As a new landlord, it can be tempting to leave properties void of furniture, fixtures and fittings to avoid letting properties furnished with substandard furniture. Since 1988 when the Furnishings and Fittings Regulations came into effect, even experienced landlords can now be reluctant to provide furnished properties. However, when you consider that a furnished property can let on average for over £50 a month more than an unfurnished one, it is easy to see why it might be worth putting in some time, effort and investment into furnishings to reap the rewards in the long term.
Money Matters
Before you can start considering changing your letting status to ‘furnished’ you need to make sure that you have the financial funds to back it up as well as the time and man power to practically ensure the furnishing gets done. Get some quotes from a range of different suppliers and work out a budget for each property, then do the same for each room within that property. Always ensure that you have at least 10% leeway in case of any emergencies or additional purchases.
Once you have established that all of these factors are in place and the furnishing is feasible, it’s time to mull over your options with regards to furnishing your property.
Responsibilities
The first decision is whether you are going to take on the responsibility of sourcing, purchasing and installing the furniture yourself or if you are going to contract different parts of the operation out. If you have decided to tackle the project yourself, start by looking at your expertise and where you may need support. If you are a new landlord, it may be a good idea to consider bulk furnishing properties using a specialist company that create, deliver and install furniture, fixtures and fittings to spec, leaving them to do all of the hard work.
Options and Experience
It is possible to source furniture second hand through Ebay, Gumtree and other sites but do be wary of safety standards and the reliability of purchases. Be aware that youre not protected by any guarantees if you are buying privately, which leaves you with few rights if things do go wrong. Of course, when you have gained a bit more experience you will begin to develop an eye for a bargain. Unfortunately this is something that you learn from experience, mostly by making a few mistakes along the way, so dont beat yourself up if you take a few wrong turns along the route.
- Selling a House in a Trust After Death: What You Should Know - April 18, 2024
- Maximising Your Home’s Potential: The Ultimate Renovation Checklist - April 16, 2024
- Key Tips on Managing Your Property Portfolio - April 16, 2024
