When it comes to prospective tenants, there are generally speaking always more tenants searching for furnished lets than unfurnished ones. This is probably because a furnished let suits the lifestyle of someone who is not yet ready or willing to buy a property; if you don’t have any furniture it is much easier to move about from place to place for work commitments or simply to see more of the world. But as a landlord this can seem like an expensive start up option with very little financial return, after all won’t a tenant with their own furniture be in it for the long haul since they have committed physically in some way to the space?
Positives of Letting Furnished
The positives of letting furnished are not that hard to see once you start looking. As mentioned above there are many more prospective tenants looking for furnished than unfurnished properties. This means that you are much more likely to let your property quickly and therefore reap the rewards of an extra month or two of rental income. In addition if you let furnished you get to keep the furniture when tenants move out and offer it again to future tenants, once more making you a more attractive prospect. In addition, rental income is on average around 10-15% higher if you let a furnished property as people will pay a premium for the convenience.
Penny Conscious Interiors
One of the biggest drawbacks to letting furnished is that you first have to furnish the property to start the whole process running and financially speaking this can be a bit of a daunting task for new landlords. And that’s before you’ve even started thinking about durability, longevity of furniture and suitability with regards to current fire regulations and so on. Take the hassle and stress out of furnishing your interior without it hitting your wallet too hard by selecting a specialist furniture supplier to landlords such as David Phillips. These specialist trade suppliers often offer deals for furnishing whole rooms, houses or even apartment blocks so you can really save some money.
Looking After Your Investment
Once you have furnished your interior well with quality products it is then vitally important that you look after it well to ensure it lasts to pay for itself over the long term. If you dont have tenants, it is a good idea to look up how to protect your vacant property to make sure that your new interior stays perfect. Ensure that you enforce measures such as not allowing pets and perform regular landlord checks on the property to see if your furniture is being treated well. Remember that any damage that is not natural wear and tear can be taken from tenants deposits if necessary.