*Tips and examples of what should a landlord do when it comes to furnishing their property.
This will be a two parts article because it encompasses a bit more information. The first part is about making a decision between renting a furnished or an unfurnished property.
If you already have a property that you wish to lease, hopefully, this guide will help you deal with the many processes that you need to go through in order to prepare it for a potential tenant. For legal advice, however, you will need to refer to a solicitor.
Being a landlord comes down to being able to present and sell your product. And the way in which you can do that is by making your property irresistible and inviting to people. When potential tenants see it, they must immediately start imagining their new lives there, and to be willing to stay there long after the first year of tenancy agreement has expired.
What to choose: Furnished or Unfurnished Property
There has been a debate for years about whether or not a landlord should offer unfurnished or furnished rental properties. The truth is that, for every rental house, flat, or office, there is at least one tenant who will find it irresistibly attractive. It all depends on finding the right audience for your property. If you have made up your mind on this subject, your decision is 90% made.
Benefits of a furnished property:
- >> You can charge higher rent for it (depends on the furnishing).
>> You can rent it to couples or families. In most cases they are serious people in most cases who will keep your belongings safe.
>> A nicely furnished flat will most likely attract many people and it won’t stay empty, ergo you will keep receiving your rent.
Downsides of a furnished property:
- >> Many potential tenants may not choose your property because they want to have their own furniture.
>> If something breaks, you will need to fix it or replace it.
>> You have to deal with even more insurance policies, and fire safety will have to be your main concern when buying the furniture
>> You will have to deal with the collection and transportation of all furniture and appliances.
>> A furnished flat may attract people for short-term tenancy.
Making a decision and getting to work
The first step to deciding how to put your property on the market is by knowing who your target tenants are - families, couples, working people, students or people who are in town for a short period of time. It goes out without saying much - people who need your property for a short period of time and students will need the property to be fully furnished.
The next part will elaborate on the different options and will give examples for each.
