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Sep, 2014

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  1. #1

    Default How much should one spend on furnishings a rental property?

    Hi all - can someone please tell me as to how much should I spend on furnishings my investment property?

  2. #2
    Join Date
    Sep 2010
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    1,245

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    Would all rather depend on the property itself and what market you are aiming for.
    I'm a good tenant with great landlords
    I'm also a living, breathing, fully cooked female.

  3. #3
    Join Date
    May 2009
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    14,115

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    I think you need to give more information.

    For example, a 1 bed flat is going to cost less than a 6 bed house. The target market is also relevant.

  4. #4

    Default

    Thanks for your reply. My property is worth £150k (1bed flat) and rental of £800pm. I have been told to spend atleast 2% of the property value on furniture! + VAT + Curtains.

  5. #5
    Join Date
    Jul 2008
    Location
    Yorkshire
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    24,592

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    Quote Originally Posted by johnballinger View Post
    Thanks for your reply. My property is worth £150k (1bed flat) and rental of £800pm. I have been told to spend atleast 2% of the property value on furniture! + VAT + Curtains.
    So you are looking to rent to single person or a couple?

    Do you intend to provide all electrical goods, or just the basics (cooker, fridge, washing machine, beds, carpets, curtains, table, sofa & chairs)?
    How is education supposed to make me feel smarter? Besides, every time I learn something new, it pushes some old stuff out of my brain. Remember when I took that home winemaking course, and I forgot how to drive? Homer Simpson

  6. #6
    Join Date
    May 2009
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    Quote Originally Posted by johnballinger View Post
    Thanks for your reply. My property is worth £150k (1bed flat) and rental of £800pm. I have been told to spend atleast 2% of the property value on furniture! + VAT + Curtains.
    There is no percentage spend figure. There may be an average, but that's pretty useless with so many variables.

    There are choices to be made. For example, you can choose to buy a very cheap table for £30 which may be easily damaged and end up on the scrap heap after a year. Or you can choose to spend £300 on a better quality table which may last for 10 or 20 years and/or can be repaired if it's damaged.

    The choices you make may depend on the market you're aiming for. In my case, I let to professional single tenants in central London who rarely, if ever, cause any damage. So it makes sense for me to invest in durable, (idiot-proof), high quality furnishings which are less susceptible to wear and tear, but also appealing to my target market. I also source items on Ebay for much less than 50% of RRP.

    If I were letting an HMO to students in Nottingham, my strategy would be a bit different - albeit durability/idiot-proof is, for me, always an essential. Flat-pack self-assembly MDF furniture dies quickly. Buy a Victorian chest of drawers instead and it'll last forever, at not much extra cost. 'Antique' furniture goes for peanuts on Ebay.

  7. #7
    Join Date
    Oct 2009
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    4,930

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    My view? Don't buy any furniture at all, and let it unfurnished. Then if you don't have a tenant for a bit, you don't have to pay council tax.

  8. #8
    Join Date
    Jul 2008
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    Yorkshire
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    I agree with westminster.

    (In 17th century Puritan voice) MDF be the Devil's work. Shun it!
    How is education supposed to make me feel smarter? Besides, every time I learn something new, it pushes some old stuff out of my brain. Remember when I took that home winemaking course, and I forgot how to drive? Homer Simpson

  9. #9
    Join Date
    Mar 2009
    Posts
    8,645

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    MDF be fine if you assemble it carefully & glue every meeting of surfaces you can find .

    I've twice furnished 2/3 bed houses for about £1k, white goods & flooring excluded. But shopping at IKEA is HELL....

    (Order electronically & they deliver - no store visit necessary!
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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