All Topics / Legal & Accounting / Furnished unit

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  • Profile photo of SamBoySamBoy
    Participant
    @samartz
    Join Date: 2014
    Post Count: 13
    November 2, 2014 - 12:43 am

    Hi
    Justifying whether to furnish a one bedroom unit.
    If i furnish a unit and the tenant hurts themselves on my furniture or there is an electrical fire from the electronic goods, is landlord and building insurance going to cover it?

    Just 22 and starting out so any advice or view will be gladly taken.

    ;)

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    November 2, 2014 - 8:00 am

    Whether to furnish or not depends on a few things.

    Demand- does the area demand it? (ask the RE agent).
    How long will it take you to recoup the money? How much will it cost to furnish and how much extra rent will you get?

    You may want to take out contents insurance to cover the furniture (I don’t bother).
    But your landlord insurance will cover public liability. Strata (building) insurance only covers the shell of your unit plus common areas)

    It is obviously easier to have unfurnished. Although I did buy one that was furnished. Tenant was already there so I left it. She’s been there for the last 6 years. She hasn’t asked for anything. So I’m pretty chuffed!!!

    I’d go unfurnished unless there’s a huge money or rental advantage (ie there’s a huge demand for furnished units).

    • This reply was modified 10 years, 1 month ago by Profile photo of Catalyst Catalyst.
Viewing 2 posts - 1 through 2 (of 2 total)

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