Furnished or unfurnished? In the city of Vancouver, furnished apartments have become more and more sought after in the last few years. The length of the tenancy often goes hand in hand with the decision to furnish the home or rent it out unfurnished. Most people who rent a home for three months need furniture, and most people who rent a home for a year already have furniture.
So before jumping into the furnished home market and spending thousands of dollars in furniture, realize that you are also making a commitment to renting your home out for a series of short term tenancies over the course of the year. More work, more wear and tear, more vacancies and MAYBE more money? Even more extreme is to offer your home for weekly rentals. People would be basically replacing the expense of a hotel with staying in your home. It’s an entirely different level of commitment as you’ll be including all dining wear, new linens, condiments and often rides to and from the airport.
Think of your home as a B&B, minus you living there.
For these types of Vancouver furnished condos, rents collected are much higher than long term unfurnished tenants would pay but obviously vacancies are much more prevalent. The easiest, more common route to go is to simply offer your home as a long term, unfurnished accommodation so you can maximize the number of potential tenants and minimize the number of vacancies. Before jumping into the furnished marketplace you should locate and contact a reliable Downtown Vancouver property management company to breakdown exactly what you are in for.
If you are looking to maximize the rental income by furnishing your home below is a few tips:
– Location, location, location! The downtown core or metropolitan areas are much more popular destinations for furnished homes.
– Contemporary furniture. Think of the nicer furniture from Ikea. Modern looking, leather or dark to prevent wear and tear and not an arm and a leg to replace.
– Put a cap on utilities. Its not always needed, but if you have a hot tub, pool or something in the home that has the ability to cost a lot of money if is overused than it’s warranted.
– Inventory. Make a detailed inventory list of which furniture you are including in the rent and take many pictures during the move in.
– Pets, depending on the price range of the home, perform more due diligence on the age and breed of animal when you are including furniture.