Deciding to let your property furnished or unfurnished is just one of the many decisions that landlords face. There are advantages to both, and it is important to consider your options carefully as it could have an impact on your chances of finding tenants for your buy-to-let property.
Who is your ideal tenant?
Think about your rental property and the type of tenant it would suit. Are you aiming to attract students, families or young professionals? If the property is suitable for younger tenants, such as a young couple or a student, then it is probably best to furnish it. If you intend to attract families then they are more likely to already have their own furniture.
How long do you want to let the property for?
If you’re willing to let your property on a short-term basis (six months or less) it is probably best to have it furnished. A short-term tenant is unlikely to want to incur the cost and hassle of moving furniture for a short period of time. However, if you want to rent long term, keeping your property unfurnished can be a good option.
The advantages of furnishing your property
Furnishing your buy-to-let property can lead to a higher rental income. The average professional tenant will be able to justify spending more on rent if they don’t need to invest in furniture. However, not all furnished properties necessarily mean a higher rent, especially if you are aiming to attract students. In general, furnished properties are more in demand than unfurnished ones.
The advantages of keeping your property unfurnished
Letting an unfurnished property will reduce the potential for damage caused by general wear and tear. What’s more, with furniture being provided by the tenant, you are not responsible for insuring those items. Plus tenants that have brought their own furniture may stay in the property longer.
Do you need help managing your property? Kingsley Hamilton Estates’ comprehensive property management service is designed to give you peace of mind and relieve you of the commitment of being a full-time landlord – call our team today on 020 7078 0214, or email firstname.lastname@example.org to find out more.