Deciding whether to let a property fully furnished or unfurnished is a decision landlords should base not only on their personal circumstances but on the demand from tenants, to ensure minimal void periods.
Often landlords make the decision to furnish their rental property based on their personal circumstances. If, for example, you’ve inherited a property and you decide to let it out you may find it’s already furnished, or if you’re moving away for a while and you want to let out your home it’s often easier to leave the furnishings in place. Since April 2016, the new wear and tear allowance only enables landlords to deduct the costs they actually incur on replacing furnishings in the property. This means that all landlords, whether you let a furnished or unfurnished property, are able to make claims against the new wear and tear allowance.
The benefits of letting a furnished property
- If you already have furniture in the house it saves you the cost of removal and storage
- It saves tenants money as they don’t need to buy their own furniture
- You can often increase the rental price if it’s a furnished property
- Once the tenancy has ended you still own the furniture, which you could sell or use for yourself
- Your property may let faster than an unfurnished property, depending on the property type, location and demand from tenants
The benefits of letting an unfurnished property
- You save money as you don’t need to pay for any furniture
- It could quickly attract tenants with their own furniture who don’t want to pay for storage
- If you decide the sell the property you don’t need to worry about removing furniture
- You are not responsible for insuring tenants’ furniture
- You have less concerns over general wear and tear if the tenant is providing their own furniture
Discuss your options about how you by either contacting the lettings team on 0808 1151 374 or book in a free rental valuation and arrange a time for one of local lettings experts to discuss the best options.