Renting out a Fully Furnished Property

Are you an owner of a small apartment or a condo? It can be a great idea to rent it out as a fully furnished place. This kind of rent is great for people who, regarding their usual lifestyle, mostly need a place ready to be occupied, so that they don't have to purchase any house equipment. Nevertheless, before you will be able to enjoy the extra cash you earn by renting a fully furnished property, there are a lot of decisions to be made and lots to think about.

How much will it all be?

First of all you’ve got to determine how much you will have to pay up front to set it all up. A good idea is to go through the listings of other fully furnished apartments available in your neighbourhood. Try to find some apartments that are close to yours - in size, location and furnishing. The point for you is to find out what the usual rent for a fully furnished place such as yours would be. Once you know that, the next step is to prepare a list of everything you would have to purchase so that your apartment would really be "fully furnished". Nowadays, renting out a fully furnished flat means that not only all the necessary furniture is provided, but also all utilities (gas, electricity, water, phone, cable, wireless Internet connection or security services), and also all kitchen ware and appliances, towels, bed linen or cleaning supplies.

Secondly, you have to work out whether fully furnishing your flat to the extent described above is financially accessible for you. Make a list of all the items you will have to purchase so that your place is fully equipped. It is also likely that you may have more renters over a number of years with some periods when your flat would be unoccupied between some tenants. If you decide that making your flat fully furnished would be too difficult for you now, there is a possibility to offer it as "part-furnished". This option may not be as lucrative as fully furnished, but if you want an easier life, then part-furnished is likely the way to go.

Next step - equipment documentation, deposit set-up

First take away all your private things, e.g. family photographs and so on, just everything that you consider as only yours - especially if you have lived in the flat yourself. The next step is to make an inventory of every single item that is in the apartment. You should walk from room to room with the tenant and agree on everything that is offered by you. That should include counting individual things such as the number of spoons, forks, knives towels or linen. It is seen as good practice to have the inventory prepared in the presence of your rental agent and once agreed, the inventory should be signed by all parties. As soon as the contract expires, you will have to go through the flat again and make a note of everything that is there. All things that the tenant has destroyed or lost will have to be replaced and paid for from the deposit that you agreed on at the beginning.

With the winter Olympic games closing in, more and more people in Vancouver are thinking about renting out a fully furnished place to take advantage of this year’s oncoming gold mine. If you already own a suitable place, it might be a great idea, otherwise it might become a nightmare, if you have to start from scratch. Try not to think of renting out your properties only as a quick way to get rich, but consider the investment over the long term.