Purchasing a Miami Beach Condo for Investment and Furnishing the Rental

By
Real Estate Agent with Keller Williams Miami Beach Realty

If you are thinking about purchasing a Miami Beach condo and renting it out, you will probably think about furnishing the property.   Before you go out and purchase furniture, I would recommend to have your agent do a little research.

First, you need to think about the people who will be potentially renting in your building, the overall costs involved in furnishing the condo and in the end if furnishing the Miami Beach condo,  will actually allow you to break even every month?  Or not?

The most important thing to start your research is to have your real estate agent pull a comparable list of rented comparable Miami Beach condos to get an accurate idea of how much a furnished condo will rent for in your building as well as in the general market area.  Keep in mind the more you keep the condo, “appealing to a larger number of potential renters”, the less time it will spend on the market only waiting for “that specific one”.

From my experience I have found that randomly “furnished properties”,  often come off as “too personal” and often don’t relate to anyone but the current owner.  So if you are going to furnish the property, be sure to think it through.

Also most important, if you are going to furnish the property, do it all the way...

If a property is going to be furnished, I have found that the best scenario is when the properties are “staged like a hotel with full furnishings including bath, kitchen, etc.“.

A couple of tips to help you with the “should I furnish” question:

1.  Does your building allow short-term rentals?  If yes, then furnished is definitely more of an option.  If no, I would think twice about furnishing the condo because furnished properties definitely tend to get a lot more short-term inquiries.   If your condo is furnished and the building doesn’t allow at least a six-month rental term, you are looking for a very specific renter.  Which means it may take a little longer to rent.

2.  Either furnish it all the way…  or not at all.  This includes bedding, kitchen wares and more.

3.  What are the furnished properties renting for in your building?  One of my most recent rental listing clients owns a loft-style condo on Meridian Avenue in South Beach.  She wanted to furnish the loft because she heard that it would rent for more money.  When going over the comparables of the most recently rented condos, we found that the furnished condos were renting close to the same price as the non-furnished condos.   In the end it wasn’t financial feasible to rent the condo furnished.

3.  What type of building do you live in?  If you are considering furnishing your condo in an ultra luxury building, you will need to furnish the property to the same quality of the building and in accordance with the lifestyle of your rental clientele of that building.  You cannot skimp because this clientele will expect the best.

4.  Exactly what are you trying to accomplish by furnishing the condo?  Maybe you want to enjoy the property part of the year and then rent it out the rest of the year?  Great, furnish it all the way.  But be sure to keep in mind the taste the building's clientele and make sure your building allows for short-term rentals.

To furnish or not is really a pretty simple question but one that must considered in full.   First find out what furnished properties are renting for in the building,  find out how much you would need to spend to furnish the property, total all of these factors and then consider if it makes sense financially?  Lastly if you do decide to furnish the property,  be sure to go all the way.

If you ave more questions about furnishing your rental condo on South Beach, we are always a quick phone call or email away.

Copyright © By Jamey Prezzi 2012 * All Rights Reserved*When Buying a Miami Beach Condo, Should I Furnish if Renting?

Posted by

About the author....

Jamey Prezzi Miami Beach Real EstateMy name is Jamey Prezzi and along with my husband, Ognjen Prezzi,  we run a top producing boutique luxury real estate group in Miami Beach at Keller Williams Miami Beach Florida. We specialize in the neighborhoods of Miami BeachSouth BeachBrickellDowntown MiamiCoral Gables and some surrounding areas.

We help clients buysell and rent high-end condominiums, single family homes and estate properties.

 

……… your clients don’t know how lucky they are to have an agent like you looking out for their best interest at all times.  -J. Vazquez

As Top Miami Beach real estate agents…Connect with us online....

We have produced over 800 blogs posts and have a youtube channel about our local real estate to provide valuable tools and resources about our local real estate.

 

Thank you so much for visiting our blog and if you are considering us for your real estate needs, know that we will take very good care of you. If you have any questions, please feel free to contact us directly by email or by phone.

Search for Miami & Miami Beach Properties:  www.miamibeachpropertysearch.com

Miami & Miami Beach Blog:   www.miamicitydiggs.com

See our YOUTUBE Channel:  http://www.youtube.com/user/JameyPrezzi

Facebook Fan Page:  www.facebook.com/miamicitydiggs

Twitter:  www.twitter.com/miamicitydiggs

Pinterest: http://www.pinterest.com/jameyprezzi/

Jamey & Ognjen Prezzi
Miami Beach Real Estate Agents
Keller Williams Realty Miami Beach
1680 Meridian Avenue Suite 101
Miami Beach, Florida 33139
Direct: 305-793-8965

My Google+ Profile 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Florida Miami-Dade County Miami Beach
Tags:
miami beach condo

Anonymous
Post a Comment
Spam prevention
Spam prevention
Anonymous
Post a Comment
Spam prevention
Rainmaker
131,471

Jamey Prezzi Miami & Miami Beach Luxury Condos & Homes

Miami Beach & Miami Luxury Homes and Condos
Ask me a question
*
*
*
Spam prevention