How to choose a property to rent out; furnished or unfurnished?

Acquiring a good property to put for rent is an important investment, especially in a large area such as Paris, where house prices are elevated. It is therefore necessary to learn about the local real estate market and to be mindful, as with all real estate ventures, as to the location and condition of the property.

1/ The location of the apartment

Before all else, landlords must be attentive to the location of their prospective property. An apartment in a nice district of Paris, close to amenities such as shops and well serviced by public transport, will be taken for rent easier, and in case necessary, will sell on again equally as well.
For properties in a co-owned building it is important to pay special attention to the general condition of the building, making sure the entry hall, stairwell, lift etc. are all in good condition, as potential tenants are particularly susceptible to these. Don’t hesitate to inquire with the trustee, even before having signed a sale contract, as to foreseeable work that will be necessary in the short/mid term.

2/ A property ready to let or one that needs work done?

Acquiring a property in perfect condition does present some advantages. It can be placed for rent, unfurnished or furnished, as soon as the sale agreement is signed with a notary; but most notably you can avoid the hassle associated with having work done – searching around for different quotes, comparing, choosing a company, time for construction and supervising the construction site.

Having work done on the property you want to let does take time, however, it can permit you to economise overall as the rent for a renovated property is oft-times higher. Before buying an apartment it is well advised to have an accompanied visit with an architect or contractor to evaluate the cost of work to be done and not have any surprise costs further down the line.

From a fiscal point of view if you opt to put your property for rent furnished and you declare under a direct tax scheme you can reduce or recover the costs in your rental income, reducing your taxation rate.

3/ After your visit think of the furnishing of the property to rent...

After having visited a property it is best to spend some time thinking on how to best furnish it to quickly have it taken off the market. Call upon an architect to help you optimise space and furnish aesthetically. The high ceiling of a studio for example, allows room to experiment with a mezzanine bed which is appealing and advantageous when it comes to pricing the rent of your property.

4/ ... and also think to your future tenant

It is equally useful to call on help from real estate agents and rental professionals in particular to gauge an idea of the price point you can let your apartment at; furnished or unfurnished. They can also give you an idea of the turnover rate of occupants you can expect. Moreover, if you have taken out a loan with the bank for your property investment they will surely ask for one or more estimations from real estate professionals.

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