To Furnish or not to Furnish your Buy-to-Let Property?
???Did you Know??? There is no legal definition of a furnished, unfurnished or part-furnished property. Considerations for landlords Furnished 1. You are likely to attract tenants who are in a hurry and want to move in immediately. 2. Void periods between tenants are likely to be shorter. 3. You may be able to claim a wear and tear tax allowance against your rental income. 4. You might be entitled to claim the cost of replacing furniture. 5. You have the responsibility of ensuring that all furniture and furnishings comply with relevant legal rules and regulations, for example the Furniture and Furnishings Fire and Safety Regulations 1988 and 1993. 6. Lets may be shorter as tenants do not have to consider removal costs when moving house. 7. You will be responsible for insuring the contents. 8. There may be a possibility of claiming an 'unoccupied' council tax discount or exemption during void periods. Unfurnished 1. Tenants are likely to stay for longer as they generally have to pay to transport their furniture. 2. Tenants can use their own furniture so may feel more at home in their own surroundings with their own style. 3. Tenants may be attracted to unfurnished property as they won't lose their deposit if they damage their own property. 4. You may be entitled to council tax discounts during void periods. 5. Tenants will be responsible for insuring their belongings. 6. You are not responsible for ensuring that the furniture complies with relevant legislation. Part-furnished 1. A compromise - you can decide to provide as little or as much furniture as you wish. 2. This is a flexible option which may make it easier for you to attract tenants. Whichever option you decide to go for, make sure that as a landlord you comply with your legal and insurance obligations, and encourage your tenants to take out contents insurance. Find out more about landlord insurance from Direct Line for Business. View original article To Furnish or not to Furnish your Buy-to-Let Property? Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
| Contact ArtiLib| Privacy Policy| Terms of Service |