The kitchen and perhaps the bathroom are some of the most crucial rooms in a house or apartment. Do you know that these rooms, especially the kitchen, can trigger or turn off a potential tenant? Well, if you are after increasing your property’s rental value, then this article is for you!
One of the best ways to escalate your property’s rental value is furnishing your kitchen. You can also spend a bit of your time furnishing the bathroom. These two areas are more likely to have a significant impact on your property’s rental value immediately.
What you need to provide in a fully furnished kitchen
At some point, you may not be in a position to put in a new kitchen; you may consider revamping the existing one to fit in the first-class positions. There are numerous things that you will need to buy or replace. To mention a few, they may include things like:
- Garbage disposal
In any home, the kitchen is always an area of bee-hive activities. To many tenants, this is still a significant area of focus. Ensuring that this area is in a mint condition will easily entice potential tenants. If you can’t build a new kitchen, then you need to invest in some of the top range kitchen appliances that will cover the mess.
Who are your potential tenants?
There is a need to know your would-be tenants. This will enable you to understand your market. Some of the essential factors, such as location, house type, and rental demand, may contribute to determining your potential tenants.
A fully furnished kitchen is more likely to attract mobile experts who want to live in trendy, affordable, and commutable areas. They may include:
- Corporate tenants
- Tenants from overseas
- Digital nomads
- Short-let tenants
- Lifestyle renters
Benefits of fully furnishing your kitchen
Fully furnishing your kitchen will invite several benefits as a landlord or a landlady. Some of the few benefits include:
- You can ask for higher rent.
- More short term rentals
- Fast renting
- Ask for better treatment and respect.
- Inventory of furnishings or appliances
- Tax deductions
You can ask for higher rent.
Without thinking twice, you will be able to increase rent based on the standard of your kitchen. Research further states that well-furnished property rents up to 25 to 75% more than unfurnished property. The average range of a furnished unit and unfurnished unit is about $400. In terms of one year, the scope widens up to £4,800! The only demerit of high rent is that tenants will always stay for a short period and hunt for affordable units.
More short term rentals
Two main reasons make a fully furnished kitchen unit have tenants for a short period. The first reason is due to the high rent that will make tenants look for affordable units. The second reason is that short term renters don’t have to move in with kitchen appliances. This will be from 6 months to 12 months.
Your house or apartment will rent faster amid primary factors such as location and rentals demand. Again, your kitchen is more likely to appeal to many potential tenants, such as young experts, those from overseas, and even lifestyle renters.
Your tenants will also save on costs and time associated with fully furnishing a kitchen. First-term renters will always find a fully equipped kitchen ideal. They don’t have to move in with kitchen appliances.
Ask for better treatment and respect.
Furnishing your kitchen fully will consume some right amount of money. If you fully elegantly supply the unit, it will demand better care and respect from your tenants.
Inventory of furnishings or appliances
If you decide to end leasing your apartments or one of your units, you may choose what to do with the appliances of a fully furnished kitchen. You may want to use the machines yourself, take them to other apartments, or even sell them.
Do you know more about tax deductions available for landlords? Well, you can deduct some percentage of the cost of appliances for tax purposes.
What types of kitchen appliances should you put in your fully furnished kitchen? Cheap machines or high-end appliances?
The type and quality of kitchen appliances should be determined by your desired rent per month and the apartment type. If your apartment quickly fetches thousands of dollars per month, then you need to fix some high-quality kitchen appliances.
On the other hand, if your apartment nets a moderate amount, then you need to fix some affordable kitchen appliances.
Installing high-quality kitchen appliances may also lead to theft. There is a high chance of things getting stolen. Minor utensils such as knives might end up disappearing. It’s advisable to buy instead moderate appliances that serve their function.
How much more money can your fully furnished kitchen fetch you?
Research reveals that a fully furnished kitchen can get between 15 to 20%more for a furnished long-term rental. Short term apartment with a fully equipped kitchen is more likely to double that. You will net between 40 to 50% at a minimum. You can also get up to 100% or more. Tenants are always willing to pay higher for quality.
Wrapping it up
Fully furnishing your kitchen is worth it! Tenants are always attracted to furnished units and always move in so quickly. They are still even willing to pay higher for quality appliances.
These days, it’s a common trend to see tenants moving in with only a suitcase. This means that only fully furnished units are the best option.
Many professionals and tenants from overseas don’t have the time to go out buying kitchen appliances. This makes them prefer units that are fully furnished, especially the kitchen.
Fully furnishing your kitchen will invite several benefits and a higher profit. You don’t need to worry about appliances being stolen or getting lost because you can insure them at a fair rate.