New entry landlords often ask us whether or not it is worth furnishing a property they intend to let. “Furnishing” usually means everything required to live reasonably comfortably in a property, including white goods, with the exception of bedding and personal possessions.
There is no one-size-fits-all answer to this question. Tenants’ requirements vary considerably and it is best to aim at what the majority prefer with the proviso to adapt for any individual circumstances should the need to do so occur.
From our experience, properties have a wider appeal if the ‘white goods’ are included, which is what we mean by ‘part furnished’. For example, oven, hob, fridge/freezer and a washing machine are popular items, so therefore it would be wise to include these in the letting.
Generally speaking, and with the exception of some corporate lets in major cities, fully furnishing a property does not necessarily increase the rent chargeable and can also deter some tenants who have their own belongings. However, tenants who rent a part furnished property tend to stay longer as they are likely to have an entire household of personal effects suggesting that they regard your property as their home and are not just “passing through”.
Most of our tenancies are longer term (24 months plus) in order to meet with our landlords’ preferences in reducing risk and maximising yield. Please do let us know if you’d like us to advise on the likely tenant, and consequent furnishing requirements, of your own investment property.