Melton Pros and Cons of Renting a Furnished Property
If you’re thinking about moving to a new town or city without moving your current furniture, you may be considering the option of renting a home that is already furnished.
Furnished properties can be ideal for those who want the flexibility of not owning any furniture, or who only want to rent for a short period. It can sometimes be more financially viable to store furniture if only moving for a short period of 3 or 6 months.
How do you know if a furnished rental property is right for you? And have you considered the pros and cons?
Pros:
– You don’t need to move bulky furniture, potentially saving you from the expense of removalists or having to enlist the help of friends when moving.
– Your time-frame may be much more flexible because your packing and moving will be less time consuming.
– A furnished property means that you’ll have little to no expensive outlays. If you have no furniture, it can be expansive and cumbersome sourcing furniture to fill a non-furnished rental property. Leasing a furnished rental could be a good short-term option, at the least, to help you save up for your own furniture.
Cons:
– Depending on the market, the rent for a furnished property can be higher. Compare furnished vs non-furnished properties, and weigh up the long term difference. Additionally, costs could escalate if you’re looking for newer, more modern or stylish furniture packages.
– Without having a say in the styling of furnishings, your new rental property may not reflect your personal tastes. You may have to decorate the property to a degree, to enhance your own style and make it a home.
– Furnished properties are often harder to come by. Owners may feel they’re taking a bigger risk when furnishing their property for tenants, and in some areas, furnished properties can be very popular. If a furnished property is what you need, you will need to be diligent in knowing when new rental properties come onto the market, and have your application ready to go.
There’s no doubt that renovating a home or investment property can be an expensive ordeal. In reality, you can save money without giving up on quality workmanship, however this is rarely achieved without sticking to these main strategies.
- Budget like your life depends on it!
Research is key here. Know the intricate details of your renovations before you start, price up the worst-case scenario and get quotes. Renovators often set the budget, then try to fit everything into it, but usually have a blow-out. By working the other way, and knowing the price of things, you then set the budget you need, and can work towards finding that budget.
It’s also vital to put aside an SOS fund to account for unforeseen costs.
- Renovate in stages
Blow-out costs occur when you change your mind, or if you don’t truly know what you’re working with. For example, you may need to update electrical or plumbing if renovating a n old kitchen or bathroom – does this mean the whole house needs rewiring or re-plumbing?
Reduce stress by breaking the project into smaller tasks by laying out step-by-step plans of your overall renovation goals, and know the costs of each step so that you can manage your budget as you go.
- DIY where you can
If you’re capable of manual labour or know a licensed trades person, you can save considerably. However, be mindful that a DIY gone wrong, can end up costing more in the long run.
Even cleaning up yourself can save you money!
- Take your time to do it right
Researching takes time when done right. But, when done right, can save a lot of money. Small blow-outs add up, so if you’re budget conscious, make sure you have time up your sleeve to know what you need to know!
Professionals Companies, members, directors, offices and employees do not give warranty to the accuracy, reliability or completeness of any information provided in this newsletter and shall not be liable for any loss or damage suffered as a result of anyone relying on information provided in this newsletter. Professionals recommends you seek advice from your own financial, taxation, and legal advisors before entering into financial or other transaction. E. & O. E.
