Furnished vs. unfurnished rental
When looking for a rental property one is faced with several options. Some of the key considerations for renters include; location, access to amenities, and any other special features. Another very important consideration is whether to rent a property that is furnished, or one that is unfurnished. Since there is a massive market for rental properties, it should not be that difficult to find one that ticks all the boxes and meets your needs. There are inherent differences between furnished and unfurnished rental properties. As such it is essential to explore the benefits and drawbacks of each rental property type. In this article, we will consider furnished vs. unfurnished rental property.
Furnished rental property
To start with, furnished rental properties are available for a diverse range of properties from corporate housing, long-term, or short-term stays. Fully furnished rental properties are al inclusive and thereby important items that make a home liveable. Depending on your budget you can find a property with basic furnishings or property with luxurious and comfortable furniture. Furnished rental properties are particularly relevant for people:
- People who do not own any furniture
- Tenants looking for short-term tenancies and leases
- Regularly travelling people who desire a property close to their place of work
The different types of furnished properties
- Fully furnished and equipped – everything including; furniture, appliances, cooking utensils and cutlery is included.
- Fully furnished – all needed furniture is included.
- Partially furnished – the rental property includes some of the furniture, but not all of it. Usually, partly furnished properties will include beds, sofas, and chairs.
The benefits of furnished rental properties
- There are several very relevant and practical pros to furnished rental properties. Some of these advantages include:
- Landlords are in a position to charge a premium for fully furnished properties, thereby significantly increasing their rental income
- Furnished properties save tenants lots of money as they do not need to worry about buying furniture.
- In addition, furnished properties offer tenants greater convenience as they can quickly and easily move in without stressing about furniture.
The drawbacks of furnished rental properties
In as much as you may be able to charge higher rentals, there are also a few disadvantages to furnished rental properties.
- Furnished properties cost more money.
- Moreover, the style and choice of furniture might not be to the tenants liking.
- Furnishing a property can be quite expensive especially if you’re going for high-end furniture.
- The more styles and needs change, so will your furniture have to change to keep up with trends. This can also be an expensive exercise.
- Also, consider the additional costs associated with insurance for the furniture.
Unfurnished rental properties
Rental properties that do not include any furniture are considered unfurnished. A tenant has to provide their own furniture when moving into an unfurnished property. Most renters are looking for long-term tenancies and leases, thus they prefer unfurnished properties so they can make their own impression on their home.
The benefits of unfurnished rental properties
- Renting an unfurnished property gives you the liberty to style the rental property to your liking.
- As the property comes without furniture you do not have to worry about paying a premium in hefty rentals.
- Moreover, you will not have any concerns about damaging pre-provided furniture.
The drawbacks of unfurnished rental properties
- If you do not already have furniture then the furniture acquisition process can be quite costly and cumbersome.
- Moving to a new rental property also has associated moving costs.
- At the time of leaving and moving out of the rental property, you will also have to incur additional moving costs.
In conclusion, furnished and unfurnished properties both have their advantages and disadvantages. The decision on which option to go with will depend primarily on your available financial resources. In addition, the length of your required tenancy or lease will have a huge bearing on whether to go with a furnished or unfurnished property. Moreover, the availability of your own furniture will determine if you need a furnished or unfurnished property.