Should You Let a Rental Property in Winchcombe Furnished or Unfurnished?
Are you in the midst of deciding whether you should let your property furnished or unfurnished? Many factors come into play when making this decision, like the location, target market, your circumstances and return-on-investment goals.
If you’re on the fence about letting a property in the Winchcombe area furnished or unfurnished, here’s an overview of the pros and cons to help you decide.
What Does Furnished Include?
As a minimum, all properties let in the UK need to include various amenities, like white goods, kitchen and bathroom fixtures, flooring, and curtains or blinds.
While there isn’t a legal definition of what a furnished property includes, it needs to be considered ‘fit to be lived in’ from the day the letting begins. This usually means it has:
Beds: Enough for each bedroom
Wardrobes: Appropriate for the number of bedrooms and people
Chest of drawers: One or two sets per bedroom
Sofas: Ideally to seat the number of people living at the property
Dining room table and chairs: Preferably with enough chairs to seat the number of people living at the property
Tableware: Enough to cater to the number of people living at the property
Landlord Personal effects, family photos and belongings should be removed
What are the Benefits of Letting a Property Furnished?
Choosing to let a property furnished ultimately depends on the target market, the local area, and your prefence. By letting a property furnished, you can:
Make your property more attractive to working professionals, relocators or company lets in some cases
Attract short-term tenants if that's your preference.
Are there Downsides to Letting a Property Furnished?
Despite the benefits, there are some downsides to letting your property furnished, including:
Size of market: A furnished property doesn’t always attract long-term tenants, so you may appeal to a much smaller market, many seeking short-term lets.
Speed of letting: There are many more tenants looking to rent unfurnished properties in the Cheltenham area.
Maintenance: Furnishing can add costs and more maintenance, like repair and replacement work.
What Does Unfurnished Include?
Unlike furnished properties, there is a legal definition of what an unfurnished property includes. They must have a minimum of:
White goods, including a cooker, fridge and ideally a freezer and washing machine
Kitchen and bathroom fixtures
Flooring or carpets
Curtains or blinds
What are the Benefits of Letting a Property in Winchcombe Unfurnished?
Even though furnished properties are sought by some, there are many benefits to letting a property unfurnished, including:
Less maintenance: Furnished properties come with a requirement to maintain the furnishings. With an unfurnished property, you won’t have this responsibility.
Attract longer-term tenants: Long-term tenants like to bring their own furniture to a rental, so an unfurnished property could be more desirable to this market where tenants want a homely long let.
May cost less: Since you won’t have to pay for furniture, your outlay and running costs could be cheaper.
Are there Downsides to Letting a Property Unfurnished?
Not really, unfurnished properties attract a wider clientele and in our experience this means a much earlier let can be agreed as there are more tenants to choose from. The best thing to do is to research what works well for your property type in the local area and talk to an expert.
Landlords: Need Advice?
As mentioned, deciding whether to let your property furnished or unfurnished depends on many things, particularly related to the market in your local area.
For personalised advice about letting properties in Winchcombe and the Cotswold villages, our friendly team at Adams Estate Agents are here to help. Give us a call today on 01242 603601 or email us: email@example.com