Should You Rent Your Property Furnished? or Unfurnished?

Описание: So, you want to own or buy a Rental Property? Join Upper Edge Property Management where, in the next installment of this Guide to Real Estate Wealth, Garret Wong compares furnished, versus unfurnished rental properties.

The advantages: Higher Rents! A furnished property, all things being equal, generally commands more in rent. So, there's a checkmark on the plus side of your chart.

Disadvantages. You have out of pocket costs. You have to buy the furniture! Unless you're going to be living in your home, you're moving and maybe you want to leave behind your old furniture, but you still might have to purchase some pieces. The length of time to find a renter: If you think about the pool of available renters, the majority of renters have their own furniture, so they're looking for a property that's unfurnished. This might result in higher vacancy costs. The pool of available tenants is a lot smaller for furnished rentals compare to unfurnished rentals and in addition, they might have a shorter stay, due to their particular circumstances.

The message: Know your numbers. If you're wanting to rent out something furnished, great! If you're doing so, be purposeful about why you're choosing that model.

Upper Edge Property Management, located in Winnipeg, Manitoba, Canada, has been successfully managing rental property for their investors since 1999, and chooses to specialize in the management of single family homes, condominiums and smaller multiplex buildings and apartment blocks.

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