Should You Let A Rental Property Furnished Or Unfurnished?
Are you considering whether you should let your rental property in Balham furnished or unfurnished? Many factors come into play when making the decision, like the location, target market, and your return-on-investment goals.
If you’re a landlord on the fence about letting a property furnished or unfurnished, here’s an overview of the pros and cons from Your Home Managed to help you decide.
You may also be interested to read 7 Steps To Becoming A Residential Landlord
What Does ‘Furnished’ Include?
As a minimum, all properties let in the UK need to include various amenities, like white goods, kitchen, bathroom and lighting fixtures, flooring, and curtains or blinds.
While there isn’t a legal definition of what a furnished property includes, it needs to be considered ‘fit to be lived in’ from the day the letting begins. This usually means it has:
Beds: Enough for each bedroom.
Wardrobes: Appropriate for the number of bedrooms and people
Chest of drawers: One or two sets per bedroom.
Sofas: Ideally to seat the number of people living at the property
Dining room table and chairs: Preferably with enough chairs to seat the number of people living at the property.
Tableware: Enough to cater to the number of people living at the property.
Light fittings: These must work and be regularly maintained by a qualified electrician.
Curtains and blinds: These often need to be made to measure and so it’s ideally something the landlord should provide.
What are the Benefits of Letting a Property Furnished?
Choosing to let a property furnished ultimately depends on the target market, the local area, and your desired rent price. By letting a property in Balham furnished, you can potentially:
Get a better or higher rent price.
Make your property more attractive.
Attract short-term tenants more easily (if that’s your target market).
How to Attract the best Tenants For Your Rental Property
Are there Downsides to Letting a Property Furnished?
Despite the benefits, there are some downsides to letting your furnished property in Balham, including:
Size of market: A furnished property doesn’t always attract long-term tenants, so you may appeal to a smaller market seeking short-term lets.
Maintenance: It adds maintenance, like handling repair and replacement work.
Costs: You’ll need to pay for the furniture, plus repair and disposal costs.
What Does Unfurnished Include?
Unlike furnished properties, there is a legal definition of what an unfurnished property includes. They must have a minimum of:
White goods, (usually to include a hob/cooker, fridge, freezer and washing machine).
Kitchen, bathroom, and lighting fixtures.
Flooring or carpets.
Curtains or blinds.
If a landlord provides electric appliances in an unfurnished property, they must make sure everything is regularly tested for safety.
What are the Benefits of Letting a Property Unfurnished?
There are benefits to letting a property unfurnished, including:
Less maintenance: Furnished properties come with a requirement to maintain the furnishings. With an unfurnished property, you won’t have this responsibility.
Attract long-term tenants: Long-term tenants often bring their own furniture to a rental, so an unfurnished property could be more desirable to this market.
Cheaper: Since you won’t have to pay for furniture, your outlay and running costs could be cheaper.
Are there Downsides to Letting a Property Unfurnished?
Naturally, unfurnished properties attract a different type of tenant. Letting an unfurnished property can mean you need to charge a lower rent price.
Plus, you may not be able to compete with other nearby rentals if you’re not providing what people want.
The best thing to do is research what works well for your property type in Balham before you decide.
Landlords: Do You Need Advice?
Deciding whether to let your rental property furnished or unfurnished depends on many things, particularly related to the market in Balham. Get in touch with us and we can advise you!
More information about how to get your rental property ready is here
What Next?
Your Home Managed are your local property experts for the Battersea area. Call us on 0208 125 7780 or email info@yourhomemanaged.com to chat with a member of our friendly and experienced team.
Rental Property Management in Balham
At Your Home Managed, we are your local property management experts in Balham. If you need expert letting agent or property management services to help market and manage your property, our experienced team can help.
Call us today on 0208 125 7780, book a valuation or browse our letting and property management services.
Frequently Asked Questions About Letting a Furnished or Unfurnished Property
Is there a difference between a furnished and unfurnished rental property?
Yes. In the UK, all properties must include white goods, kitchen and bathroom fixtures, flooring, and curtains/blinds, regardless of if they are listed as furnished or unfurnished properties. Furnished properties include essentials like beds, wardrobes, and often a sofa and dining table.
What are the pros and cons of furnished vs unfurnished rentals?
Furnished rental properties can attract higher rents and short-term tenants but require more maintenance and upfront costs. Unfurnished rentals are easier to maintain and attract long-term tenants but may lead to lower rents.
Who typically prefers furnished properties?
Young professionals, students, and those relocating for short-term work often prefer furnished properties as they require less upfront investment.
Can I offer a part-furnished property?
Yes, you can offer a part-furnished property, but clearly outline what furniture is included in the tenancy agreement for prospective tenants. Be sure to include essentials like a hob/cooker, fridge, and washing machine, even in part-furnished rentals.
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