Is it worth the time, money and effort, to furnish any rental property? If you already have a furnished house or apartment to let, would it make it more appealing to take the furniture out? There is no right or wrong answer, but there are some things you must consider when making up your mind.
What Type of Tenants Are You Looking For?
The type of tenant you want to attract will often dictate whether or not you should offer a furnished or unfurnished property. If you are looking for people moving into their first home, such as young people or students, offering a furnished let is usually the best option. The same will apply when attracting business people who want a home away from home during the working week, although the quality of the furniture you would need to provide will differ greatly.
If, however, you are seeking older tenants or families, it is likely that they will already have their own furniture and will be put off if only a furnished option is available. If you have a property that is already furnished, you could offer the opportunity of either a furnished, part-furnished or unfurnished let, although you will need to have a plan for what you will do with any unwanted furniture, especially if you want to store it for future use.
What Type of Property Do You Have?
Are you letting a student flat, family house or an executive flat? This dictates the type of tenants you want to attract and, in turn, the preferences you are likely to be faced with in terms of furnishings.
What Is Your Budget?
Furnishing your property will only be possible if you have the budget available. You would expect to get between five and ten per cent more in rent for a furnished property, but this may still not make a large initial investment worthwhile. You must consider your obligations when deciding to rent out a fully furnished property – you cannot simply choose to provide the cheapest items and leave out some essentials if your budget runs out – and the type of furniture and appliances you include. A tenant looking for a prime apartment rental will not be interested, if you just provide bargain-basement goods and equipment.