To Furnish or Not To Furnish?
One&Only is here to discuss whether landlords should furnish a property or not before listing it on the market.
The question “To Furnish or not?” has becomes more and more popular as time goes on. There are a multitude of factors that can affect the answer to this question, such as “what property you own, who you’re trying to attract and what responsibilities you want to have as a Landlord.”
In this blog, we’ll go through the pros and cons of what either option could present, allowing you to come to a decision depending on your current situation.
Pros
The Price of your Rent can be increased.
It makes sense that if you fully furnish a property you would be able to charge more for rent. This is dependent on if your tenant has already got their furniture and if not, whether they want to justify spending more money on a pre-furnished property.
However, the amount you can raise the rent by does depend on your target tenant. An example would be raising the rent to an unreasonable amount and targeting a University Student will leave your property on the rent market untouched.
Your Property may rent faster.
When you put your property on the market already furnished, this attracts tenants that want to move in straight away without bringing their furniture. This also attracts students, short-lease tenants and immigrants who are looking for a short-term living space.
With the property being pre-furnished, it is also more appealing to potential buyers that come and visit the property. There is always something satisfactory in seeing what the place will look like before buying it.
Attract long term tenants.
Leaving the property unfurnished attracts people looking for a home, somewhere they can create themselves and personalise with their homely furniture.
A happy Tenant means happy Landlord. Everyone prefers their own furniture; it allows a place to feel like home, instead of moving into a place where everything is brought and not up to the tenant’s expectations.
Cons
Costly Acquiring and Maintaining Furniture.
A furnished property comes with the responsibility of maintaining and replacing damaged furniture. This can become a problem if tenants do not care for the pre-existing furniture and do not look after the property. In addition, when buying new suites and dining tables for the property, it would have a impact on your overall costs.
You will also have to have insurance for your furniture and appliances, else there is no point in spending all this money on vamping up your property as replacing the new furniture each time will put a stop to any ROI.
Tenants aren’t likely to stay long.
When it comes to tenants seeking a potential living space, people who seek furnished lots often aren’t looking to stay very long. This can be what most call a ‘transitional period’ in someone’s life; this can mean moving to a new city or even starting a new job, with furnished lots there is not a lot of hassle and stress for the tenant. This will allow you to keep the rent high but will have you filling the property with new tenants often.
Finally to conclude this blog, One and Only's final recommendation is utilising a local reputable agent or your target tenant, who can advise you on whether it would be best for you to invest in furnishing your property or not.
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