Furnishing Your Unit
When prospective tenants start to look for condos or apartment units to rent, they usually have a list of the things that they want to have in their new home. Amenities, parking spaces, number of bedrooms, an outdoor space, and furnishings are a few things they look out for on top of the rental price.
Landlords are always looking for ways to improve their rental units to make them ideal and comfortable enough to attract quality tenants. One of the things that landlords can do to increase the rental yield of their units is to furnish them with furniture and appliances. Whether you are a tenant or a landlord, you should be able to distinguish the difference between a semi-furnished unit and a fully-furnished unit.
The Difference Between a Partial Furnished Unit Vs. A Fully Furnished Unit
What is a partial furnished unit? A partial furnished unit is a unit with basic white goods, such as a refrigerator, washer, and dryer. Usually, they do not include furniture except built-in kitchen cabinets and wardrobes.
On the other hand, a fully-furnished unit refers to a property that contains all the furniture pieces to make one live comfortably in the unit. These units are ready for move-in, meaning you can move immediately without bringing anything with you except for your personal belongings. Fully furnished units usually have a complete sofa set, tv console, a bed with mattress and headboard, a side table, dining table and chairs, and basic kitchen appliances like microwave, oven, refrigerator, washing machine, and others. Fully furnished units also tend to be more expensive than partial furnished ones.
If you are a landlord and you’re currently thinking of new strategies to maximize profit and increase your monthly rental yield, here’s a quick guide to furnishing your unit correctly and adequately for it to attract the right tenants. By the end of this blog, you should be able to know what you need to furnish the unit. How much should you invest? What furniture to include? And where should you get these furniture items?
Decide whether furnishing your unit is the right decision.
Before you decide to furnish your rental units, you should first know the reason why it is the right decision. Determine who your target tenants are. If you are targeting short-term renters such as students, business travelers or individuals, or young couples renting for 6 – 12 months, you should fully furnish your unit to attract these tenants. Short-term renters don’t bring heavy and bulky furniture with them and don’t intend to buy one anytime soon because they are here for the short term. Therefore, furnishing the unit to make it comfortable and move-in ready for them would be a practical choice.
If you are targeting long-term tenants on the other hand, such as immigrants, expatriates, newlywed couples, starting small families, and others, consider semi-furnishing the unit. Doing this will leave enough room for the tenants to decide what to add to the unit. They can buy/rent their furniture or bring their old ones.
Know who your ideal target market is and study their needs. Find out what they are looking for in properties and improve your rental units accordingly. This will keep your rental property thriving and ahead of your competitors.
How much should you invest in furnishing your unit?
As a landlord, you should know how much you should invest in furnishing your unit for rent. Determine your ideal monthly rental yield and furnish your property accordingly. Select the right furniture pieces and add some appliances to be able to charge a higher upfront fee. To know how much you should invest, you should also know who your ideal market is. Can they afford the monthly rental yield of the property? How long are they planning to stay? Factor in all this information to make an informed decision.
What furniture items and appliances should you include when furnishing your unit?
Another thing you should consider when planning to furnish a unit is selecting furniture pieces to put in the unit.
Pick the most needed items for a unit to be livable enough for the tenant. If going fully furnished, make it move-in ready. Add a sofa set, side tables, TV console, dining tables and chairs, writing table and office chair, kitchen appliances, cabinets, drawers, dressers, and even a few decor and accessories.
Where can you get these furniture items?
Let’s say you have decided to furnish your unit for rent. Where can you get the furniture items? Should you buy or rent them? Should you buy used ones or brand-new ones? Finding where to get the furniture items to put into your unit is another challenge for landlords. Buying brand-new ones are expensive while buying used ones is a risk. You cannot guarantee the quality and durability of used furniture, especially if you don’t know where to find the right ones.
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