How to Furnish a Rental Property
The majority of properties in the private rental sector are offered to tenants unfurnished. Most tenants don’t want to take on someone else’s furniture as they have their own, but if you are managing a holiday let or targeting vulnerable tenants, you will need to supply basic items such as a bed, sofa, and other bits and pieces. Here are some tips to help you source the right furnishings without breaking the bank.
Wear and Tear
Rental properties are subject to more wear and tear than the average property. Tenants don’t always take care of your property as you might like, so it’s pointless buying expensive furniture and furnishings. Landlords used to be able to claim a fixed rate ‘wear and tear’ allowance, but this has been reformed. You are now only able to claim for your actual costs, so you can only replace like with like. Do bear this in mind before you start replacing white goods, sofas, beds and the like. If in doubt about whether a cost comes under ‘expenditure’ or ‘fixed assets’, have a chat with your accountant.
Carpets and Floor Coverings
All rental homes need floor coverings. It is unreasonable to expect tenants to supply their own, since they may not be there for more than a year. However, it is never a good idea to invest in top quality wool carpets or expensive hardwood flooring unless you are aiming at the executive let market or similar high-end tenants.
Visit an online carpet warehouse such as Big Warehouse Sale and invest in enough mid-brown cheap carpet to cover the entire house. Brown is inoffensive and fits in with virtually any decorative scheme, plus it hides dirt and marks very well. If you really want to go the extra mile, buy a carpet than can be bleached, as this will be more hygienic if your tenants are allergic to cleaning or move their pets in without permission.
Second-Hand Furniture
Don’t buy new furniture other than mattresses. Instead, look for good quality second-hand furniture that is clean, fire safety rated, and hardwearing. Mattresses should be new, for obvious reasons, but you don’t need to buy top quality products. Instead, buy a cheap mattress and look to change it every 5 years.
It’s not difficult to pick up nice pieces of furniture online. eBay is packed full of old pine furniture, used sofas, tables, and chairs. Brown wood furniture tends to be unpopular and people practically give it away, but it is strong, sturdy, and less likely to fall apart under duress, which is more than can be said for flat-pack furniture from stores like Argos.
White Goods
You must supply a cooker and fridge in a rental property, whereas freezers, dishwashers, and washing machines are optional. Always buy good quality appliances and pay extra for an extended warranty. This will save you a lot of hassle when the appliances break down – as they almost certainly will!
Scale up furnishings and furniture according to the type of tenant you are hoping to attract.
