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Thanks to the economic downturn homes are worth much less in the UK, the property market is stalling because many people are reluctant to sell their home for less than they believe it is worth. If a house was worth five-hundred-thousand pounds two years ago then why would anyone want to settle for three-hundred-thousand?
It seems that most people are either willingly or unwillingly staying in their homes for longer, perhaps hoping that property prices will return to their heyday. Those who are trying to sell a property could find it impossible to sell at their asking price, and be forced to put it on the letting market. And as people with more than one property are waiting before taking another step in the ascension of the property ladder, a new 'reluctant landlord' is born.
The problem arises because these reluctant landlords are less likely to make improvements to a property, making it even harder to find a tenant in an already flooded rental marketplace. Estate and Lettings agents are urging landlords to make significant improvements to the home such as fitting a new kitchen and refurnishing.
Letting agents are complaining that the rental market is full of homes which are unfit to let. Redecorating, refurnishing and installing modern kitchen and bathrooms will greatly increase the chances of you being able to find an appropriate tenant. It will also increase the price of the rent you are able to charge.
But landlords do need to be careful, since there are several legal requirements to consider when furnishing a rental property. All furniture should adhere to strict fire safety regulations and should have its labels in-tact. It's a bad idea to clutter a house with an abundance of furniture, but a few simple, versatile pieces are all most people need to live happily in a home.
Sometimes landlords might be reluctant to invest in redecorating or refurnishing a house for rent, perhaps believing that the increase in potential rent will be negated by the expenditure. But superior furnishings attract a different type of rental tenant, perhaps those who are planning on having a shorter period at the property, since they are unlikely to move their own furniture in.
Reluctant landlords need to get their act together; if you can't sell a house then do the next best thing; let it. With so many shabby rental properties on the market, spending a few pennies on sprucing the place up could really make a significant difference to the rent you can receive.
Buy To Let Furnishings help landlords to let their properties, so whether it's bedroom furniture or living room furniture your property needs, let Buy To Let Furnishings help.
