Having a good tenant through a large company on your lease can, in some instances, be a good deal for you. The company may have large projects which will require people living away from their home base for extended periods. If your investment property is situated in an area where the company needs housing, you could have a great opportunity at hand. In most cases, the company will want to enforce high standards for their property and furnishings and will likely be willing to pay a premium for a nice house with included furniture.
Short Term Furnished apartments are a perfect solution for vacationers, students, expatriates working overseas on contracts, or people going through a relationship breakdown. In addition, with a higher turnover, you have the freedom to inspect the property more frequently.
Financial The main benefit of furnishing your rental property is that it can provide additional returns, higher than the standard rent on an unfurnished property. People are more willing to pay a higher rent for the convenience of moving into a furnished place.
What risk comes with having a furnished property?
Financial Loss Unfortunately, for every person hunting for a furnished, well-presented rental property, there are many more young families or couples who need a place for the long-term. Consider this: Your $400 per week investment might get $500 per week if rented as furnished, but what happens if you have to wait 3 months to find the tenant who is willing to pay the extra dollars?
Purchasing and Maintaining Furniture If you furnish your property, be mindful that you will need to monitor your furnishings and ensure your inventory is well maintained. Items need to be replaced promptly if they’re not working properly. Naturally, if you’re going to furnish your property, you’ll have to buy all the furniture.