There is an answer to this question; furnish only if it will profit you long-term.
However, that’s a very simplified answer to a question that has a lot of variables to consider. There are pros and cons to evaluate and better questions to ask yourself before putting a suite of furniture in your property.
The following will help you really consider whether or not furnishing your rental property is a good idea.
(Credit: Hutton & Hutton) A furnished apartment, like this three-bedroom in Kangaroo Point, can make you more money. However, you need to really consider a few things before jumping in
Where is your property located?
This is an important one to consider initially. If you have a studio apartment in the heart of Brisbane city, it may benefit you to furnish the space. People who live in the city centre often don’t want to be moving white-goods and large pieces of furniture around. Therefore, they will be more likely to rent to your apartment.
However, if your property is a 4 bedroom suburban home in Hawthorne, it’s unwise to furnish. Your home will likely attract families that will have their own belongings they’ll want to bring with them. Furnishing a suburban home can mean the house is on the market a lot longer waiting for the right tenants and you may be forced to reduce the rent significantly to get someone to move in.
(Credit: Hutton & Hutton) This apartment is located in Kangaroo Point and is very central to the CBD, therefore it makes sense to offer it fully or partially furnished
(Credit: Hutton & Hutton) However, this four-bedroom home in Tingalpa is more suited to families. Therefore, it’s offered unfurnished
Who are you renting to?
If you’re looking to rent to a family with kids or people with pets, you are not going to want to furnish your property. While having it furnished can fetch up to $100 a week more, the wear and tear to your property and your furniture will outweigh this in the long run.
On the other hand, if you’re looking to rent to FIFO workers or a businessperson on a short-term lease, furnished is the way to go. You can ask for that bit more rent and know they’ll be willing to pay it for the convenience. While there’ll still be wear and tear on your furniture, it won’t be quite as much as if there are kids or animals in the property.
(Credit: Agung Pandit on Pexels) Are you renting to a family?
(Credit: The Lazy Artist on Pexels) Or to a person who may do some FIFO work?
Something to consider…
If you do choose to go ahead and furnish your property, you will more than likely end up with tenants who need shorter-term leases. This high tenant turnover will leave you with more expenses in the form of property advertising and agent letting fees.
In addition to this, short-term leases mean constant instability. There could be times where your property goes untenanted due to lack of market need for a furnished property. If you’re looking to have stability in long-term tenants, it’s probably best to leave your property unfurnished.
Consider where your property is and who it is you’re renting to before deciding to furnish, and only furnish if it will earn you more money in the long-run.
(Credit: Public Domain Pictures on Pexels)