If you have made a choice to rent out your property, the next big decision is if it should be furnished or unfurnished. The choice is ultimately yours, but Gumtree outlines the benefits of both these scenarios to help you out.
Benefits of renting out a furnished property
- Renters will be more attracted to your furnished property as it eliminates several hassles of moving homes for them.
- Your property will be more appealing to short and mid-term renters who are looking for shorter leases.
- As renters will reside in your rental for a shorter period of time, you will have higher turnover rates.
- With a furnished property, you have the freedom to charge a higher rental rate due to the additional features offered.
- Similarly, you can also charge a higher security deposit that covers the property as well as your furnishings.
- As the owner of a furnished property, you do not have to worry about other peoples’ furniture damaging your property as is common in big moves.
Benefits of renting out an unfurnished property
- Your initial outlay is substantially lower if you do not furnish the property.
- You do not have to stress over others damaging your furnishings, which can be expensive to replace too.
- An unfurnished rental attracts renters who are looking for long-term leases so you do not have to keep searching for tenants.
- This type of rental is a more reliable, long-term source of income.
- Furnished properties can put renters off as they may want to be surrounded by their own furniture to feel at home.