Furnishing your letting property has a number of benefits. In a today’s crowded and competitive rental market, being able to offer a fully or partially furnished home can help you attract tenants that might otherwise rent from a competitor.
Providing furniture – whether it’s basic living room and bedroom furniture or a fully furnished home – also lets you charge a premium rental rate, increasing the amount of income your letting property generates for you.
Just like there are do’s and don’ts for furnishing your own home, there are certain rules you’ll want to follow when buying furniture for a rental property. We spoke to the experts at AHF Furniture for their five letting property furniture tips.
Decorate and furnish with your ideal tenant in mind
While everyone has their own personal style preferences, it’s fairly easy to work out the type of furniture your target tenant will like. Successful professionals will want a home with high quality furniture, while students will be happy with the basics.
Decorate with your ideal tenant in mind and you’ll increase the appeal of your rental property to your target demographic. A leather sofa, stylish entertainment unit and king-sized bed add far more value for an executive than they do for a student.
If you’re furnishing a student apartment, choose furniture that suits their lifestyle, such as desks for studying and simple furniture. This way, prospective tenants will feel an attachment to your property as soon as they step in the front door.
Choose neutral colours that appeal to a broad audience
Bold, interesting colours might look great in your own home, but they can often put off prospective tenants. Decorating with a broad audience in mind will help you give your letting property a great amount of appeal to a wide, diverse audience.
This is particularly important when it comes to painting and decorating. Avoid using extremely bold or powerful paints and stick with tried and true basics like beige and white for your rental property’s walls and ceilings.
Make sure your living room furniture has washable covers
Furniture is a major investment, and furnishing a rental property can cost anywhere from £500 to £20,000 based on your choice of items. As such, it’s important that you choose furniture that will last for several years, or preferably, several decades.
For furniture with fabric upholstery, choose sofas and armchairs that have washable covers. This way, any stains that are left behind after a tenant moves out can easily be washed out in time for the beginning of the next lease.
Ensuring the longevity of leather furniture is a big tougher. As a general rule, don’t be afraid to spend slightly more than the market rate for leather furniture to ensure you get a sofa or armchair that’s durable enough to last through several tenancies.
Install good quality carpet that can be cleaned repeatedly
Many landlords favour polyester carpeting because of its great stain resistance. The majority of stains can easily be removed from polyester with little more than a small squirt of laundry detergent – something that can’t be said for nylon carpeting.
The downside of polyester, however, is that it usually isn’t as resilient and durable as nylon carpeting. This means that after four of five years of renting, often with a cleaning between each tenant, it can start to look worn out.
If you’re concerned about stains and don’t mind replacing your letting property’s carpets, a polyester carpet will probably be your best choice. For longevity, nylon offers the best combination of acceptable stain resistance and great durability.
Furnish with the basics, but leave accessories to the tenant
Almost all tenants will want to add to the furniture you’ve installed in your letting property. From lamps to coffee tables, your tenant might have a favourite piece of furniture that they’d like to install to make your property feel like their home.
Because of this, it’s best to stick with the essentials – living room furniture such as a sofa, armchairs and entertainment unit, for example – when you’re furnishing your rental property.
Leaving accessories to the tenant gives them the flexibility to make your property feel more comfortable and uniquely theirs, as well as reducing the amount you’ll need to spend to furnish your letting property.
Article Courtesy of: AHF Furniture