The whole purpose of a rental property is to help you make as much money as possible. There are plenty of things you can do to increase your rental yield, and one of those is to provide a furnished property.
Furnished houses or apartments are more attractive to renters because it leaves them with less to do when they move in. If they’re in a rush – which most people are – they will be willing to pay more money for a property that’s readily equipped with everything they need. Regrettably, some landlords are guilty of making a few big mistakes when furnishing their properties. Therefore, it’s essential that you don’t fall victim to them as well!
Picking furniture that’s hard to clean
You don’t want to choose furniture that’s difficult for people to clean. Until you go and buy a sofa and some chairs, you won’t realise how many options are at your disposal when you choose furniture upholstery fabric. You’ve got so many styles and textures to choose from, but some are easier to clean than others. Typically, leather or faux leather is one of the easiest to clean as spills can be wiped straight off. If you furnish your home with upholstery that’s notoriously difficult to maintain, you’ll end up spending a fortune on cleaning fees over the years.
Picking furniture that won’t last long
It’s tempting to buy the cheapest products you can find to furnish your rental property. In your head, it means the cost of furnishing the place is as low as possible. Realistically, over time, you’ll just have to replace the furniture again and again. That cheap table and chairs you bought will barely last one tenant, so you have to pay more money to replace them. Invest in quality furniture from the very beginning, reducing the chances of replacements being required. In the long term, this will be way more cost-effective.
Picking unsuitable furniture
What is unsuitable furniture? Basically, it’s furniture that doesn’t suit the room or property it is in. There are two ways to look at this and the first is the size of your furniture compared to the size of the property. If you have a small bedroom, does it make sense to take up all the space with a Queen bed? No, it can actively dissuade potential tenants from signing a lease because they have no room in the bedroom. Instead, opting for a small double bed still caters to two people, but provides way more space in the room.
Secondly, think about its suitability in terms of its design. You want your rental to look clean and modern, so don’t fill it with absurd or extremely niche furniture designs. People want simple things in neutral colours – that’s all you need to worry about.
Furnishing your rental can help you attract more tenants and put the rental price up slightly. However, if you make the three mistakes above, you’ll just make life harder. It could be challenging to find tenants and you will spend a fortune on maintenance and replacements.