One of the most common questions raised among landlords is whether or to let a property furnished or unfurnished. Making the right decision is dependent on a number of factors, such as the target market, the type of property and its location.
Student Tenants
If your property is near a university, your target market is likely to be students. They’ll be looking for accommodation for a period of up to two years. The vast majority of them will have moved from their family homes and therefore won’t have accumulated any furniture of their own. They’ll be looking for a property that is fully equipped, down to the last teaspoon. Especially important considerations for students will be study facilities such as computer desks and chairs and a fast, reliable broadband connection.
Professional Tenants
Professionals, whether they be single, couples or established families, are more likely to already own their own furniture. A family that is relocating, for example, may find it more economical to rent an unfurnished property and bring their own furniture into it rather than pay rent for a furnished property and then pay storage fees for their furniture.
To Furnish or Not to Furnish?
Whether your property is a flat, a shared house or large family home, the decision on whether to furnish it will affect its marketability. Fully equipping a kitchen with white goods, crockery and utensils and providing sofas, bed frames, chairs and storage furniture throughout is an upfront outlay that you may not be able to recoup right away. Keeping track of breakages and wear and tear can also be a potential headache. The tax reforms in 2016 regarding wear and tear and replacements of furnishings may also affect your decision on whether to furnish.
While a furnished property requires a lot more management and maintenance, using a property inventory app such as the one provided by https://inventorybase.co.uk/ means that inventory checks and reports are easy and quick to perform.
Do Your Research
Looking at the type of property you have, its location and the market demand for the area is crucial to making the right decision as to whether or not to furnish. Have a chat with local letting agents for their opinion on whether your property is more marketable furnished or unfurnished.
