Interior. Monday , June 26th , 2017 - 18:43:34 PM
And because your tenants do not need to furnish the property and bring in big furniture, they are less likely to damage the walls of your property. But along with the advantages, prospective investors should also know what the disadvantages of furnished apartments are. Furnishing an apartment means that you will need to invest a sizeable amount of money from the onset. And that investment will not be a one-time thing. Over time, you may need to replace a few pieces inside the apartment.
Who knew apartments required good credit before giving you a lease? Many unsuspecting bad-credit-applicants have realized this fact the hard way. I know I did. Turns out apartments view a lease as a loan. If youre seeking a 12-month lease on an apartment thats $800 a month, youre essentially taking out a $9600 loan that you repay over a period of a year. If youre late, youll get a late fee. If youre too late, theyll repossess the apartment. So in that sense, I guess it is a loan.
Lastly, furnished apartments have a higher turnover rate influenced by different market forces including the weather and season, the holidays, currency exchange rates and others. That means that you will have your hands full looking for new tenants. Not every tenant is on the hunt for furnished properties as many have possessions that they wish to bring with them. Be aware that your target market with a furnished space may be considerably smaller. So if you want to start your own property investment, opting for furnished apartments is a smart choice.
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