Don't furnish the property!

Peterborough is NOT a city which attracts Tenants who need furnished property unless you are considering investing in a house where you let multiple rooms (which is an area we avoid in terms of property management)

This issue of furnished property requirements can often be a misconception of property investors, i.e. "all Tenants want a furnished property". The requirement of furniture varies from city to city and depends on things like locations of universities etc. Peterborough is not one of them.

In Peterborough the vast majority of Tenants we house rent because they choose to and many have been renting for some time. They possess furniture. Of the hundreds of properties we manage, less than 2% are furnished.

A number of years ago a Landlord contacted Brookdale to say that they had a property let let. It was a 4 bedroom townhouse which the Landlord had furnished completely at a cost of around £2,000. She was told by the estate agent who sold her the property to furnish it and then expect a rental return of £1,200 per month. Eventually, after extensive marketing, she sold the furniture at a loss (no-one wanted a large furnished property) and achieved a monthly rent of £795 (which was market value for the property).

A costly mistake and as a result of taking the wrong advice.