So, you want to rent out a property? It can be a great source of passive income, and gives you some time to decide what you want to do with the house long-term while making money from it, and keeping it safe by avoiding leaving it empty. One of the big questions when it comes to letting out a house is whether you want to offer it as a furnished property or not. Here’s a look at some things you might want to consider, and some tips to help you to get your furniture just right.
Does it Need Furniture?
About half of tenants are looking for unfurnished properties. Students and young tenants often want furniture, but families are often looking for unfurnished houses, as they have their own and want to take the time to make the house feel like a home.
Think about the tenants that you want to attract, and ask yourself if they are likely to want furniture. It’s also worth remembering that furniture doesn’t necessarily mean that you can charge more rent, but it does mean that there is more to need repairing and replacing later on. It can also make the bond more complicated.
One alternative that is often popular is offering white goods only. Some tenants want to buy their own sofas, beds and decorative pieces, but they’re not as keen on the idea of shelling out on expensive washing machines and fridges, which might need repairing later on.
Buy Things That Will Last
If you do choose to furnish your property fully, it can be tempting to do it as cheaply as possible. But, this often means poor quality, which can cost you more in repairs and replacements in the long-term.
You certainly don’t want to spend a fortune on the best furniture out there, but it is worth buying long-lasting and hard wearing items like these Heavy Duty Landlord Beds and sturdy fabric sofas.
You can always save money by buying second hand, just make sure it’s good quality and undamaged.
Keep Things Neutral
When tenants view your property, they will try to imagine it as their home. More stylish furniture might attract a better tenant. But, neutral colours and simple designs will definitely attract more people. Keep the walls neutral colours so that they can easily add their own accessories and additions, and go for neutral colours and plain patterns on the furniture.
Don’t Forget Fire Safety
If you are going to furnish property, you need to make sure that you stay within the law and do your best to keep your tenants safe. Make sure any soft or upholstered items, like sofas, divan bed bases and mattresses are fireproof, and that they still have their fire safety tags. If you can’t see a label on a second-hand item, don’t buy it. If there’s no tag on a new item, check with the retailer or manufacturer.
Change Your Tenancy Agreements
If you are offering a furnished property, this should be stated, and any fair wear and tear agreements should be included in your tenancy agreements. Check any old policies, and add a section where necessary.