We provide expert property management in Newcastle and Lake Macquarie. Based in Charlestown NSW, we have been delighting property investors with our personal, professional service since 2011. If you find this article helpful or enjoyable, please subscribe or share it with someone else who may benefit.
A common topic of conversation with our investors is whether they should offer their property furnished or unfurnished. There are several factors which contribute to determining what is best in each particular instance, as we will cover below.
Categories of Furnished Properties
It is important first to consider that there are degrees of furnished properties, it is not simply a matter of furnished or not. The various levels of furnished property typically offered to market are as follows:
When Is A Furnished Property Suitable?
Fully furnished rental properties are usually most appealing for tenants meeting one or more of the following:
The Benefits Of Offering A Furnished Rental Property
The advantages of offering a furnished rental property can include:
In considering options, it can be helpful also to consider the disadvantages of offering a property furnished.
The Disadvantages Of Offering A Furnished Rental Property
While there may seem to be a financial benefit to offering a furnished rather than unfurnished property, investors should consider the following disadvantages also:
When Is An Unfurnished Property More Suitable?
A commonly held opinion is that around 75% of tenants are seeking to sign a long term lease rather than transition to another property within 12 months.
Longer term tenants, as well as being higher in number, also tend to prefer unfurnished properties as they can settle into the home and "make it their own" with their own styling and furnishings.
So, while a furnished property may garner higher rent and have less competition than unfurnished properties:
For further advice, talk to a property manager about the specifics of your property and whether they believe it would be best to offer the property as furnished, unfurnished, or optionally furnished.
We provide expert property management in Newcastle and Lake Macquarie. Based in Charlestown NSW, we have been delighting property investors with our personal, professional service since 2011. If you found this article helpful or enjoyable, please subscribe or share it with someone else who may benefit.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.