Furnishing let properties cost-effectively

December 12, 2012

Landlords Insurance

For a landlord, particularly people that are relatively new to the business, deciding how to go about furnishing a property is far from easy.

Let’s look at some of the basic approaches.

Know your target market place

Firstly, if you are targeting families or professional couples, you may need to accept that their expectations regarding furnishings are likely to be relatively high.

They may not expect designer labels on everything but if they are paying higher prices for your property, they will expect furnishings to be practical and good quality rather than something you picked up in a local jumble sale.

By contrast, if you are letting to say students or younger individuals, you might find that their requirements for furnishings are rather more towards the trendy and flexible, as opposed to those that might be making some sort of statement!

Understanding how furnishings relate to your target market place is important and it might make it just that bit easier to let your property in due course.

Sources

As you probably know, there are now various flat-pack suppliers of furniture who offer extremely reasonable prices and the quality has hugely improved over recent years from what might have been the case say 20 years ago.

Another option is to look at public auctions.

It is frequently possible to find amazing deals on second hand furniture and furnishings in these places and occasionally they may do a special sale of stock clearance of a furniture provider, meaning that you may get new items at perhaps a tiny fraction of what they would have been on sale for in the shop.

Practical issues

Try to be reasonable and practical when thinking about your furnishings.

The plain fact of the matter is that things are going to get broken, damaged or stained.  That might be particularly likely in situations where you have young children in your property.

So, try to avoid furnishing with items that are fragile, particularly valuable or of some sort of emotional importance to you and your family. Make sure, of course, that your furnishings are fully covered by landlords’ contents insurance.

If things get broken or otherwise damaged, keep a cool head and remember that in the vast majority of cases this is attributable to genuine accident.  Just as you would not like to be pilloried every time you break something in your own home, your tenants won’t thank you for throwing a tantrum if they have a similar accident themselves.

The bottom line is to select furnishings that are expendable and which, if you could not get your tenants to accept liability, you could afford to replace without too much financial hardship.

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