Will it help rent your property quicker? Can you charge a premium? Will you get your return on investment? Does it make financial sense?
These are just a few questions that may have popped up. So how do you decide if it’s best to rent your property furnished or unfurnished? Here are some things you should consider:
Who are your target tenants?
This is such an important question to answer – and it will help you decide on the best way forward. Knowing who your target tenants are will give you a better understanding of their needs. Young professionals, lifestyle renters, corporate and oversees tenants will seek out furnished properties as they’ll have the bare essentials – so they look for ‘plug and play’. Some families on the other hand may have invested in furniture so they’d want an unfurnished property which they can put their own stamp on. A reputable local estate agent can let you know who your prospective tenants are.
The location of your property can also have a weighing on whether you should rent out your property furnished or unfurnished. If your property is in a high demand area and close to amenities, it will rent quicker if it’s furnished – as tenants can just move in without any hassle.
Again, getting advice from a reputable local estate agent who knows the local area is a wise move. With their advice, it will position you in the best place to decide on whether to let your property furnished or unfurnished.
Return on investment
This is important to think about. You’ll need to consider if you invest in durable, good quality furniture, will you get your return on investment. Savills, who are experts in local and international property have reported that there’s an increasing expectation of high-quality furniture to attract the best tenants.
So if you plan to keep your rental property for the long term, investing in furniture and accessories will pay off over time as you’ll recoup the costs. Our furniture packages are an ideal solution – and we have a range to suit any style and budget. If you have short term plans, an unfurnished property may suit you better financially.
If you need to replace or dispose of furniture, it could be tax deductible – which is something you should check with HMRC. Renting furniture could also have tax benefits – and it has some advantages too, such as being cost effective and convenient, and it provides flexibility when you decide to update your interior style. Get in touch with our friendly team for advice on furniture rentals.
Flexibility will also be a win
If you can provide flexibility to prospective tenants by giving them a choice of a furnished or unfurnished property, you open the doors to capturing a wider audience. It can also nudge you ahead of the competition – generating higher occupancy rates.
Unsure of the furniture options available to you? We can talk you through the different options of purchasing furniture and accessories to renting them – email us at email@example.com or call us on 01618797137.