Should i rent my home furnished

And we all know the faster you fill a unit, the more rental income you receive. When you're furnishing a space, costs can really add up. While you can save some money by shopping at discount stores such as HomeGoods and Marshalls , you're still going to end up paying a sizeable amount.

Fortunately, you can account for these additional costs in your rental price. When you're figuring out how much more to charge for a furnished unit, it's a good idea to think about the cost of replacing furnishings. Even if you have the best tenants imaginable , they're still going to cause wear and tear on everything from couches to pots and pans. A good way to think about this is to determine how long an item will last and how much it costs.

In a perfect world, you would figure out how much it costs to furnish your entire unit for a year. However, it's okay to estimate. Don't be shy about charging higher rent for a furnished home; renters expect this!

It's a good idea to look at comparable furnished real estate in your area to get an idea of the average listing price. And remember, you should charge more than the price for similar unfurnished apartments. Along with charging a higher rent, you can also charge a higher security deposit. For example, in California, a security deposit can equal up to 2 times the monthly rent for an unfurnished space and up to 3 times the monthly rent for a furnished apartment.

After all, this deposit covers your furnishings as well as your rental property. In case you need a refresher, here's a basic list of what you should include in a furnished property.

Tenants looking for furnished apartments typically seek short-term accommodation. Furnished rentals often attract tenants looking to rent for just a couple of months. Furnished apartments attract a different type of tenant than your traditional unfurnished apartment.

Quality furnished apartments attract great tenants that are willing to pay higher rent and tend to rent long term. Renting a furnished apartment is beneficial because moving is easy. The exact items a furnished apartment contains depend on the landlord and location. Here are some general things a furnished property should have:. An unfurnished property is more likely to appeal to renters searching for a long-term home.

An unfurnished apartment includes very minimal fixtures and fittings. The minimum requirements for an unfurnished property are suitable heating, a fitted kitchen, and fitted carpets. Here are a few reasons why you should consider offering an unfurnished property:.

An unfurnished property gives renters the option to customize their space. The fewer items your rental unit has, the lower your maintenance responsibility. With an unfurnished property, tenants are free to customize their home. This would make them prefer an unfurnished unit. Name required. Email required. Phone Number Subject. Each choice has both pros and cons. It truly depends on your target market.

Who are you planning on renting to? A Furnished Home A furnished home means that your rental unit comes with furniture and appliances. Here are the advantages and disadvantages of furnished rental properties: Advantages: 1. Easy to get short-term rentals If tenants are not required to move their own furniture into the property, more renters will readily rent. This makes it convenient for short-term renters to move in and out quickly. Respect and better treatment by tenants for furnishings Tenants will have a higher chance of taking care of the furnishings when they are tastefully decorated.

You can move furnishings around when the lease ends If you have several properties in Denver, you have the option of moving the furnishings around.

Tax-deductible for the cost of goods The cost of purchasing furnishings can be an advantage for your tax computations. Shorter leases provide flexibility As a landlord, shorter leases give you room to change your rental prices and policies.

Once a tenant vacates, you can make changes as you see fit. One landlord might include more than the next, but a good rule of thumb is to supply everything a person needs to live comfortably.

So, the list of inclusions would look something like this:. As one would expect, there are shades of grey involved in this seemingly black or white question. Personal circumstances can enter into the mix, but it should always be about the tenant. Talk to a reputable, local letting agent like us! That being said, there are still clear pros and cons to each, regardless of which you choose.

Now the landlords are out of the way, what about tenants? What are the pros and cons of renting a furnished or unfurnished property from their prospective? While some of the points mentioned in the advantages to landlords above will be similar, there are some points that are tenant specific.

This option is attractive for a number of reasons, but it does require a bit of negotiation and flexibility from both parties.

A common way of part-furnishing a rental property is for the landlord to offer key, larger items such as beds and wardrobes, whilst leaving the smaller bits and bobs to the tenant.

This gives tenants a chance to make their rental feel homely and personal without the hassle of tying themselves down to cumbersome furniture.