While putting up a property for sale, every landlord seeks an answer to the
Should the property be furnished or not?
Well, frankly speaking, this utterly depends upon the landlord and the awareness he/she carries. While for a landlord with modern thinking, a furnished property will be a justification for a higher rent, for a landlord with an old mindset, this might be a headache.
A common issue that deters most of the landlords from furnishing their property is:
Who will spend on the maintenance of the furnishing(s) during the period when the property remains idle? Hence, there are both pros and cons associated with the furnishing of a property. But in many cases, the pros overshadow the cons. And this is what, this piece of work is about. In today’s post, I have listed the top 5 benefits of marketing a properly furnished property over an unfurnished one.
Since you must be aware of the downsides also, I have briefly discussed the
downside(s) of leasing a furnished property. So, without further ado, let’s start with the benefits.
5 benefits of a furnished property for landlords
- Furnishing narrows down your target market
A furnished apartment narrows down your target market. This is true indeed. Pre-furnishing is suitable for those who are moving from another place and for those who yearn to reside in a fully/partially furnished home. Hence, a furnished property on sale attracts only the interested renters and the landlord gets freedom from displaying the property to the uninterested renters.
Hence, pre-furnishing helps you to get an ideal group of tenants as the occupants.
- A furnished property rents for more
While renting out any property, the basic thing that’s vital for both the landlord and the renter is the rent. Pre-furnished properties are subject to availability in many places and thus, remain in huge demand. Thus, for these reasons, a properly furnished property always lists for more in the market. Although the landlord has to spend a handsome amount of money to get the furnishing done, the landlord can easily recoup the amount spent through the rent which even the renter will not label as high. The only thing that matters here is the quality of the furnishing. A better quality of furnishing will ensure minimum wear and tear with time. Thus, reducing the
maintenance cost. Additionally, even if the tenant feels the need for upgrading the items like chairs or tables, the overall cost also won’t bother the landlord.
- A pre-furnished property appears alluring in the first sight
Modern tenants are much more inclined towards the looks of the property rather than its rent. That is, the more ravishing the property appears, the greater are the chances of its possession. While advertising, most of the proprietors either upload the images of the empty rooms or the images clicked by the previous tenants. Neither way is suitable for marketing in this modern era. Hence, pre-furnishing is what seems the sole solution to the landlords.
By uploading the images of a furnished property, the landlord gains an upper hand than the others. As proof, open any property lease site and take a look at the advertising of two kinds of properties. The first one with empty rooms and zero furnishings and the second one with
empty rooms but with complete furnishing. You will definitely go with the latter.
- Furnishing cuts the maintenance cost
A study has found that moving a piece of furniture in and out from an apartment continually causes more damage to the structure and the furniture itself than anything else. Scratches on the floors and dents on the walls are two common issues that arise while shifting in and out. Hence, moving even single furniture is hazardous. The scenario worsens when large pieces of furniture are to be shifted. In such cases, the damage caused to the property becomes a headache for the landlord as every deterioration must be rectified before placing the property again on sale. Hence, pre-furnishing is what can impede all of these from transpiring as a tenant won’t have to carry any sort of furniture already present in the apartment.
- A furnished property attracts a higher security deposit
For an unfurnished property, a landlord can ask only for a small security deposit. The same amount grows exponentially for a furnished one. If you’re wondering what purpose this security deposit serves, read further. Before leasing out any property, a tenant is supposed to pay an amount under the tag security deposit. This amount assures the landlord that if in case, any damage is caused to his property by the tenant or the tenant doesn’t pay the rent on time,
that security deposit can be utilized to recoup the amount. Hence, for a furnished property, the deposit amount is much higher and thus,
worthwhile to the landlord.
The downsides of a furnished property for the renters. Now, you must read some of the common disadvantages of a furnished property (for the tenant).
- You have to pay a higher rent and a higher security deposit.
- You have to take responsibility for maintaining the furniture throughout the lease period.
- You have to accept the design as set by the landlord. That is, if you don’t like the theme of the furniture, you’ve to adjust.
- As a tenant, you won’t feel at home as you won’t be having any personal attachment to anything present in the house.
Summary Hence, the blog sums up here. A furnished property has always been a hit among those who move cross-country or those who are going to be the first time renters. If on one hand, a furnished property offers the above 5 advantages, on the contrary, it possesses some cons too as mentioned towards the end. In the end, it’s utterly the personal choice to finalize a furnished property or an unfinished one.