Renting an apartment is the go-to option for expats, and it’s now the go-to option for many people that can no longer afford to purchase a home. When working and living in London, people often rent apartments because the average price of a home is £473,822 while the average in North East England is £128,756.
City living is becoming a landlord’s paradise, and renters will have one serious decision to make: rent an unfinished or finished apartment?
Furnished Apartments Require Higher Rent and Deposits
The monthly rental price and initial security deposit will be higher priced. You’ll be paying higher rent for everything from the mattress to the bar table and stools that come with the apartment. The landlord also has a higher risk since you can damage all of the furniture in the home.
In the end, the rent and security deposit will be higher.
Liabilities also rise, so if something like the bar table is damaged, you may have to pay extra fees or lose your security deposit.
One way to help negate these extra liability costs is to take a video of the furniture the day that you move into the apartment so that you have proof of the furniture’s state from the start.
But there’s also the fact that you don’t have control over the décor in the home. You have to live with that squeaky bed or with the couch that has cigarette burns on it.
If you’re the type of renter that wants to be able to choose their décor and save money, choosing an unfurnished apartment is ideal.
That doesn’t mean that a furnished apartment is all bad.
Furnishing an apartment is expensive. You’ll need $3,000 to $5,000 or more to furnish an apartment. Of course, this price is reflective of your tastes. If you add in a flat screen television in every room or are furnishing three bedrooms, the costs are even higher.
Mattresses alone can cost $1,000 or more, but they do have cheaper mattresses available, too.
If you don’t know if you’ll be staying in a location for a long-period of time, it may be worth paying $100 more per month to have the entire apartment furnished.
“Furnished” is also a definition that isn’t set in stone. You may have just a bed and a dining room table, and you’ll be paying extra just for these two items. Before you choose a furnished apartment, make sure that the décor matches your needs and that the right furniture is offered.