Letting your property out fully furnished, unfurnished or part furnished is bound up with many misconceptions, despite no longer having any implications regarding taxation or the security of tenure for the tenant. Now Belvoir Lettings, the letting agent in Sheffield, city centre, is bringing clarity to the situation with their own comprehensive guide.
Rick Flay at Belvoir Sheffield, who offer homes to rent in Sheffield and Sheffield apartments said, “During the credit crunch especially, we are finding that many landlords are keen to offer their properties unfurnished in order to reduce their costs, but it is extremely important to go with industry demand. There are generally more tenants looking for furnished properties, especially if they are looking to rent on a short term basis or are struggling financially in the wake of the economic downturn.”
Although there are no hard fast rules about furnishing a rental property, this can be a major factor in attracting the right tenant. Landlords who offer their property furnished may be in a position to claim an allowance on the tax they are already paying for letting income, which usually works out at around 10 per-cent of the ‘net rate’.
Alternatively, it is also possible to claim the net cost of replacing a particular item of furniture, which can often be achieved by using a ‘renewals allowance’.
If you choose to leave a property unfurnished you are unable to claim these benefits, making it an issue of personal choice for the landlord and a case of weighing up the benefits of each.
Rick, whose letting agents offer a wide range of rentals to suit all budgets from family sized homes to rent in Sheffield to apartments in Sheffield suitable for young couples, added, “Offering your property furnished or unfurnished really is about personal choice, if you offer it furnished, you may spend more money in the short-term on extras, but in the long-term this may enable you to charge more rent per month. Despite this, many property owners prefer the freedom that comes with providing a property unfurnished as this means that you do not have to worry about wear and tear on existing items.”
Landlords who are unsure of which option to go with are provided with a compromise- the part furnished option. Giving much more flexibility, than offering a property completely furnished or unfurnished, the part furnished option involves investing in enough furniture that makes the property look habitable, without adding so many items that it looks crowded and difficult to put an individual stamp on the property.
Rick added, “Many landlords choose to hire some warehousing space in which to keep their furniture. That way they can offer the tenant with a choice and furnish the property if they require it or leave it as a blank slate if preferred. In the current market, properties are extremely competitive, and offering the tenant with a choice may well put your property ahead of others in your area. On balance we would recommend properties are furnished, particularly city/town centre flats and apartments. The speed of letting is the big benefit. Belvoir can provide high quality furniture packages and very competitive prices and will install them for an all inclusive price to give the property the ‘showhouse’ effect.”
Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances
For more information on furnishing a property for rent visit the Belvoir Sheffield website at
