Ultimately, you should weigh up both options carefully
WHEN CONSIDERING WHETHER to let a furnished or unfurnished property, landlords should take several factors into account. There is no right or wrong answer and the type of property and location often determine whether it’s best to provide furnishings or not.
Furnished properties are attractive to tenants who may only need short-term accommodation and do not want the hassle of buying furniture. An unfurnished property is usually also less attractive to younger tenants and those on low incomes who may not have the funds for furniture upfront.
WEIGH UP BOTH OPTIONS CAREFULLY Furthermore, if you wish to obtain a higher rental income then a well-furnished property will often command a higher rent due to the added convenience and comfort it offers. Ultimately, you should weigh up both options carefully. Typically, apartments let on behalf of landlords are furnished, but less so with houses. This is mainly due to the tenant demand; apartments are often rented by young professionals who don’t own furniture and are looking for a modern home, whereas larger homes are rented by families who have accumulated their own furniture over the years and prefer to put their own mark on the property.
“Landlords must ensure that they have a clear and comprehensive agreement in place with their tenants detailing exactly what is included in either a furnished or unfurnished property.”
COMPLY WITH RELEVANT REGULATIONS You should ensure that you comply with relevant regulations regarding the condition of any furniture supplied or the safety of any electrical items provided in a furnished property. This will help to ensure that professional standards are maintained throughout the tenancy management process and that tenants feel comfortable and safe in the accommodation being offered. This is key in order to ensure the best outcome for landlords and tenants alike. Regardless of the option chosen, landlords must ensure that they have a clear and comprehensive agreement in place with their tenants detailing exactly what is included in either a furnished or unfurnished property. This will help to avoid any misunderstandings further down the line and protect both the tenant’s rights and your own interests as a professional landlord.
By taking these steps, landlords can be sure that their rental property remains profitable for many years to come.
MAXIMISE RETURNS ON INVESTMENT By considering all of these factors, landlords can be sure to make the right choice when deciding whether to let a furnished or unfurnished property, and ensure that their rental units remain in high demand. Taking this approach will help landlords to maximise returns on investment and provide a secure and comfortable home for tenants. Regardless of which option you choose, professional landlords should always adhere to professional standards in order to protect both their own interests and those of their tenants.
TIPS FOR LANDLORDS TO LET A FURNISHED OR UNFURNISHED PROPERTY
1. Thoroughly inspect the property before you begin marketing it. Make sure that it is in good condition and compliant with local regulations.
2. Decide whether you want to let out the property furnished or unfurnished, as this will determine what needs to be included in the tenancy agreement. Make sure all furnishings meet safety standards and bring any necessary documents with you when meeting prospective tenants.
3. Carry out background checks on potential tenants and collect references from their last landlord if applicable. This can help to prevent any problems with tenants not paying rent on time or not taking care of the property.
4. Ensure that you are familiar with all relevant laws and regulations on tenancy agreements, including any special provisions such as restrictions on subletting the premises.
5. Carefully review your rental rate and estimate other costs associated with letting out the property, such as utilities or maintenance.
6. Prepare an inventory of all furnishings in the property before handing it over to the tenant which can be used for reference in case of disputes over damages upon exit from the tenancy agreement.
7. Make sure that you keep accurate records of payments, repairs and communications between yourself and tenants so that you have evidence should a dispute arise. This will also help in settling any disputes quickly and efficiently.
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