UKC

A fascinating topic, I appreciate, but if you've got experience I'd be really interested in hearing about it.

I'll be renting my flat in Sheffield out in a couple of months time when I move (further) up north. I'll need to take my furniture with me, so I can either rent my place out unfurnished, or I can leave some stuff behind and fill the gaps with cheap Ikea stuff to rent it out furnished.

Which would you do? Part/unfurnished obviously means less outlay and hassle, but slightly lower income and seems overall more sensible - also, I'll be more likely to get older tenants, lower risk that way. But will I find a tenant quickly? Also, I'm loath to pay an agent as they'll do nothing except syphon off some of my dosh...but how else do I get the place on Rightmove? What's the best way?

Any thoughts welcome, cheers!

In reply to Jon Stewart:

No idea about any of your questions but I'll give you a bump up the page as I could be in a similar situation in a few months and would like to know the answers myself.

In reply to Jon Stewart:
I would definitely go with an agent. They will save you a world of trouble if you have any issues with your tenants. Find a good one by asking around, some are useless but some are decent.

As for furnished/unfurnished you'd have to research the market - but kitting a place out with Ikea stuff isn't expensive. For work we had a flat in Switzerland for 2 years for a project, there are no furnished rentals over there (or very few). So we kitted it out with the cheapest white Ikea kit, there was nowt wrong with it, and gave it all away for free on one of the expat forums at the end (they charge for skipping it, and it was better anyway as people benefitted from it) - I managed to get rid of it all in a week and kipped the last night on the floor in my sleeping bag. It was cheaper to do that than rent furniture, which is the other common approach there.

In reply to Jon Stewart:

Look at "Landlord Insurance" for a relatively low premium you can protect against damage by tenants if you so wish. Un furished you are more likely to get longer term tennants and probably more careful, but you should prob still budget for full repaint/carpeting if you are renting for say 5 yrs.

If you want quick, you could speak to the uni they normally have an agency service, guaranteed tenants (although sometimes only 10 months a year), although obviously there's a chance they could be high risk damage wise, but really how much damage can they do? Carpets can be cheap etc.

If your place is very well done up and you have visions of moving back in a year or two then don't go the student route, if you are thinking more long term and would have time to prep the house were you to eventually return then I'd consider it

I guess the question is - Is this your Forever home or just a house that will now become an investment on the side?

In reply to Jon Stewart:

I suggest you use a good agent.......

In reply to Jon Stewart:

Don't worry about right move, we always put our place on Gum Tree and were inundated with contact's.
I would say find your own Tennant to save the extortionate finders fee but use an agent for the actual letting if your not going to be living in the area.
We did it all our selves but we lived 4 streets away.

In reply to Jon Stewart:

Jon mate, get an agent. I did when I moved out here, and they've been worth their weight in gold.

If nothing else they put a buffer between you and your tenants, so it never gets personal, and also they can be held legally liable if things go tits up.

I didn't realise you were such a little capitalist.

In reply to Jon Stewart:

I moved out of my house three years ago to live with my now wife in her house. We rented my house out, unfurnished through an agent. Some key points:

1. We're over 200 miles away so the agent makes everything so much easier. The 8% they take is well worth it for everything from credit checking tenants, collecting rents, managing maintenance work etc.

2. Unfurnished means that (a) you're likely to get longer term tenants and (b) you do have the worry about damage/dilapidation to furniture which will inevitably need replacing and just add another cost.

3. Allow for re-decorating every two or three years and possibly re-carpeting at some stage. Don't skimp on the maintenance -- keep the property in a good repair and tenants will treat it with respect.

The above means that we've had just two tenants in over three years and absolutely no hassle.

In reply to exiled_northerner:

>>managing maintenance work etc.

Wish the agency I rent my flat through would understand they're supposed to be doing that ... the outside of the building hasn't been painted in years!

In reply to Jon Stewart:

I wouldn't use cheap furniture. If it is being rented it's not going to be treated well necessarily. Use furniture that will withstand lots of wear and tear to save money in the long run. For example cheap plates chip and break and need to be replaced, buy better ones that last longer and are good enough that they get looked after.

In reply to Wingnut:

You could try 'openrent' it's a website that is basically like an online estate agents. With no middle men to siphon your cash. But is regulated and does it all properly.

My girlfriend recently got her place through this method.
The flat was also available furnished or unfurnished at landlords discretion. Jus opens up a few more possibilities.

If it won't cost too much and you have somewhwre to potentially store the stuff if some not needed. Then go for it.

Good luck

In reply to ultinator:

There is very little difference in the income from an unfurnished and furnished let.
Letting agents are 'interesting creatures' do not trust them.
Do you know a local handyman you trust. This stops the letting agents using their overpriced approved people.

In reply to Wingnut:


was one of the key points in my discussions when choosing an agent. Again, being 200 miles away I don't really have the time or opportunity to keep checking up on stuff and also I wanted to maintain the property as it's a capital asset that's hopefully going towards my pension!

Sounds like you either need to give them a kick up the proverbial or think about switching agents.

In reply to Jon Stewart:

I've rented out a flat since 2003 and in that time I've been pretty lucky in that I've only had two separate tenants. I rent it unfurnished and haven't increased the rent in that period. 'A bird in the hand...' and all that. I don't go through an agent however I do live in the same building and have asked the tenant to contact me direct and as soon as there are any issues or concerns.

In a few months time I should also be renting out the flat I currently live in and I'll probably go through an agent to manage the hassle of maintaining two flats rather than just one which, right now, is doable. I'm considering renting the second flat furnished, to save the hassle of moving all the furniture & appliances and to get an increased rental income, which will go some way to funding the agent's fees. I've not yet made my final decision on this though so time will tell. Good luck either way.

In reply to Jon Stewart:

Some good pros and cons advice here.
https://www.policyexpert.co.uk/insurance-blog/house-home/furnished-or-unfur...

I became and accidental landlord for about 5 years and I found that having somewhere to keep non-precious furniture was very useful but the cherry on the cake was that you could offset 10% of rental income against 'wear and tear', a not inconsiderable benefit.

In reply to all:

Thanks everyone - load of good advice to sift through there. I'm thinking I'll most likely to do unfurnished through an agent.

Cheers,
Jon

In reply to TMM:

The 10% allowance is no more (from April '16), instead you can claim for actual replacement costs. Applies to furnished and unfurnished.
https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working...

In reply to stubbed:

The house I moved into had cheap furniture, and came with a pictorial record of the condition of things, which I found to be an incentive to look after what was in the place ( I would have done anyway). It had furniture, and a fridge and cooker etc, but that was about it, things like knives and forks and plates and pots I had to provide for myself.

It had chests of drawers and things in it...