It’s not a difficult decision to invest in a waterside apartment at Tavern Quay – given the demand for properties to rent in Rotherhithe and the long-term appreciation prospects at the development. What is more tricky is deciding whether to rent out a buy-to-let at Tavern Quay on a furnished or unfurnished basis.
Over the lifespan at Tavern Quay and at Vision’s other developments, our sales and marketing team have worked with a number of successful landlords and we’ve picked up some great rental advice along the way. Using our combined professional advice, here’s the case for and against renting out a property furnished or unfurnished.
- Tenants who already own furniture will prefer an unfurnished property.
- Your taste in furniture as a landlord might not be that of a tenant, and may put them off renting your property.
- There’s no hassle replacing furniture if it’s broken, damaged or worn out.
- You don’t have to worry about insuring any furniture – fewer items to insure means a smaller premium.
- Families often prefer unfurnished properties as they may have accumulated their own items.
- An unfurnished property is a cheaper way to start a buy-to-let.
- You don’t have to worry about storage or removal costs if you decide to sell the buy-to-let.
- You might be able to attract a wider cross-section of tenants with a furnished let.
- You may achieve a higher monthly rent on a furnished property.
- Furnished properties suit corporate tenants, those moving from overseas and students.
- Your property will look more homely when it’s photographed and marketed with furniture in situ.
- You’ll own the furniture at the end of the tenancy – although it’s a small asset, it may help relet the property.
- There may be some tax offsetting advantages to offering a furnished property.
The ‘somewhere in the middle’
Many landlords follow a ‘part furnished’ path, supplying some large items of furniture to get a tenant up-and-running.
Things to remember
- If you are supplying electrical goods and/or appliances, carry out portable appliance testing frequently.
- Furniture must conform to the legal fire resistant standards.
- If renting out a furnished property, be prepared for it to show signs of damage and wear.
- Your inventory must include the state of furniture and other supplied items.