Attention Landlords! Should You Furnish Your Rental Property?
This is one of several important questions a property owner has to answer. In order to come up with a thoughtful answer, a whole set of new questions must be pondered.
What are my ideal rental terms?
Some property owners are looking for tenants who will stick around for years. Others, like those who own vacation properties, exclusively rent out their space to people who only plan on staying for a couple of months. If you're targeting the short-term market, furnishing your place could be an ideal way to generate repeat business and profit nicely from charing a premium monthly rate.
How will I handle maintenance?
You start to look at furniture in a different light when it's an asset you're for responsible for maintaining. You need to think long and hard about whether your investment in furnishings is justified based on potential damage and wear and tear amid usage. In this case, it would be wise to incorporate a clause that specifically holds the tenant liable for damage to certain items in the lease agreement.
Can you make it worth it?
The potential to pocket more money is one of the most compelling aspects of offering a furnished rental property. It's much easier to command higher rates when you're sparing tenants the hassle of buying furniture, appliances, and other household essentials. However, the value those furnishings add will be influenced by things like the décor, architecture, and surrounding community.
Can you afford it?
A furnished rental property is another expense added to your existing investment in real estate. If you decide to go this route, yet can't afford to buy the pieces you need, renting furniture can be an ideal alternative route. Rental furniture accommodates a broad range of furnishing needs by providing easy access to living room, dining room, and bedroom pieces, in addition to appliances electronics, and other items. A diverse selection allows you to cover the basics and add special features like flat panel TVs that further increase the property's rental value.
If renting furniture and accessories sounds appealing, Buddy's Home Furnishings can be of assistance. Check out our website at BuddyRents.com to view an assortment of pieces that might fit your rental property furnishing needs.