I’m a newbie. Just recently purchased a triplex and currently living in one of the units while renting the others out. It’s a unique property. There are 3 single family homes on one piece of land. None share and walls. (3 separate structures) I live up front in the “main home” The main home has its own water and electric meter, and the two rear homes share a water and electric meter. I pay their water, and they split electricity bill.
The units cannot have their own washer and dryers. They are too small and there isn’t any space for them. Plus since they share a water meter, the water pressure is often low already... so adding a washer isn’t gonna help that.
My idea is to add a common laundry area. It would be in the rear of my home. I would build a small shed and put in a washer and dryer combo. It will be using water and electricity from my main home. Is this a good idea?? How would I charge them to use the new facilities? Should I increase rent?
All of my competitors in the area have washer and dryers so I want to be competitive and reduce vacancies.
@Lee V. I have a coin-op W/D in one of my units. I think coin-op a bit better than simply raising rents because there will also be people complaining others are doing more laundry than them. Also in other units where I didn't do coin-op and just gave all the tenants keys for the laundry room, I noticed their friends at the property doing laundry.
So you'll have to weigh out the pros and cons. Hope that helps,
Are they renting fine without it? If so I would just market as they are. If the units are small a washer dryer is nice but may not be a deal breaker. If your water pressure won't be affected you could put coin op units in but I would first see if it is necessary. The water meter I don't think has anything to do with the pressure, it is the length of the supply line to the house that may have an impact.
I'm always for the highest and best use of everything in my property.
For me, I would try to sub-meter their water and maybe not raise their rent that year (that way it's more well received). There are companies out there that can do this for you.
I would also build a shed and put a coin op in, they're more money but they pay for themselves within the first year usually. I have 12 to 15 people using a washer in one of our properties and it more than pays our very large water bill.
Don't do it. There is absolutely no upside for you.
You need to get your head wrapped around operating a business for profit. Adding something that is not necessary and does not generate additional profits is a waste of time, money and energy.
Not a good business decision. Find a way to make them pay for their own water...that's a good business decision.
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