Rental properties are hot commodities in Australia. With tax benefits and soaring property prices, it’s no wonder many Australians own investment properties. However, it’s not all glitz-and-glam, there are plenty of hidden costs associated with owning an apartment or property. If you’re leasing your property out, it can be hard to find good tenants and maintain a suitable looking apartment. If you provide furnished flats to your tenants, purchasing and maintaining furniture can be difficult.
People who are seeking furnished apartments tend to put much value on the type of furniture within the condo. If you have a terrible standard of furniture in the apartment, it may prevent you from getting a reasonable price on the rental. Once you decide to furnish an apartment, it’s critical that you purchase great furniture; otherwise, you will merely decrease the rate of the rental. Tenants want to be able to imagine themselves living in your home; don’t take this away by purchasing subpar furniture.
That said, furniture can be costly. One alternative option is to furniture hire for your apartment. It can help you save money and bring in better tenants. In this article, we’ll explore the concept of furniture hire and help you decide if it’s a good idea for your rental property. If you think this is an option you may consider, make sure to read ahead!
Hire as You Save
Purchasing a rental property can be extremely expensive. If you’ve recently purchased a property, you probably don’t have much cash to spare. Down payments can require a large amount of cash. If you plan on renting your property out immediately, it can be hard to afford the initial cost of furniture if you’re short on cash. Once you generate the rental income, you’ll be in a better place to purchase new furniture. Until then, hiring furniture can be a good in-between to help you save money and provide a furnished apartment.
Hiring furniture can also help you fix your costs. Instead of having large outlays of cash, or having to take out additional loans, renting can help you organise your money. You’ll know how much you’re responsible for paying each month if you decide to rent. Spreading your costs out at a fixed hiring fee will ensure that you can plan your mortgage and your furniture rental accordingly. You can then price your rent accordingly – it’s a great way to have a bird’s eye view of your costs and avoid spending a lot of money upfront.
While some people choose to hire furniture for the first few years or months, and then purchase new furniture when they have money saved, others just decide to keep hiring furniture.
Choosing the right furniture from the onset can be a substantial investment in the home and increase rental value. However, hiring furniture doesn’t just save you money if you’ve recently purchased a home; it can also help you save money when you’re looking to sell a home. Many buyers like to imagine homes with furniture, so placing good furniture in the home for viewings can help add to the appeal of the house. If you decide to stage your investment property when you sell it, you may end up having to spend thousands of dollars to decorate the unit. This could cost tens of thousands if you’re looking to go upmarket.
Furniture doesn’t have good resell value. Most people prefer to buy new furniture if they’re in the market for high-end products. If you do purchase new furniture, there’s little chance that you’ll be able to recuperate much of your money. Instead, renting furniture can help you save money on costs and stage your house for sale. You will be able to help your buyers imagine the potential of the property you’re selling. Staging a home correctly can help you significantly increase interest in your home, which can also result in higher offers.
Using staging experts to ensure your home looks more attractive can also be useful. Having a planned staging with rental furniture is much cheaper than buying your own. For a small upfront investment, you’ll be able to enhance your property value and bring your viewings to the next level. Don’t waste money on furniture you won’t be able to sell.
Stand Out Pieces
If you’re on a budget, it can sometimes be torture to go furniture shopping. You have to look at all the high-end pieces and imagine how beautiful they would look in your home. The same is true for rental property furniture – you may feel like you could attract better tenants with better furniture, but you just can’t afford high-end pieces. There are plenty of beautiful furniture pieces out there, but many come at extremely high costs.
Furniture rental companies can help you purchase stand out pieces without having to break the bank. If you’ve dreamed of a new couch or bed, but can’t afford the model you’re looking for, a furniture rental company can help you reduce the initial cost and move forward with your interior design. They can also help you better design an interior that suits your home and common themes. Many rental companies provide matching sets of furniture that can help you better coordinate your home.
Purchasing matching, stand out pieces is very expensive, so don’t spend your remaining money on high-end furniture for a home you’re not living in. Leave it to a rental company.
Also, new trends and models are developing at an increasingly rapid pace. If you purchase furniture, you’re stuck with it for a long time – unless you want to spend serious money. Instead, you can rent furniture and change it when you no longer enjoy the style. This means you’ll never have to be stuck with furniture that you no longer enjoy – you can keep your home’s interior as trendy as possible. Tenants will appreciate the fact that your rental property always has the latest and most significant pieces. Hiring companies can advise as to what their most recent releases are – don’t shy away from continually improving your home.
Hire to Buy
If you’re looking to try out some furniture before you buy it, hiring the furniture is a great idea. When you purchase furniture, your decision is final – you may not have an extended return period to work with. If you end up not liking the furniture after a few months, you’re completely stuck with it. Selling furniture after you have bought it brand new will bring on some serious costs. With hiring furniture, you don’t have to worry about changing your mind since you don’t own the furniture and can switch it out within a reasonable time period.
Also, just because you’re hiring the furniture now doesn’t mean you have to hire it forever. You can rent furniture for a while and then purchase your furniture sets from your hiring company. The top furniture hiring companies provide their clients with the option to buy furniture they’re renting. Instead of buying your furniture from the onset, hire it for a while to see if you and your family enjoy the style and feel of the furniture.
Pressure selling techniques result in many people purchasing furniture they don’t want. Head to a rental showroom instead and see what they have to offer. Making a purchasing decision over a few months or years is a much better way to be sure you want the furniture. Ask your furniture hiring company if they provide hire to buy services – it’s a great option if you know you eventually want to own your furniture outright.
As you can see, there are plenty of benefits associated with hiring furniture. If you’re a property owner that is leasing to tenants, you don’t have to spend large amounts of money to furnish the house or apartment. Furnished properties tend to fetch much larger rents, so many investors provide their tenants with fully furnished homes. If you’ve recently purchased your property, spending thousands of dollars on new furniture may be next to impossible.
The furniture leasing market is expanding for a reason. People want high-end furniture in their homes but often can’t afford the upfront costs. In-house financing can also be expensive with many furniture companies, and you’re stuck with the furniture once you pay it off. With hiring, you have much more flexibility available to you. You won’t have to stick with the same furniture for years on end – you can adapt as market trends and demand changes.
As mentioned previously, plenty of people also use hired furniture to help stage their investment properties. If you’re someone who is planning on selling your rental property, you can substantially increase the price by hiring high-end furniture and staging your home. Many rental companies have advisors on-hand that can help you understand the best ways to get the most out of your rental furniture. Instead of paying outrageous prices for new furniture to stage your home, you can use rental furniture to attract more prominent buyers.
Regardless of your situation, hiring furniture can be an affordable solution to furnishing your rental property.