When you’ve invested in a new property it is important that it is as appealing as possible to your ideal tenants. The question of whether you should furnish your buy to let property is one of the first things you need to consider. It is imperative to do your research and see what other landlords in the area are offering as well as looking at what is best for your future tenants.
Furnished properties are perfect for ‘turnkey’ tenants looking to move in quickly and have the apartment ready to live in. It also saves tenants money as they don’t have to buy all new furniture, which can make the property far more appealing. There will be a deposit which will cover any damage to furniture so that shouldn’t be an added concern. There are more tenants who are looking for furnished properties due to the nature of renting. It is also essential that you create an inventory before the property is let so when the tenancy ends you can make sure everything is accounted for. It can also be wise to take photos of condition and consider taking out contents insurance.
When you purchase a new build property with a reputable company like RW Invest, there is often the option of a furniture pack available. These are often great value for money and the developer will have liaised with furniture companies to get a better deal. Designed specifically for your property, these furniture packs can be a great hassle-free option when it comes to furnishing your property. For apartments and studios, furniture is vital for showing how the space can be used and maximised for the tenants. The cost of furniture can also be tax deductible in certain cases.
A furnished property will also appeal to overseas tenants who haven’t got the time to furnish a property and who expect a high end interior design scheme.
This is especially true when it comes to city centre apartments that are close to business hubs which are popular with international tenants. If you are letting to students, then it is unlikely they have furniture, so a furnished apartment will be the best option for them. This is also the case with many graduates and young professionals. Furnished properties with a modern interior design scheme that will appeal to a wide range of tenants is a definite advantage. When furnishing your buy to let property it is also worth choosing furniture that is hardwearing and good quality so that it will last for several years.
If you are appealing to older tenants who have been renting for a long time then it might be worth presenting your property as unfurnished, as they may have their own furniture they want to use.
If you are renting out a family home or looking for long term tenants in a residential neighbourhood, unfurnished might be best. However, a furnished property is much easier to market to tenants.
You could also leave the option up to the tenants and show the apartment unfurnished with an option of adding furniture before they move in. This flexibility can be a real advantage when it comes to letting a new property. It is essentially up to you whether you want to let your property as furnished or unfurnished and it is worth looking at what your tenants are likely to expect.