If you’re a landlord looking to get the most out of your investments, then you’re probably looking to make your property more appealing than the competition. But before you run out to all the stores and fill your buy to let property with luxury furniture, it’s best to take a moment and think about if it will actually help you make a return on your investment.
There’s a surprising amount of tenants that would actually prefer an unfurnished property, so it would be wise to get a good understanding of what type of tenant your property suits best and is most likely to attract.
Tenants will generally fall into 1 of 4 categories, students, single tenants, couples and families. Everyone is looking for what suits them best, but this can vary from person to person. As you’d imagine, most students would jump at the chance to snap up a fully furnished property. However, on the other end of the scale you have families and couples, who will most likely be looking to make the property feel like their home and may prefer no existing furniture at all.
A possible solution to attract all types of tenants would be to hold fire on furnishing the property, but also informing prospective tenants that the basics will be available to them if needed.
Depending on you who end up letting to, your requirements will be different.
For example, students (who are always on a budget) will need the basics like beds, desks and chairs provided for them. In this scenario, it’s best to buy furniture that is durable and not too costly to replace. It would also save you time and money if the furniture in this property is easy to clean. Student accommodation can have a few ins and outs from year to year, so save yourself some effort and keep it simple.
If you’re letting to the slightly older crowd of young professionals/couples or even families, you’ll want the property to feel a bit more homely. This doesn’t mean that you have to rush out and find some high end or unique furniture to give the property character, but simple touches can go a long way. Adding a nice dining table or a bit of artwork can really add to the cosy feel of the property, which is definitely what most in this category are looking for.
There are also some tips that could help regardless of who you’re renting to.
Firstly, an important thing to remember is not to turn your nose up at 2nd hand items. You obviously want to make sure that the furniture you provide is up to a good standard of quality, but you shouldn’t immediately rule out anything that isn’t brand new. There are some amazing bargains to be found online and at auctions that are definitely worth looking out for.
Secondly, when it comes to property you can never have too much space, especially if your tenant is sharing with another tenant or they have kids. If you do provide furniture, it’s a massive bonus if you can kill two birds with one stone by including beds with storage underneath, or maybe put up some shelves, saving them the needs to squeeze in a set of drawers somewhere.
Finally, be very careful with which electrical appliances you decided to supply your tenant with. While your tenant will love you for providing all the appliances they love such as a microwave or a TV, this just makes a longer list of items you’re obligated to replace if they become faulty.
