Will a property command more rent if it already has a washer/dryer vs. just having hook ups?
Not in my opinion, if you bought the house with the appliances already in it, by all means use that as a selling point for higher rent. However, Id ask for the rent you want without that. It'll turn into something else your tenants will take for granted, and when it breaks, that will be something else you have to fix. If your house came with a washer and dryer, take it out and after your tenants move in, ask them if they'd like to buy a washer and dryer. That way it becomes their property and you wouldn't be responsible for fixing it. Also, make sure that if you only have certain dryer hook ups, you let your tenants know - Ive had to run 220 lines for people who brought in electric dryers when I had gas hook ups.
That's great advice. Thank you
It depends on weather tenants in your area expect it or not. What is common in these types of rentals. We provide W/D in 2 units and 1 we do not. If I did it over again I will not provide them at all. To much of a haste/ expense and I can't charge more rent when their there.
Hmm I might consider selling them to the tenants on the next go around.
Good question, got me thinking
It depends on your market so take this as a grain of salt. In the 3 markets I work in, w/d off no value except as a maintenance headache for myself. Yes the tenants might "Ask" for it, but I have never found them a "deal" breaker.
I think it's a good selling/advertising point, especially in converting individuals who are used to paying for the laundromat. Does it command higher rents? Probably not, and if it did, the additional value of a w/d would be negligible - perhaps just a few bucks a month. But all things considered equal between two properties, one unit with and one without w/d, the unit with the appliances will probably be more competitive.
In terms of having an additional appliance to fix, I honestly think that's a minor issue to as long as the units that you're using aren't of any particular value, such as older used ones. I know locally, you can peruse Craigslist and find a wealth of old appliances for less than $50 that will do the job for your tenants perfectly fine and are simply the result of someone upgrading. Appliances don't really seem to hold their value very long around here, and since most of the washers and dryers in my area are in the garage or a dingy basement, it's not like you need some high end piece of equipment to fit into the decor.
I have one property that I offer standard with the washer & dryer since the hook ups are in a small space & it requires a stacked unit. I don't actually get any higher rent for it, but if I didn't provide the washer & dryer I would have a much harder time renting the property out.
As @Joshua D. mentioned, it depends on whether it is customary for your market or not.
If you are going to provide washer/dryers, I would suggest you find yourself a good, scrappy used appliance vendor. Two Reasons: 1) You can buy a perfectly good washer/dryer for pennies on the dollar in the used market. 2) When it breaks (IT WILL BREAK) a good used appliance vendor will exchange the appliance for a nominal charge.
After the initial purchase, my vendor charges me about $50 to exchange a broker washer/dryer, including delivery. I get a hassle free, and affordable, solution to the problem, and my vendor gets a washer/dryer that he can fix and resell. It's a win,win.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.