When do you guys know when to repair an appliance, or replace it. My appliance guy is a minimum 65 per visit. Most guys do this. My theory is I take the original price of the appliance, divide it by the number of years I've had it. A/B=C If the cost to repair the appliance is greater than C, I replace the appliance. If its less than C, I repair it. What do you think?
That makes sense. For me it depends on what kind of rental it is, is it old as hell, am I trying to keep the tenant happy, is the repair guy good enough to find the problem spot on, could I just get a new fridge or dishwasher for half the cost with no future problems? I assume it is a fridge or dishwasher?
I think everybody is different, so use your best judgement. Good luck!
Depends on the property and the tenant IMHO.
How important is the appliance? Oven, Microwave, Fridge, Washer, etc...
We used to lean toward always repairing or buying used, to spend the least amount possible in the short term. But this year we are buying new when problems come up, looking to see if they will really last longer with lower maintenance cost. I often wonder if the repairman is objective since ours also sells used appliances. It's hard to know; no appliances last as long in rentals as they do in our houses, and it seems to be a case by case decision.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.