So you are looking to let an investment property – Should you provide furniture?
As a landlord you are under no legal obligation to furnish your property and there is no right or wrong answer as to whether you should leave the walls bare or create a turnkey property (one that is ready for immediate use). However, what you’re willing to offer will have a direct impact on who will be willing to rent your property.
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From a demand based point of view, while providing accommodation that is immediately ready for use holds wide appeal for a number of renters, more commonly, tenants will want to provide their own furniture and although smaller properties can be the exception as these typically attract younger, more mobile tenants, in general, unfurnished is more popular. So by offering an unfurnished property, you are appealing to a wider market and therefore more likely to have better choice when it comes to tenant selection.
Tenants who buy their own furniture may find moving frequently more complex and expensive and will invariably stay for longer. This has the benefit of minimising void periods as well as the cost of re-letting. Where the furniture belongs to the tenants, insuring the items will be their responsibility and of course wear and tear or damages are not the landlord’s concern, which are both further benefits to an unfurnished let.
From a financial point of view, rent achieved for furnished and unfurnished properties is similar. However, in some situations, a tenant may be prepared to pay a premium for a furnished property, in which case, if time and budget allow, furnishing can be a more lucrative option.
So whilst taking into account of all of the above, in general, I would recommend supplying kitchen appliances (cooker/oven/hob, fridge, freezer, washing machine, dishwasher & tumble dryer where space permits) as well as carpets/floor covering, curtains/blinds and possibly wardrobes, while keeping an open mind on providing certain items of furniture where the rent and terms offered by a prospective tenant make it financially viable.
If you would like some more specific advice on the preparation of your investment property for let, or with regard to any other aspect of the buy-to-let process, please do get in touch - 01895 625999 laura@gibsonhoney.co.uk