Renting furnished property can be incredibly convenient for both tenants and landlords. Although due to the fact that your own private possessions are involved, it can make things a little more complicated. To help streamline the process we’ve put together a list of handy tips that every landlord renting out a furnished property should consider.
Ensure all furniture is fire safe
Under the Furniture and Furnishings (Fire Safety) Regulations 1988 all furniture placed in rental properties must comply with certain levels of fire resistance. This applies to domestic upholstered furniture, everyday furnishings and other upholstered items such as mattresses and curtains.
Carry out regular electrical safety checks
Every year Brits fall victim to 70 deaths and 350,000 injuries as a result of faulty electrical wiring and equipment. Almost 50% of domestic fires are also caused by electrical faults. Keep your tenants and your investment safe by carrying out regular electrical safety checks on all electrical items including toasters, microwaves, blenders and kettles.
Take an inventory
Before handing over the keys make sure you take an inventory of every item in the houses, as well as its current condition. Get the new tenants to sign off on the list and use it to solve any contents disputes that may arise in the future.
Take advantage of tax breaks
When you rent out a furnished property you may be able to take advantage of tax breaks on your rental income. These include a 10% wear and tear allowance or the option of deducting replacement items purchased for the property from your taxable income. You could save yourself a nice chunk of cash!
Choose robust items
If you are looking at purchasing new items for your home try to choose things that are as robust and hardwearing as possible. Darker colours are always preferable over whites while chunkier furniture is far less breakable than delicate designs.
Take out landlords insurance
Give yourself complete peace of mind by taking out a comprehensive landlords insurance policy that will cover the cost of any issues arising as a result of renting a furnished property. From material damage to fire and theft, landlords insurance will ensure that recovering the costs of any contents related issues is a quick, easy and stress free.
Armed with these tips you should be able to master the art of renting a furnished property.