A buy-to-let property is bought for the sole purpose of letting it out to other tenants. And though choosing to furnish it may initially take more time, effort and money, there are many reasons why this can be beneficial in the long-term.
With the number of middle-aged renters doubling over the last decade, and quarter of UK households set to be renting privately in the UK by 2021, less people have a permanent place to call their own.Unless people are willing to spend on storage and movers, then furnished properties may well be the favourable choice.
So if you’re a landlord thinking about the best way to furnish your buy-to-let property without blowing your budget, here’s how.
1. Know your market
When it comes to furnishing your buy-to-let property, make sure you know your market and who you are furnishing for. If you’re renting to students, you’ll want to keep things practical, so make sure you have a bed, desk and storage in every room. If you’re likely renting to a couple, or a family, consider the quality of the furniture, as this will influence their decision if they don’t want to purchase their own.
2. Don’t forego the dining table
Though this is technically a temporary house, it’s important that it feels like home. In a survey by Furniture Village on reclaiming the dining table, it was revealed that over half of the UK population believe it’s important for family and friends to enjoy meals around the table, as well as associating it with home-cooked food, family time (and therefore, general feelings of homeliness). It needn’t be expensive to be effective, and if you are short on space then an extendable table may be best suited to the property.
3. The sofa is the key to success
ust like the bed anchors a bedroom, your living area is what pulls together your home. Whatever you do, make sure you spend some time choosing a durable, comfortable sofa that will allow prospective tenants to see the space as somewhere they can kick back, relax and socialise. Investing in a good sofa will lift any living room, allowing people to envision coming home after a hard day to unwind.
4. Choose neutral furniture
When it comes to furnishing your flat, house or other, it’s time to get logical. Though you paid the price and the property is yours, don’t let your taste take over the property’s interiors. With many possible renters coming and going over the course of the years, choose neutral things that are universally complimentary. Go for pared-back colours such as white, cream, beige and grey that are adaptable, clean and not constantly changing with trends. This also stands for styles as well– opt for clean, simple pieces that appeal to all types of people.
5. Choose durable furniture
When it comes to cost it’s all about balance. You don’t want to buy something so cheap that it breaks constantly, but likewise, your business is to make money on your buy-to-let (not turn it into a show home!). By choosing something cheap and tatty, you’ll put yourself at risk of receiving tenant complaints as well as having to constantly refurnish. Instead, invest in the things that a furnished home needs, such as a beds, cupboards, sofas etc. and spend enough money on them that they will last.
Securing a tenant in such a competitive market can be a challenge, but by following these furnishing tips you can make sure your property stands out for the right reasons.