Hi,
What’s the general consensus out there on furnishing units for tennants? I am looking at purchasing 3 one bedroom units that each have a fridge, washing machine, double bed and table and chairs.
I am looking at transporting a single bedroom cabin onto the property as well, and was wondering if it would be best to furnish it the same as the others or let the tennant bring their own stuff. What do you think??
Thanks,
Ian[blink]
Yur choice, but…..
Look at the returns you’d get from both and see which works best, also what is the market in the area, do people predominantly wanted funished or unfurnished? Also, what are vacancy rates like ie: from our experience, we have one furnished unit and it ususally rents for shorter terms than the unfinished ones. It’s usually only empty for one or two weeks in between but we feel more comfortable with our other proerties as generally speaking the tennants do stay longer which gives us a more reliable income.
Good Luck
PkI’m confused – what type of investment is it that you are going to TRANSPORT a single bedroom cabin on it as well ?? i can’t wait for the reply …
Some thoughts from another forum on this topic:
1) Furnished attracts a more itinerant tenant.
2) Some doubt about the quality of tenants who cannot even accumulate furniture etc seeking furnished accommodation.
3) Furnished makes it easier for the tenant to do a runner.
4) Lack of care / faster replacement of furniture which doesn’t belong to the tenant.Although with depreciation etc it might still be very worthwhile.
Yes Res Wealth, a single bedroom cabin………why???
There is a market for furnished accomodation but it is at the top end. I have many friends who live in beachside units who are working in Australia on a visa who make use of furnished abodes. They have been here for several years but choose not to accumlate bulk as they plan to travel or move elsewhere after their 3 years in Australia is up.
Furnished 1 bwdroom cabins can be found rented in most caravan parks as well by (mainly older) people that like the life style or the community, not necessarily “itinerant”.
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I know I can, I know I can
Hi,
My contribution to the discussion is simply to share how surprised I was when, several years ago, I looked into buying a block of apartments and was told that they came furnished.
I was astonished because I had not encountered this before and I put it down to being a Qld thing. When I did some more research I was told (but never confirmed this) that when a furnished item breaks (or breaks down) then you have to be the one who replaces it.
As such, if you buy a property with old furnishings, then what might seem to be a blessing might actually be a bit of a liability.
On a sep. note, it seems that a lot of NZ property comes furnished as the defaukt. Not all the time, but certainly not uncommon.
Personally, I’d be open to the idea, but i would look for a way to not have to pay for repairs or breakage etc under the principle that hire cars aren’t treated as respectfully as owned cars… if you get my meaning [wink4]
I guess in the end it’s a numbers game in trying to get the biggest bang for your investment buck.
Thanks for your making an interesting post.
Regards,
Steve McKnight
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I have a furnished rental property. It is surprisingly cheap to fit these places out. At the end of year 1 my average return is only slightly higher than a non-furnished property, so would I bohter with it again… probably not for the hassles of running around setting it up. Now that it’s done it’s ok. This place is 3 bed; I previously had a one bed unit that was cheaper and the % return and occupancy was quite a bit higher – it’s a very price sensitive market you are appealling to.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
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