Letting a flat furnished or unfurnished

dominoman

I am doing up a new 2 bed flat that I have just bought (my first BTL) and deciding whether to furnish it or not.

Initially my view was to leave it unfurnished as the agents told me that the rent I can get isn't increased by it being furnished.

On the other hand being furnished it will let more quickly, plus (the big one) I can claim 10% of the rent as a "wear and tear" allowance each year.

As I expect about £20k rent per year I would get 1500 back from the taxman every year. I could probably furnish it for not much more than that. Seems like a no-brainer to furnish it.

Am I missing something?

monty-doggy

When I first left home, I didn't have much money and rented a new build flat. I had a full time job and the LL furnished it beautifully from ikea. I provided my own bed but he provided wardrobes, sofas, a small dining table and two chairs and a few accessories like a vase and lamp. I bought everything for the kitchen myself.

I was so grateful and really looked after it and stayed for three years before I moved in with oh.

Why not try and find a tenant you really like and advertise available furnished or unfurnished and discuss their needs with them? You are more likely to get a long term tenant who will look after it this way.

REDDDRAGGON

Do it properly or not at all!

I'm currently renting, a so called furnished 2 bed flat, most of it was useless! One tiny wardrobe, couple of beds, dining table (no dining room in the flat though!), sofa. Most of the stuff in my flat I've had to buy myself, and squash the furniture I wasn't going to use where I could fit it!

Another flat I nearly took on was full of junk, both junk furniture (that was in a poor state) and miscellaneous junk. I asked if it was going to be removed and they said no, as it was on the inventory. I refused to pay rent to provide storage for the landlord!

Kynthia

It all depends on the property, your target market and the area. Go by what the agents say as in some areas the tenants who prefer furnished don't look after the place as well as it's not their stuff, but in other areas furnished might attract a premium. Also many people renting houses have their own furniture but first time renters and young people may be looking for flats and prefer furnished. Then there's the cost of the furniture, but you do get the allowance, but then you don't get to claim for any replacements in the future, etc. So what works for one landlords property wouldn't necessarily be the best decision for another.

fairy_lights

I think it depends a lot on who you're planning on renting it to. A furnished flat would appeal to students or other young people just starting out who don't have much furniture of their own, whereas for people who already own everything they need it would be a complete turn off.


Also if I was paying £20k rent a year I would expect a furnished fat to be done up to a pretty high standard, and honestly how well are you going to be able to furnish a two bedroom flat for £1500?