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 property. This kind of rent is great for people who, regarding their predominant lifestyle, mostly need a place ready to be occupied, so that they don’t have to buy any house equipment. However, first there are a lot of things to think about and decide, before you will be able to make some extra cash by renting your place.
How much will it cost you?
First of all you’ve got to find out how much you will have to pay up beforehand to set it all up. Examine the listings of other fully furnished properties available in your region. The apartments should be as similar to yours as possible in size, location and furnishing. As soon as you get a more exact idea of the common rent for a fully furnished property such as yours, make a list of all items you would have to buy so that your apartment will really be able to be called “fully furnished”. These days, a fully furnished place means you will provide not only all the usual furniture, but also all of the utilities such as gas, electricity, water, phone, cable, wireless Internet, security, all the kitchen ware, appliances, towels, bed linen and cleaning supplies.
The next step is to determine if you can afford to fully furnish your flat to the extent described above. There are of course some things you would have to buy to fully furnish your property – make a list of all of them. Also consider the fact that you may have multiple tenants over a number of years, so there will undoubtedly be periods of unoccupation between some tenants. If you decide that listing your place as fully furnished is too much hassle for you at the moment then the solution might be to list your apartment as ‘part-furnished’. It may be less lucrative than a fully furnished place, but it is anyway easier for you.
Next step – equipment documentation, deposit set-up
In case you have lived in the apartment for some time, start with removing all your personal private stuff, such as photographs. Then prepare a list of every single item present in the apartment. You should go through the inventory along with the tenant, walking through the apartment and seeing everything provided by you together. Even individual items like spoons, forks, knives, towels or linen should be counted and the numbers written down. It is considered 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 place again and make a note of everything that is there. In case you find out something has been damaged or lost, it will have to be replaced. This is where you can use the deposit agreed on at the beginning of the contract.
As the winter Olympic games are coming soon, more and more Vancouver inhabitants are thinking about renting out their fully furnished places to take advantage of this unique opportunity. But if you don’t already own a suitable unit and would have to start from scratch, the whole plan might turn into a nightmare. It is always better to plan the return on investment for rental properties over the long period and not only as a quick way to get rich.
Jay Banks has been an accomplished realtor in Vancouver BC for several years. For more information and other great tips, visit his website http://www.jaybanks.ca.Share on Facebook