If you’re currently deciding whether to let your rental property unfurnished or furnished, you might be weighing up the pros and cons of each. But have you thought of everything?
Here’s our handy round up of some of the main points to think about before you decide one way or the other:
- You can usually charge a higher rental price – around 5% more than if the property was unfurnished
- Because the property is ‘turnkey’ and ready for tenants to move into, you tend to get a quicker let and shorter void periods.
- Maintenance costs are higher – furnishings will need repairing and replacing over time, and more electrical testing is required
- If you want to insure the property’s contents, your landlord insurance premium will be higher
- The inventory will be much more extensive than for an unfurnished property, so it will take more time to complete and cost more.
- Your up-front ‘ready to rent’ costs are lower, as you don’t have the expense of furnishing the property
- Tenancies tend to be longer when people have gone to the effort and expense of moving their own furniture in
- Your landlord insurance premium may be lower, as you don’t need to take out contents cover.
- The monthly rent is likely to be lower than for a furnished property
- Void periods between tenancies may be longer, as there isn’t as much demand for unfurnished properties in some locations. Even if you find a tenant fairly quickly, they may need extra time to make arrangements for moving their furniture.
Bear in mind that the location and size of your property will determine tenant demand, and different tenant types usually have a preference for either furnished or unfurnished.
So, to find out which level of furnishing is likely to attract the best tenant to your property and what kind of look will help achieve the highest rent, call us directly on 01268 955001 or email firstname.lastname@example.org, and one of the team will get right back to you.