Has anyone done this yet? Do you find it imrove the chance to sell and at a higher price? How much does it cost?
This is what I call good timing. [laugh4] I just called a couple of places in Melbourne to get some ballpark figures.
One states for a 3 bedroom place it can cost $3,500 for a month BUT you can remove items or add items from there. Another place was similar in stating 3 bedroom apartment for 5 wk campaign is $3,100 and above.
As I am not sure what area you are looking at – check out Yellow Pages online and scroll through some websites. This is how I found my starting list for prices and what they offer. [computer]
WHAT I WAS ABOUT TO POST IS – has anyone used and can recommend a hire furniture place in the Melbourne area? We are looking at doing this as we hope to have our first IP on the market soon. [thumbsupanim]
Thanks
BecTroynBec
You can have more than you’ve got because you can become more than you are
I have read before that adding furniture gives a good impression and allows a potential buyer to see themselves living in the house. We received a quote of $3400 for a 3 bed house for 1 month. However when we spoke to the agent they felt that as the place was renovated so nice it would be better to leave it open rather than clutter with furniture. She was correct as it sold 2 days later unfurnished for the full asking price !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I have just checked a price list for a hire company and found you can control the cost so it really depends on how much you want.
Thanks
BecTroynBec
You can have more than you’ve got because you can become more than you are
I’m always surprised that people selling a home/unit that may of the type to interest investors don’t consider getting a Tax Depreciation Schedule. I reckon being able to show an investor what sort of tax break they would get could be a reasonable selling point – especially if they’re evaluating a few properties.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auJust another angle. We have sold a couple of houses using our own furniture. We have several leather lounges ourselves and for a house my parents sold last year, we put our leather suite in, my mother’s “spare” antique dining table and chairs – shabby chic – not too formal. My mother bought a cheap bed and we dressed it with linen from our own houses. We put prints in from our houses. A gorgeous coffee table and some stylist ornaments just finished it off and all we had to buy was one bed (cost was only about $150) which my middle boy scored after the house sold.
If you have enough furniture that you don’t have to sit on the floor at home, it can pay to dress the house yourself.
It saves the cost of hiring, but you have to be able to live without some things for a month and, of course, cart them in and then out.
Wylie
As with Wylie, for our first investment renovation, we borrowed – spare beds and bedside cabinets from various friends, to fill up the bedrooms, took all prints off our walls in our home, and borrowed a sofa. In the end, we only needed to hire a dining room and chairs, and a fridge, which significantly reduced our costs. Glad in the end, as our IP took 4 months to sell, a little longer than expected, and could have wiped out of much of our profits if we had hired the whole lot. Also by mixing and matching old and new, the IP had a far more personal and homely feel to it, then just using the hire furniture which is generally quite modern. (doesn’t suit all homes). I hired from PABs furniture rental in Prahran. If you go to the shop, upstairs has a cheaper and (older) range of furniture to hire, which I found perfectly fine. Most still looked brand new.
Good luck!
Mee Chee
who do the builders use for thier spec homes, may be worth asking?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorAre you intending to do this more than once? It may be worth comparing the type of furniture available for hire with the type you get in a package deal. I know some looks shabby and you wouldn’t want it if it was going to devalue your house. However, may be worth considering?
Alison
You dont have to have a whole houseful of furniture. Just an impression. I used a double bed base a friend was throwing out once. The room looked very spacious as it was so low and it looked good with a dooner thrown over. You can buy furniture very cheaply at places like Furniture Galore. I bought a very good looking two seater for $399, with a coffee table the room looks furnished. You dont need a 2 & a 3 seater. A cheap queen sized bed and maybe a cheap dining room table (I’ve seen them for $399 and you have the house furnished for $1000 which you can sell afterwards on Ebay.
Fern
A double will make the room look larger then a queen bed will. It is a bad time for furniture rental companies and my friends rental business is really finding it hard. Discounts for those you ask and work it hard enough.
Modernity Investing
Email MeWe got a quote from a place here in SA that was $1700 for 1st month for fully furnished 3 bed house…included lots of little deisigner stuff and they come and set up, do the design thing and take the stuff away….we were going to put in some of our bits of oldish furniture and just hire a few bits here and there but it worked out that by the time we hired a couple of beds and a few other bits and pieces, then it wasnt going to cost too much more for them to do the whole hog (plus they hav much nicer furniture)…but this is first time we wil b hiring furniture and i must say i am a little anxious to spend almost $2k on hiring furniture to sell but they do make the places look bloody nice.
Quick question: is the hiring for furniture tax deductable if selling IP is your business?
Timc
the idea behind spending the money to furnish is that it should return a better sale result & pay for itself many times over (hopefully)!salsachinita
Yes, (to the best of my knowledge) all costs involved are deductable if you are running it as a business. The cost of furniture will come from yout profit & only your profit is taxable. However, as I am not qualified, I recommend you getting advice from a good accountant.
Are there any accountants out there to confirm or otherwise my comments?TroynBec
You can have more than you’ve got because you can become more than you are
I think it depends on the sort of house you are selling. You need to look at your target market, and think how they think.
If your target market is in the higher end, the luxury side of the market, or even if it is for a family, then it might be worth putting furniture in. Definately, it would improve your end sale price way more than what it cost you in the first place.
But if your target market is investors, and your in an area where yields or good, or people like to invest in as rentals, then leave it with no furniture. Investors dont need to see that stuff to determine whether they buy it or not.
Furniture is usually used to create emotion in the buyer to pay more money, therefore as investors dont buy on emotion, there would be no need.
I’ll say it again – know your target market!
Good luck!
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