Five Reasons to Furnish your Rental Property in Todays Economic Climate

In today’s climate it is vital that a property is presented in a manner that gets it noticed by the right people at the right time. The current rental market is driven by tenants seeking the lifestyle that they perceive a property can offer.

 

How a property is dressed has increased to such a level in importance that it can make or break a deal. In the current market the perspective tenant expectations of what a furnished property should be are far greater than previously. Property investors need to really be thinking about whom their target tenants are and fitting out their properties to meet them.

 

5 Reasons for furnishing a property include:

  1. It saves your tenant money, since they don't need to buy furniture.
  2. You will let the property more quickly than an unfurnished property, because (generally) there are more tenants looking for furnished lettings.
  3. When the tenancy ends, you will still own the furniture and can use it yourself, or offer it to future tenants.
  4. A furnished property will achieve a higher rental against an unfurnished property.
  5. You can deduct 10% of the 'net rent' i.e. the total rent minus charges and services such as council tax and water rates. This is known as a 'wear and tear allowance'.

Another option is to let a property 'part-furnished', which is a term completely open to your interpretation. You furnish the property to a bare minimum e.g. Dining Table & Chairs, Sofas, Beds, Bedside Cabinets & Wardrobe. This way you could show the property to potential tenants, offering them the choice of whether to have additional furniture or not.

 

The decision to let a property furnished or part furnished will make a difference to your chances of finding a tenant and the kind of tenant you will attract. To find out more please call us on 0208 991 9700 where our team will be happy to assist you.


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