Does the right furniture make a difference for buy to let apartments?
With the Central London
lettings market in such strong form, some landlords are questioning the need to spend more money on fancy furniture packs when tenants seem to be so plentiful. Completion time can already be financially painful for landlords with completion funds, stamp duty, legal fees and agents fees to pay. In the short term, not choosing a good level of furniture can give what might appear to be a saving however, in the long run this can be a false economy for a number of reasons.
1. Well-furnished apartments will always let faster than a similar apartment that is poorly furnished. 2. A well furnished apartment generally achieves a higher weekly rent as compared to a poorly furnished apartment and this can give anywhere from £500 to £2,500 a year in extra rent. 3. Well-furnished apartments will generally attract a higher calibre of tenant. 4. Well-furnished apartments will gain more enquiries from internet portals as the images are far more attractive. 6. Tenants are more likely to stay longer if an apartment is well furnished resulting in fewer voids, less in fees and wear and tear 7. The lettings market is very seasonal and can fluctuate so during periods of low demand, you really need your apartment to be as appealing as possible.
So whilst the saving in the beginning can be attractive
, in the long run the best option is to get the best possible quality furniture as possible. Should you be due to complete on an apartment and need some advice on furnishing, please feel free to contact Madley Property Services and we will give you the various options by pointing you in the right direction and/or perhaps recommend suppliers and essential items to help in a swift let.
