Potential probs renting out our flat furnished?

stoker48

We are contemplating renting out our London flat and it would suit us to rent out furnished.

There is no mortgage on the flat so dont have to worry about lenders etc but are there any pitfalls to renting furnished? And what would potential tenants expect? Don't really want to have to buy TV etc.

Thanks in advance.

Stoker:j

theartfullodger

Err.. you sound rather unaware of the general area: Join NLA or RLA & go on a course on how to be a Landlord - it will save you more than the course fee (which is tax-deductible,,)

Tele?? Nope: Some say will need PAT testing even if new & TV license people or fuzzy over the Landlord maybe needing to get a licence unless the tenancy is worded carefully (most aren't).

Do you have the emotional & financial reserves to cope with the tenant from hell who doesn't pay for 7 months whilst you rack up legal charges trying to get him out & he keeps calling about repairs you still must get done or your legal grounds become iffy?? If not forget it

Are you prepared, every now & then, to be really really tough with people?? If not, forget it..


Cheers!

Lodger

Gwhiz

Pros - you can make a 10% deduction for wear and tear
Cons - if it's stuff you care about it could get destroyed.

BitterAndTwisted

Why don't you have a chat with a couple of your local letting agents and ask them what the average standard for your neighbourhood is? I don't believe that it's necessary or advisable to supply things like TVs in any case.

Don't forget that things like mattresses and sofas must adhere to the latest fire regs.

To be honest, if you're not experienced landlords and aren't fully aware of all the LL&T legislation and what your legal responsibilities to your tenants are the actual physical contents of the property could be the least of your problems. You should very seriously consider joining a Landlords Association and spend a fair amount of time on the landlordzone site to educate yourself before you contemplate going ahead.

stoker48

Thanks all for your very helpful comments.

We already rent out a little unfurnished house through an agent and have had little problems so assumed a furnished place would be similar execpt for the fire regulations etc that you pointed out.

I will check out the sites you mentioned so I am more aware. We intend to go through an agent even though you have to obviously pay the charges. I assumed the agent would be the buffer between us and the rentee.

Cheers

mynameisclare

stoker48 wrote: »

And what would potential tenants expect? Don't really want to have to buy TV etc.

I don't know what your local market is like, but as a tenant I would expect the "essential" furniture - ie bed, sofa, table/chairs, probably a wardrobe or cupboard. I'd also expect a usable kitchen whether it's furnished or unfurnished - so at least oven, hob, fridge (unless it's a v small studio flat). Personally I'd also want a washing machine included, but I think that's quite often left out.

Certainly you don't need to be getting things like TVs. It's not a hotel!

puddy

i personally wouldnt want my own things being used by a tenant, put your stuff in storage to keep it safe

sequence

It's all personal. I wouldn't use someone elses dirty furniture, but some people don't mind.

Horizon81

Furnished is attractive to people who want to move quickly and don't already have their own things. I've rented 'furnished' before and it consisted of the following: bed, wardrobe/cupboard with clothes rail, coffee table, sofa, oven, washer, fridge and that was about it. No bedroom drawers and certainly no TV!

stoker48

Thanks everyone.

We have now decided to let unfurnished. Not worth the hassle since you dont appear to get any more rental for leaving all the furniture.

Cheers