How can I furnish my property cheaply?
You don’t need to spend a fortune furnishing the property. But as tempting as it may be to buy the cheapest furniture you can, you may end up having to replace it after one or two tenancies – the key is to find furniture that will last and give the look that you want.
If you spend a bit more on better quality items, they’ll be longer lasting, probably more durable and your tenants will appreciate this too. There are lots of trade suppliers that are used to providing quality furniture with guarantees to last, plus they delivery it all ready assembled so take away the flat pack nightmare too. While a leather sofa may set you back more than a material one, it is likely to last much longer so this type of thing should be considered before you buy.
Sometimes landlords are tempted to put second hand furniture in their rental properties. However, if you want to attract higher paying tenants, it’s advisable to provide them with furniture that is modern, contemporary yet practical as well. When tenants are searching for furnished rental accommodation they will be looking at the pictures of the property and the furniture used will have an immediate impact on whether they go to the viewing stage. Professional photography is also a great thing to invest in as no matter how good you are with your phone you cannot and will not get the gleaming photos that make colours jump out from the page, making you the first choice for tenants looking to find something that stands out to them.
If you’re the landlord of a multi-million-pound apartment in Knightsbridge, you will probably be looking to furnish your property differently to that of a £300 per month room in a HMO. Tenants will usually expect the furniture to be reflective of the rental price. There are some excellent trade suppliers who provide a full range of luxury furniture right down to cheaper basic furniture packages for the lower end of the rental market.
Short-term rentals and Airbnb
The Airbnb and Booking.com (Serviced Accommodation) markets are taking off for lots of property investors, simply because they can give excellent returns on investment. With this type of property rentals you will need to provide everything from the furniture items down to cutlery and a kettle. The style and quality of your choices will definitely make a difference to the rental rates you can achieve, the profit you will make and the 5 star reviews you get too.
All in all our top tips are:
- Go for quality and durability, not just the cheapest price
- Look at using experienced trade suppliers who give you service, guarantees and choice
- Consider financing your furniture purchase, moving from it from a capital expense to you, to a revenue expense, paid for by your tenants, in your business.
For more information about Landlord Smart Finance – designed for property professionals contact us…….