Furnishing a rental property

If you’ve decided to let out a property as furnished, you have to make sure that you have suitable furnishings in there. It’s the one way you can make sure that you are more likely to secure a tenant than them deciding to rent a property two streets along. Of course, you need to make sure you’ve set a fair rent that’s comparable to other properties in the area and that your property is well advertised if you’re managing it yourself, or that you’ve chosen an agent who will make sure your place gets viewed.

There are certain items of furniture that aren’t sensible choices to put in a rental property. Sofa beds are just asking for extra people to stay over and add wear and tear to the property. Similarly, recliner sofas are attractive pieces of furniture, but these could also easily be used as an extra bed for people who are trying to save money by sub-letting. You’re best off getting a traditional two- or three-seater sofa in a reasonably dark fabric, so that it won’t be ruined by a glass of red wine or something similar being spilled on it.

If you have a one bedroom flat, then your ideal tenant is going to be a single person or a couple. Put in a decent double bed, and even if you’re not replacing the frame, it’s worth buying a new mattress to woo potential tenants.

In the living area, put in a cheap dining table and chairs which are functional, but will be able to take a few knocks. Remember, tenants aren’t going to treat your possessions as well as you would yourself, so don’t buy a table that will mark easily, and get chairs that are sturdy enough to take different people’s weights.

Beyond the basics, don’t fill the property with unnecessary furniture. This gives your tenants the possibility of bringing a few possessions with them.

Purchasing a Property Overseas

Buying property abroad can be a very exciting prospect but it is more difficult than buying in your home country. Every country has their own laws in relation to property sales and this need to be adhered to even if you are buying from abroad. Again seeking advice from a professional is the best way forward for this type of purchase. Preferably seek to hire a solicitor who can speak English but they should be fluent in the language of the place you are hoping to buy. For instance, in Spain you are required to make a will in Spain itself before you buy a property there. Adhering to rules and regulations is of the upmost importance and you cannot be expected to know them. You need a good reliable professional who will be thorough in their investigating of the local laws during your purchase.   Another area that only a professional who is familiar with property abroad will be able to help is the tax element. If you are English and rent out a property in Spain for ninety per cent of year you could be liable for tax payments both in England and Spain. [Read more...]