In every resort town, there are long term and short term rentals, unfurnished and furnished home rentals, and everything in between. If you own property in the Vail Valley that you want to use as a long term rental, you might wonder whether it’s worth your time and money to offer it furnished. Here are some things to consider that might give you some clarity.
What Are the Benefits of Offering Furnished Home Rentals?
When you market your property as furnished, it appeals to potential tenants as a complete package. This is especially true for those relocating to a mountain town, primarily because of the added cost of moving belongings to the mountains, as well as the fact that buying new furniture in a resort town isn’t practical or feasible for most people. A furnished home can be more attractive to many renters.
What about the Investment and Income?
You can demand higher rental rates for furnished homes than you can for ones without furniture. You can make back the money you invest in the decor by collecting more rent. Over time you can also make additional profit as well. There’s one caveat, however: are you willing to risk damage to the furnishings to collect more rental income? Being more aware of your tenants, thoroughly vetting them before signing a lease, and getting an appropriate security deposit are ways to offset the risk.
Another Surprising Benefit of Furnished Home Rentals
As the property owner, you might be pleasantly surprised to learn that furnished home rentals often require less maintenance. The simple explanation is that you will have less change of damaging the property if it is already furnished. Moving and rearranging furniture always leaves room for damage. Hanging and taking down art will most definitely leave damage as well.
The Most Important Consideration
The most important thing to consider when deciding between offering your long term rental property furnished or unfurnished is its capacity to make money. Is the potential profit higher than the cost of furnishing the home? Are you willing to risk damage to the furnishings? And don’t forget the bottom line: will you make more money in the long run if you furnish the property? Unless you’re catering to a very specific demographic that only rents furnished properties, then the only question that matters is whether you will make more money from the choice.
Now that you know whether or not to furnish your income property in the Vail Valley, the next step is getting it into the right property management hands. It’s time to market to your ideal audience! For property management you can rely on for your furnished home rentals, contact our team at Fireside Properties today.