Welcome to Chic Furniture

Welcome to Chic Furniture

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Renting out your property

People move house for a lot of reasons, maybe you have come into some money and want to upsize or have a new job and are thinking of relocating.  The natural solution for most homeowners wanting to move would be to advertise your home for sale and look for a new one to buy, but selling your home is not the only option.  You can keep your house and rent it out, if you can find a suitable tenant this can be a better option as you are building up a property portfolio and gaining a regular income.  If you can afford the initial outlay to invest in another property and also keep the property you already own it could be a very shrewd move, especially with house prices on the up the value of your asset should increase accordingly.  There are some obvious pitfalls to renting but read on and I will try and help you avoid them.

Finding the right tenant can be the hardest part of renting out your property and you need to carefully consider what you are looking for in your perfect tenant.  Tenants will fall into a number of categories which can include students, families, older people and housing benefits recipients.  If you live in a university town then letting to students can often bring in the highest revenue as you will be able to let the house on a room by room basis.  You should consider with students though that they are unlikely to stay for very long as many of them will be in their second or third year at university so will be moving on when they complete their course.  Renting to families especially with younger children is more likely to ensure a longer term commitment to the property as they will want to settle in an area to provide stability for the children.  There is an obvious downside in that children in the property are likely to cause an increased level of wear and tear on your fixtures furniture and decoration.  Older couples can be a good market to seek as tenants but they will generally have more discerning tastes than younger people so would expect a higher quality of finish.  Also if they are close to retirement age you may find they are moving out as they retire and need to downsize.

Tenancy Agreement

Once you have found your tenant it is of the utmost importance that you cover yourself with the correct and legal contracts for the tenancy.  If you have found the tenants through a letting agency then they should be able to help with this and make sure everything is up to scratch, if you found the tenant privately then I would strongly suggest getting a solicitor to look over the contracts prior to signing.  You may think renting the house out to a friend is a simple option and forgo the need for a proper agreement or bond payment but this can quickly end a friendship if it is not fully thought out beforehand.   It is important that any bond you take from the tenant is protected in a Tenancy Deposit Protection scheme if renting in the UK which your solicitor or letting agent will be able to advise you on.

If you are renting out your home furnished then you really need to think carefully about the furniture you have in there.  Whilst it may not be be in your nature to think this way you should always consider the possibility that a tenant may not take the same level of care of you furniture as you would yourself.  Hard wearing solid furniture is a good idea try and pick pieces that need the minimal amount of maintenance.  We have a great range of solid wood furniture that is designed to last a lifetime so will easily cope with however your tenants choose to treat it.  Try and consider the bond amount so if you are charging a £500 bond but have an antique table worth £5000 then if that gets broken the bond will not cover it.  Obviously if you are charging a £5000 bond that will greatly limit the rental opportunity so you need to find a happy medium with good quality furniture but a reasonable bond.   You can of course choose to rent the house out unfurnished but this is likely to reduce the amount of interest you get as the prospective tenants would need to supply their own furniture.

There are many other points to consider but I really just want to give you a brief insight into the benefits and pitfalls of what can be a lucrative alternative to selling your home.  If you are a landlord and need some ideas for furnishing your property we would be happy to discuss and put together an affordable package of suitable furniture for you.