Rental Properties: Furnished or Unfurnished?
For landlords, it can be tricky to decide whether to let out your properties in a furnished or unfurnished state. In this blog, we go through the pros and cons of both to help you make an informed decision.
Firstly, let’s talk about what the two terms mean.
Unfurnished: this means that you won’t provide things like, sofas, beds, desks, table and chairs, etc. However, this does not include essential fittings and appliances. You should also be including all white goods, appropriate flooring (like carpeting, vinyl, tile etc.), and curtains or blinds.
Furnished: this means that you should be providing all of the above in your property, to make sure that your tenants have everything they might need to live normally. This can often include kitchen items such as pots and pans, tableware, and cutlery etc.
If you decide to go down the unfurnished route, you’ll have the benefit of having much smaller costs to get your flat ready for tenants. All you’ll need to do is ensure that everything is well cleaned and sanitized, and all appliances are in good working order before new tenants move in.
You also won’t have to worry about anything you own in the flat suffering from damage or general wear and tear.
Your property might also be more attractive to tenants like young couples or families who have their own furniture and are looking for a property with enough space for their own sofas, beds, wardrobes, coffee table etc.
However, you may not be able to charge quite as much for an unfurnished property as a furnished one. Your property will also likely be less attractive to students or those looking for an HMO as finding and moving furniture is much more of a hassle/expense.
If your property is well furnished, it will tend to attract more seriously interested tenants. You may also be able to charge a slightly higher rent if the furnishings are new, neutral and modern. You’ll also be able to reuse furniture and fittings for new tenants, as long as the pieces you provide are of high quality and durability.
A downside is that this type of property tends to attract people who are looking for a shorter-term lease so if you are hoping for something more stable, furnished might be the wrong option.
Another thing to consider is that you’ll also have to worry about damages to furniture and being responsible for replacing pieces that need it for new tenants moving in.
Yes! You could opt for “Part furnished”. This means that you provide all the most essential items, like beds and wardrobes, and leave all the other furnishings like coffee tables, sofas, bedside tables etc. up to the tenant.
For many, this is a happy medium that attracts more potential tenants, and still allows them the freedom to bring their own furniture and make the rental property feel more like home.
Contact us today if you have any questions and we’ll take care of the rest.
I have been working with ZFA for 4 years and they manage my full portfolio. I don't need to worry about a thing, they manage every aspect of my properties - highly recommended.
Mr Stephen Jones