BUYDeciding whether to furnish a buy-to-let is one of the biggest dilemmas landlords face but before committing to a path, it’s worth seeking professional advice. Each tenant group and lettings market will have a unique need – there are even micro trends in Fulham and Battersea!
We asked Aspire’s lettings expert, Alastair Hutchinson, to share his insights on whether it’s worth furnishing your let. “Generally the rent secured for a furnished rental is no more than for an unfurnished one, so there’s not always a financial advantage. It’s also wise for landlords to factor in the cost of purchasing and replacing furniture when calculating costs and profitability.”
“Where furniture can make a difference is tenant attraction. If you have the flexibility to let your property either furnished or unfurnished (or even part furnished), it will appeal to a wider range of applicants. In Fulham and Battersea, professionals and students often request a furnished let whereas families often prefer unfurnished properties. We advise not to supply too much – the basics of beds, a sofa, a table and chairs is enough. The good news is landlords can claim tax relief on furniture, white goods, floor coverings, window dressings and kitchenware when they replace them on a like-for-like basis. Landlords should also be mindful of the health and safety regulations attached to some soft furnishings - we’d be pleased to explain the legal requirements.”
