Just wondering what people’s opinions are regarding how much furniture to put into an IP that you plan to rent out as ‘fully furnished’.
For example, would you think this is adequate – dining table/chairs, fridge, buffet, lounge, tv cabinet & tv, coffee table, bed desk b’side table and dresser in bedrms, wash mach/dryer, bookcase.
Or does fully furnished include such things as floor rugs, crockery, cutlery, appliances, linen etc??
Approx how much extra rent can you ask when the place is furnished?
Is it a holiday unit or a house?
You wouldnt go to too much expense with just a long term rental.However if it is a daily rental then you will get more $$$ if it is fully self contained.
Russ.Not a holiday house…. I’m just interested what people provide, and also in case, when I go to buy an IP and ask REA’s what sort of rental houses are in demand, they say furnished houses, then I’ll know what I’ll need to include.
just be aware, that for fully furnished ip’s the REA will charge you more for property management.
i have a fully furnished ip (not a holiday rental)and it does not have linen, cutlery, rugs etc. just lounge, beds, dining table, washing machine, dryer, dishwasher. i dont think i would be game enough to put cutlery etc in, as they would eventually lose it (using the two socks in the washer only one comes out theory). so i dont think it would be worth the cost
just my two bobs worth
cheers
shaunLead, Follow or get out of the bloody way
Fully furnished (non-holiday accommodation), generally includes a fridge, microwave, TV, video/DVD, kettle, toaster, lounge suit, coffee tables, dining table, beds, bed side tables, washing machine/dryer, linen, cutlery, glasses.
I have looked at the possibility of renting out my apartment as an ‘executive lease’ as they call them, however, in my circumstances, the net difference wasn’t of sufficient value to warrant the risk in purchasing and maintaining the furnishings. Unless you have a premier property in a great location, then you might be able to lease out to high level executives, then I don’t think there is a clear business case.
James
We have four units purchased fully furnished and not holiday let which included furniture, whitegoods and window coverings, no TV, but have crockery and cutlery, jug, toaster, microwave, and came with a furniture inventory. (Quantity ssurveyor asked if they came furnished).We have a good property manager who checks the inventory when tenants vacate.
Just debated whether to sell or rent out a unit we renovated, where we would have put in a little more expensive items, and would have got about $80 a week more in rent.
I guess you furnish a property depending on the house/unit, the type of tenants you hope to attract, whether there is a stable/permanent or transient tenancy. I have looked at some of the good furniture packages available too. There is some great stuff our there that is attractive and at the same time, reasonably priced.
Ask a few property managers what the rental would be furnished compared with unfurnished. As our property manager mentioned today, with unfurnished properties, there can be damage to walls, doorways, etc. when tenants are moving in and out. As you said, you need to ask whether furnished or unfurnished is popular, eg if you buy in an area near a uni, you can easily rent furnished.
Anna
Thanks for your replies….These are all great pointers I will keep in mind. Kind regards.
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