What’s the difference between a furnished and unfurnished rental property and which one should you choose? There are several advantages and disadvantages whether you choose to lease your investment property with furniture or not. Your decision will depend on a number of factors, such as property type and your own investment goals.
Furnished
A furnished rental property allows you to ask for a higher rent compared to an unfurnished property. A furnished property can attract certain tenants, such as university students and young professionals. If you do decide to furnish your property, be sure it’s done well. Style it beautifully to make it look presentable and attractive to your target market. Make sure it is fully equipped with items such as a dishwasher, refrigerator, bedframe and so on.
One disadvantage of furnished rental properties is they tend to have a shorter lease term compared to unfurnished ones. This means higher possibility of vacancy and more frequent leasing fees. You’ll also have to keep an eye on the quality of your furnished items and this can entail extra expenses.
Unfurnished
An unfurnished rental property can be just as attractive as a furnished one. This depends on the tenants as well. Those who are looking to settle down long term, such as families, will want a space they can make their own. An unfurnished property also piques more interest as it allows potential tenants to envision their own lifestyle.
However, remember an unfurnished rental does not mean completely bare. You can still provide carpeting, kitchen and bathroom fixtures, and curtains or blinds.
Stacey Lee Realty has experienced Property Managers to handle the task of maintaining your investment and ensure your investment is working for you with minimal hassles. Call us today at 07 3399 2966 or visit www.staceyleerealty.com.au