The rent for a furnished property is always higher, and the right tenants pay. Think of professionals relocating for work, families between homes, and students. These clients will pay a premium for the convenience of moving with a few bags and settling in comfortably. While furnishing properties helps attract high-value tenants, minimize vacancy periods, and increase the income on rentals, it can be expensive and a setback to gaining high revenue. The latest cost estimates by HomeAdvisor reveal that the average cost to furnish a house is $16,000, with the lowest spent being $3,500. Fortunately, you can make the return on investment greater than the upfront cost of buying furniture if you learn how to furnish your property right. The secret; spend less on furnishings without compromising quality and the comfort potential tenants desire.
Focus More on Durability not Aesthetics
Rental furniture should be sturdy to withstand daily use and stay presentable with minimum upkeep. That said, invest in pieces you won't replace in less than two years. A sofa with metal legs or a coffee table made from solid wood won't creak after a few uses, for instance. Avoid finishes and soft-furnishings (cushions, curtains, throw blankets, and rugs) that are fragile or high-maintenance. For example, opt for galvanized or powder-coated finishes instead of cheap chrome plating to protect metal furniture from chipping and rusting.
Lacquer and polyurethane coatings are also perfect for protecting furniture against spills, sun damage, and scratches. The ideal fabric will resist stains, abrasion, and fading. Tightly woven textiles, microfiber, and leather maintain a pristine appeal for years, even when fitted in households with children and pets. Another aspect to look at when selecting furniture for investment homes is timelessness.
Don't settle for trendy pieces, as they lose their appeal when fashion changes. Lean towards neutral tones, classic silhouettes, and minimalist decorations. A versatile wooden table, armchair, or tufted sofa in muted tones adapts to ever-changing decor styles. Remember, stable furnishing, with enduring styles minimize the need for constant updates, making furnishing multiple homes cost-efficient and sustainable.
Purchase Multifunctional Pieces
It makes economic sense to buy one piece of furniture that serves multiple purposes rather than purchasing three separate items. For example, an ottoman that acts as a hidden storage unit, footrest, and seat minimizes the cost of furnishing significantly. Or a kitchen island with drawers or cabinets for storage. Placing a twin bed in a kid's bedroom and guest room, studio apartment, or dorm is another cost-effective way to furnish homes while maximizing space. These pieces are compact, meaning they need fewer materials (springs, foam, and fabric) to manufacture compared to a king or queen bed.
Besides the low production cost, shipping twin beds is cheaper because they're lightweight, which helps keep the base price lower. A panel board is also fitted, making the bed serve two purposes: tenants can rest and store belongings. And the small design of bunk beds allows for better furniture placement like adding dressers and desks in smaller homes. Fitting a sofa bed in the living room can help renters adapt the space to their needs or create extra room for sleeping when they have guests.
Measure Before Spending
Restrain yourself from buying items that look good in a catalogue before measuring the property's dimensions. Imagine selecting a sofa or bed that's too big to fit the entryway or living space. You'll be forced to return them to the store at a notoriously expensive cost charged by stores to cover labor, transportation, and restocking expenses. Get a tape measure and write the ceiling height, door width, and wall lengths. Accurate measurements help you identify awkward corners and whether the stairways are tight or the hallways are too narrow. Then you can stick to pieces that fit perfectly into the home's layout, ensuring you protect your finances and prevent costly returns.
Be A Smart Shopper
The first cheap deal on furniture sales often appears attractive. But rushing for it rarely pays off. A few days spent on research can reveal high price differences on various furniture. Local consignment stores, secondhand shops, and online marketplaces sell items at lower prices. Shop there or buy when big furniture stores have end-of-season sales to get stylish, durable, and affordable home fittings.
Modern renters will spend more on furnished rentals than unfurnished units. But there's a catch for any investor who wants to gain a reasonable ROI: don't overspend on furnishings. And how best can landlords and property managers furnish rental homes cost-effectively? Fashion forward or on-trend fittings are expensive and demand frequent replacements. Settle for classic fittings that last longer instead. Measure space to buy pieces that fit well, opt for multi-purpose fittings, and be smart when shopping to land affordable deals.
