does it make sense to add a separate W/D to 2nd floor?
Recently, I just purchased a duplex unit, there is a coin operated W/D in the basement both units have access. I am debating whether should I add a separate unit to the second floor. The property is not located in a high-income area. Since adding a new hook-up on the second floor cost a lot, I was thinking of adding a new set in the basement, then how should I let tenant only use their assigned machines?
Most Popular Reply
Let this drive your decision: what would be the ROI of adding a 2nd floor W/D? What would it be to upgrade the existing ones? If you're not in a high-rental price market, adding the 2nd floor W/D will most likely not get you much in the way of a return. The rent is driven by "market price" - what other properties that are similar to yours are renting for and what the rent price demand is in the market. I've known clients who have added W/D to a unit - and it wasn't the win they had hoped for. Prospective tenants weren't willing to pay more to have it. Some actually prefer (can't imagine this!) going to the laundrymat where they could command multiple washers and dryers to get done faster. And, I guess laundrymats are coming with a whole lot of amenities these days like beer, games, videos...who knew. Upgrading isn't recommended unless your existing units are at end of life or requiring a lot of maintenance. I do think it's great that you have a W/D on site for tenants. Before you make a change, look at your competitor's properties. You may find that cosmetic upgrades are the best return. Hope this helps...