Thinking of doing some traveling? Kill two birds with one stone:
get more money for renting your property furnished, and save money by not having to move and/or store the furniture.
Sounds great doesn’t it but in practice, however, there are drawbacks, headaches, losses, and of course – the idea of somebody else sleeping in your bed…> Let’s quickly summarize:
1) More money for the unit furnished than unfurnished. Who doesn’t love money?
2) Saving money on moving/storage fees
3) Cover your living expenses when you travel
1) Possible damage to furniture.
2) Possibility of someone unhygienic sleeping in your bed.
Consider that the “furnished rental market” is a niche market, and not everybody out there looking for a rental property wants to use the furniture you’ve left behind, let alone pay for it. This means that you have to furnish the suite in good taste and the furniture needs to be new or near new. If your suite is full of cast-offs and old furniture your grandmother donated to you – forget it – just forget it.
So the idea of “making more money” from a furnished rental works in theory, but the target market is small AND if it doesn’t look upscale it won’t rent.
If you’re keeping the property to come back to in a year, or two, then perhaps it makes sense to leave your furniture behind, and save money on a storage unit as well as the cost of moving it twice but only if it is a really nice apartment.
If you are able to find somebody to rent the place furnished, then you have to worry about how they’ll treat your property.
And what about things you won’t notice until you move back in? How many wine glasses were there? Eight? There’s only five now. Did they break them? Were they dollar store, or Reidel?
It can be a scary and daunting notion to put your home into a general rental pool. You will have to expect some wear and tear and possible something does get damaged as accidents happen.
Make sure to create an inventory of all the major things you leave behind and get a damage deposit to offset any repairs or replacements and most important get a good manager for your property.