A fully furnished apartment for rent is an apartment which is equipped with all basic amenities like lights, fans, tables, etc. Some fully furnished apartments also provide luxurious amenities like air conditioners, refrigerators and more.
Fully furnished apartments help in the efficient use of your rental budget. Read below to know how furnished apartments help your rental budget.
7 Ways Fully Furnished Apartments Help Your Rental Budget
There are various ways in which opting for fully furnished apartments provides several benefits that positively impact your rental budget:
1. Cost Savings on Furniture
Renting a fully furnished apartment eliminates your need to buy or rent furniture. Your moving expenditure also decreases significantly as you do not have to opt for packers and movers to move your furniture. Also, the maintenance cost of your apartment decreases as primarily it is the responsibility of your landlord to maintain the said furniture.
As a result, your overall time and money are saved and you can use the saved money for opting for other modern furnished apartments.
2. Immense Flexibility
If you are an employee of a multinational company where your job takes you from place to place or on a contractual basis, then opting for furnished apartments is the clever choice. Renting furnished property helps you in avoiding buying furniture that you would use only for a limited period.
Also, if you are buying furniture regularly every time you change your address, the hassle of selling them arises. Supposing you are a resident of Queensland and shifting to Darwin, then it becomes impractical to transport all your furniture there. Also, you may suffer losses by buying and reselling your furniture.
3. Lower Utility Costs
Fully furnished apartments come with all types of amenities like washing machines, refrigerators, electrical toasters, etc. These help you in saving money in the form of utility costs. For example, if you are a renter of an unfurnished flat, then you would have to pay for washers and dryers. This cost gets eliminated if you have a washing and drying machine at home.
You can calculate the extra money you can save on your utility bills and increase your budget for a furnished, upgraded apartment.
4. No Decorating Expenses
Decorating your apartment for the perfect ambience with the best décor is an expensive affair. With fully furnished apartments, you need not worry about those things. Furnished apartments provide all the basic items you need to create a peaceful atmosphere.
Moreover, if your building has residential property management, then you can even get access to high-quality furniture which will enhance your living space.
5. Low Renters’ Insurance Costs
There exist numerous insurance companies that offer renters’ insurance at low premiums for fully furnished apartments. This is because it is a strong possibility that your landlord may have already purchased insurance for his/ her furniture.
This helps you to easily budget your expenditure and calculate the exact amount you can save on your rent and other related miscellaneous expenses. With the amount of money you can save on insurance premiums, you can either upgrade your apartment or increase your savings.
6. Access to Shared Amenities
You can rent furnished properties or apartments that come with shared amenities. Shared amenities may include gyms, swimming pools or communal spaces. A shared gym helps you in saving money in the form of gym memberships. However, you must look at your lease agreement carefully before signing to check whether there are extra charges levied on using the shared amenities.
Also, you can use the communal spaces for parties and gatherings and save tremendous amounts in the form of venue booking and likewise.
7. Potential Tax Benefits
Depending on the location of your property as well as the amenities provided you can claim tax deductions on your rent payable. Landlords, if they provide fully furnished apartments, they can claim up to 10% of their rental income as tax deductions.
This deduction claims in turn help the landlords to decrease their rent which eventually helps you in the form of lower rents and thus more rental budget.
Though a fully furnished apartment for rent saves you money in the above aspects, the monthly rent is higher compared to unfurnished apartments. However, considering all the potential savings in the form of furniture and electrical appliances buying costs, furnished apartments are the most efficient choice for renting.
