Some landlords would never consider furnishing a buy-to-let property, but they might wish to think again.
There are plenty of good reasons for going down the furnished route, the main one being the large number of tenants who prefer to move into a rented home which has the beds and sofas included. This could be because it saves them the expense and hassle of furniture shopping, or their circumstances dictate a swift move with the minimum of fuss.
Young professionals, business people who regularly move with their work and people who have suffered a relationship breakdown often prefer properties with everything included. This approach works particularly well in small houses and apartments.
There is evidence to suggest that furnished properties let quicker than unfurnished ones, so ask your letting agent about the situation in your local market.
When shopping for furniture, remember that you are trying to make it appeal to prospective tenants – not to your personal taste. You might love curtains with pink stripes, but you could be narrowing your potential market. If you are unsure, ask your letting agent for advice on which colours and styles would appeal to tenants.
Then there is the part-furnished option. This approach is more flexible as the amount of furniture in the property is entirely down to you (remember, beds are more popular than dining tables). You could even market the property fully furnished with the option of removing any items the tenant doesn’t need. This gives the tenant a degree of control. If you have more than one property, it would make sense to have a stock of furniture which you can use when required.
As always, remember to keep photos of your furniture with the inventory as any damage or cleaning costs can be deducted from the deposit at the end of the tenancy period.
Finally, if you need an added incentive, you can also deduct a percentage of the cost of the furniture you buy from your tax liability.
If you are thinking of investing in a buy-to-let property, call Knight Property Management today on 01992 308181.