Renting A Property

[EdmundD]

I am thinking of vacating the flat I live in, which I own, and renting it out. However, I am wondering whether it is better to rent it furnished, semi-furnished or unfurnished. Are there any pros and cons for each option?

[boxtops]

I rented out semi-furnished for a while. Depends who you rent it to, but prepare for the contents to need to be replaced at the end of the tenancy term.

[sherrardk]

I live in rented accommodation and I like unfurnished.

[ethandron]

Due to a job move my son has recently moved to an unfurnished rented flat so he can have his own furniture in it. He's let out his own flat unfurnished and had no problem getting tenants.

[coccinelle]

It depends how long you want to let it for. Short term? you might find letting it furnished means somebody will use it for a few months. Long term? definitely unfurnished.
I'm not in the UK but isn't the tax etc different on furnished and unfurnished accomodation? It is here in France. Furnished is classed moreso like a tourist revenue whereas unfurnished means you're providing a service to the community.

[coccinelle]

Hi ethandron; how you're doing? Sorry Edmund but haven't bumped into eth for a while....

[boxtops]

I don't know, coccinelle - my rent from the tenants covered my mortgage, there was no profit in it, so no tax liability.

[Peter Pedant]

Coccinelle is correct
altho the main difference is in the expenses - unfurnished you cant claim for repairs replacement to er the furniture


If more than one property then the two accounts shoul dbe kept separate

Tax - you will need a LP1 sheet and three line acccounts Remts/expenses/profit

unless you are letting in West Ken

and you will pay tax at your highest rate.

always use a shorthold assured tenancy

[VHG]

Also if you have a mortgage on the flat you have to check with the mortgage company if you are allowed to let it out or not.

[EdmundD]

Thanks all !!