For many property owners in London and the UK, the decision to rent your luxury property completely furnished, partly furnished or entirely unfurnished is a primary consideration. Both unfurnished and furnished apartments have their advantages and disadvantages and will also influence the type of person who takes up residence in your home. This article outlines these different benefits and also touches on the best practices for renting a furnished or partly furnished luxury apartment in the United Kingdom.
Definition of Furnished Apartment
First of all, it must be said that there is no legal definitions for furnished apartments. Rather, the industry has set out these terms through popular custom and thus there is no definite standard. In general, the furniture and appliances in furnished apartments is up to the discretion of the property owner, and are usually finalised in negotiations between the landlord and potential tenant. In short, luxury furnished apartments should contain everything that is needed to make a comfortable living home according to expected standards, for example fridge, cooker, media and entertainment systems and modern furniture should be available. As a landlord, it is worth noting that the type and style of furniture may influence the type of person or family you attract to your furnished apartment. For example, consider whether the furnishings accommodate a professional, a family or a retired couple.
Benefits of Furnished Apartments
Although not exclusively, furnished apartments for rent usually attract short term tenants, which can be beneficial to property owners depending on their priorities. For property owners who prefer security, long term tenants usually opt for unfurnished or partly furnished apartments. However, short term furnished properties are often in high demand for particular events or seasons, and can thus bring in much income for a property owner. For example, during the London Olympic Games, furnished luxury apartments where in high demand and commanded high rental income. Furnished London apartments usually attract couples just starting out or business people who require an instant home, without the fuss or expense of purchasing their own furniture and appliances. Renting a furnished apartment also has tax benefits. A percentage of the furniture costs is deducted from tax liability.
The Benefits of an Unfurnished Apartment
The market for people requiring unfurnished apartments in London is larger and more constant, thus in general a landlord will have more security. Furthermore, tenants in luxury unfurnished apartments are more likely to feel at home surrounded by their own belongings and it is likely that they will stay longer. Furthermore, compared to furnished apartments, property owners will not have to worry about the wear and tear of their furniture, as well as furniture insurance.
Penny Munroe is an avid writer in property related news and tips. Articles include reviews on designer sofas for your luxury home, to tips to renting out property.