There is no doubt in saying that rental prices for furnished apartments and homes are higher than those for unfurnished ones. On the other hand, the way you model your rental home affects both the renters you attract and the price. However, the largest factor will be the furniture you keep inside your house, after taking into account design, cost, and utility. Definitely, a lavish and plush couch might attract prospective tenants. But will this monthly expense be justified? We guide you here how to design a rental property with flat pack furniture, in order to maximize return on investment.
Consider the tenant type
While we encourage you to adapt your home to the requirements of a tenant, it is important that you make a firm decision early on about the kind of tenant you are looking for to live in your home or apartment. The rationale behind this is to appropriately determine the rent so that the tenant is aware of what they are paying for. Find out which tenant type is most common in the area by speaking with a local letting agent. It is not a good idea to rent out a fully furnished property only to discover later that the area’s main population consists of families drawn to the neighborhood’s schools who can bring their own furniture. Similar to this, your home must be furnished appropriately if you intend to rent it out to students. It’s unlikely students will have a lot of furniture of their own. Your estimate of the overall cost of furnishing the apartment will be more accurate if you have prior idea of who will be your tenants.
Keep the expenditure low
Furnishing an apartment doesn’t have to cost thousands and thousands of pounds. Finding the sweet spot between showroom prices and furniture quality is a better way to solve the problem. Purchasing in bulk, taking advantage of sales, and shopping at good flatpack furniture showrooms are just a few ways to save costs. Always try to purchase long-lasting, high-quality goods, even if it means going a little over budget. The fact that the appliances and furniture are new and contemporary will not only appeal to potential tenants, but it will also ultimately result in lower maintenance costs.
Choose fire proof furniture
After discussing upkeep and safeguarding personal belongings, the furniture you buy for your home should be risk-free and fireproof.
A landlord has legal obligations to do so. The legal terms and definitions of “tenant,” “landlord”, and “agent,” are actually recognized by the UK’s flammability regulations, which means that you may be held liable in the event of a fire and risk to human life. Fortunately, furniture stores are happy to tag fire-resistant furniture, making it simple to locate such items. Along with their certification, qualified specialists should check for the power and gas outlets in sensitive cases like flat pack kitchens assembled by hand.
Avoid void periods
Furnishing a property with furniture is a great way to avoid void periods and let it out as soon as possible. If you are compelled to hunt for new tenants all the time, you run the risk of running empty periods frequently during which you lose money on the mortgage and necessary utility bills in addition to not earning any money from rent. A well-furnished apartment should immediately draw in serious tenants who wish to stay for an extended period of time.
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