I did not see any mention in Steve’s book about increasing cashflow on a property but supplying it partly or fully furnished. It may mean taking on special tenants and insurance. Any experience in this?
Hi Muzz,
supplying the property ‘partly or fully furnished’ is usually an incentive to get tenants into your property – it saves them the hassle of relocating everything and going out to but their furniture. However it could work against you if you increase the rent to a level above market rate. The tenants in this case would probably prefer to get the furniture themselves.
When you supply a property to tenants that is furnished, it is written in the contract these belongings are yours and you then take out insurance on the property and all chattels within.
Kind regards,
George.“If You never never ask, you’ll never never know”
hi Muzz,
It depends on which market you’re targetting as your tenant. If your market involves people who doesn’t necessarily going to settle in for a long time, eg international students or working young adults, then it may interest them that everything’s ready they just have to move themselves in.
But then again, i suppose you could always test out the rental market by giving a choice perhaps to have it furnished or not and let them compare the prices themselves?
some may think that 30 extra per week may save them the troubles and hence would be happy to pay a more premium rent
Cheers,
Kev
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