Outfitting your property with all the furnishings can be a major expense. It’s completely up to you whether you offer it with nothing but bare walls and floorboards, or every possible kind of furniture, appliance, tools, kitchenware, bathroom scales and magic lanterns.
Pros/Cons about furnishing a property:
- Access to a larger market; global & international executives and professionals who are looking for temporary housing; Real Estate Transitions; relocations; Insurance Displacements and holiday renters
- Higher rent rates because of all the includes in the property rental as well as the above sector will expect to pay premium rates for short and mid-term rentals
- Access to the larger market which includes better qualified tenants who are or have been homeowners themselves and may have a higher respect for home ownership
- Higher investment costs but you can deduct a percentage of the cost of the goods from your tax liability. Deductible expenses include both the cost of the replacement item and costs of disposal of the old item
Pros/Cons regarding an unfurnished property:
- Tenants who buy their own furniture may stay for longer, since they have made an investment and moving could be complex and expensive
- Tenants may be happier with their own furniture and less problematic for you
- You have no concerns over wear and tear if the property is unfurnished
- Your will be limited to just the local market which means your tenants have to be fully vetted as with new RTB rules, a bad tenant is difficult to get rid of.
A third option is to let a property part-furnished, which is a term completely open to your interpretation.
You could put in everything except beds (since many tenants have their own beds), or you could show the property to potential tenants, offering them the choice of whether to have additional furniture or not.
Lettings agents favour this option, since it gives the greatest flexibility and makes it easier to find tenants.
Ideally, there should be enough furniture that the property looks ‘lived in’ and functional, but not so much that the place is cluttered. Having too much of a landlord’s furniture crammed into a property is off putting.
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