How do I furnish for the rental market?
Many landlords spend a substantial amount of money purchasing an investment property and then skimp on the cost of furnishing and fit out. They then wonder why the property is slow to rent and does not command top rent.
There is nothing worse than a potentially attractive property that is furnished badly. Poorly chosen furniture is more likely to put off prospective tenants than to bring in the premium rent a landlord desires.
How a property is furnished is a key part of marketing your rental investment.
Don’t expect prospective tenants to be happy with ‘old fashioned, damaged and miss-matched furniture’ that better belongs in a skip.
A well furnished and presented property is easier to market and will rent much quicker than a badly furnished property. Tenants are also likely to stay longer in nicely finished properties.
Is a good fit-out expensive?
A good fit out does not necessarily need to be expensive. Use furniture and fittings that match the quality of the property you are letting. Strike a balance between quality and price.
It is worth paying a little bit extra to get something that will last,
What furniture does a landlord need?
For a furnished property there will be all the obvious items: a bed, sofa and appliances such as a washing machine, fridge freezer and cooker. A landlord will also need storage such as wardrobes, as well as tables and chairs for meal times. For a landlord to make the place feel a bit more comfortable, it’s probably worth having some kind of coffee table for the living room. Some free standing lighting will help a landlord to show their property in its best light.
Exterior
It is important to create a good first impression of your rental property. This involves creating ‘kerb appeal’ and ensuring that the properties exterior is clean, tidy and clutter free.
Furniture
Go for quality well made furniture that will last. Avoid cheap flat pack furniture made form chip board. It is not as durable and less likely to last. It is now possible to obtain good quality solid furniture at very reasonable prices. Always ensure that your furniture matches. Consider leather suites as coffee spills etc can be easily wiped off, whereas they will destroy a fabric suite.
Electrical Items
Go for economic but reliable brands – cheapest is not always best.
With electrical appliances avoid cheaper brands with knobs and buttons that come off easily. A machine that breaks down will cost you a fortune in call-out charges to the plumber or engineer. It pays to go for the mid-range, or slightly above mid-range, manufactured by a reliable brand. At a minimum you will need to provide a cooker, fridge freezer and washing machine. The provision of dishwashers and microwaves is now common and indeed many prospective tenants will expect these items.
Colours
Decorate your property in neutral colours
Flooring
Use neutral colours and plain patterns. If carpets are badly worn or stained replace them. Choose colours and styles that are suitable for rental property and that will wear well. Many landlords put wooden floors in the down stairs of a property and carpet on the stairs, landing and bedrooms. If furnishing an apartment check with the management company that there are no restrictions on the use of wooden floors.
Safety
Fitting a rental property with a small fire extinguisher and a fire blanket is a good idea. It can also help to reduce your insurance premium.
Finishing Touches
A furnished property does not have to include sheets and towels. However, when you show the property everything should be complete, so make the beds.
Make it feel homely. Put up some pictures, maybe a vase of flowers. Make it feel good, so prospective tenants will walk through the door and immediately feel they could live there.
For the typical long let, don't supply any large electrical goods such as DVD players or anything that is easily broken. Something can easily go wrong with a TV due to negligence, your tenant dropping it or spilling a drink down the back of it, etc. These items are likely to be badly treated and cause you a maintenance headache.
On viewing day
Insure that the property perfectly clean for any viewings. Pay particular attention to kitchens and bathrooms. A dirty kitchen or bathroom can be a real turnoff to potential tenants. Anything that can give the property a homely feeling will speed the letting process. Add a few dried flowers to the table and throw a bed cover over bare beds. It makes all the difference and costs very little.
For the typical long let, don't supply any large electrical goods such as DVD players or anything that is easily broken. Something can easily go wrong with a TV due to negligence, your tenant dropping it or spilling a drink down the back of it, etc. These items are likely to be badly treated and cause you a maintenance headache.
Tip:
Avoid flat-pack furniture – it is likely to be more easily damaged and won’t last as long as better quality solid furniture (not to mention the time spent putting it together!).
Cheapest is not always best – cheap furniture and fittings will cost more over the long term
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