Renting out a fully furnished property is a perfect idea, especially if you have a small apartment or condo. People who mostly rent such places mostly need a home ready to be moved into, without the need to purchase anything – depending on their lifestyle. But before you will get any extra money from renting your fully furnished property, first you will have to make a lot of decisions and consider many details.
What costs will be involved for you?
Preparing your apartment and setting everything up will of course cost you something, and finding out how much is the first step. Go through the listings of other fully furnished places available in your neighbourhood. Compare a few properties of a similar size, location and furnishing as the one you are going to rent. As soon as you get a more precise idea of the usual rent for a fully furnished place such as yours, prepare a list of all items you would have to purchase so that your apartment will really be able to be called “fully furnished”. These days, a fully furnished place means you will offer not only all the common furniture, but also all of the utilities such as gas, electricity, water, phone, cable, wireless Internet, security, all the kitchen ware, appliances, towels, bed linen and cleaning supplies.
Then think about the question whether fully furnishing your property as described above is affordable for you financially. There are of course some things you would have to purchase to fully furnish your place – make a list of all of them. It is also likely that you may have more tenants over a number of years with some periods when your property would be unoccupied between some tenants. You might come to the conclusion that making your place fully furnished would mean too much work and costs for you at the moment, then you might try to offer it as “part-furnished”. It may be less lucrative than a fully furnished place, but it is of course easier for you.
Document all the facilities, set up a deposit
If you have previously lived in the apartment, it is necessary to remove all of your private belongings such as photographs and everything else that you consider to be yours. The next step is to prepare an inventory of every single item that is in the apartment. You should go through the inventory together with the tenant, walking through the place and seeing everything provided by you together. Even individual objects like spoons, forks, knives, towels or linen should be counted and the amount noted down. As part of good practice, there should also be your rental agent present when making the inventory, and then when all parties agree on the list, they sign it. When the contract expires, it is time to go through the flat with the inventory again, noting down all equipment. All objects that the tenant has destroyed or lost will have to be replaced and paid for from the deposit that you agreed on at the beginning.
As the winter Olympics are coming soon, more and more Vancouver inhabitants are thinking about renting out their fully furnished places to take advantage of this unique event. If you already have a suitable place, it might be a great idea, otherwise it might become a nightmare, if you have to start from scratch. The return on investment for rental properties should be considered over the long term and not just seen as a ‘get-rich-quick’ plan.
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