It seems that a landlord’s job is never done! And part of that extensive list is to purchase appliances for the rental and keep them in working condition. Unfortunately, appliances won’t last forever, even if they’re the highest quality option and you have performed every possible maintenance and upkeep trick possible.
Potential renters will certainly look to the kitchen and appliances when making a decision about which rental home to choose, but that doesn’t necessarily mean that you need to constantly replace well-functioning items. When the time does come to replace them, knowing which appliances to purchase and how much to spend is crucial to making the best decision for your investment home.
Appliances & Tenant Expectations
Many rental homes are not fully-furnished, so the appliances supplied are often limited to the refrigerator and washer and dryer. An appliance like a microwave can be seen as an extra bonus feature to the kitchen. If you opt to not include these basic appliances in your rental, do so with the knowledge that many renters will not have their own fridge in storage and that they will most likely not be willing to spend the money on one for a rental home. The number of applications for your investment house will most likely suffer.
The region that you are may effect what tenants expect to find in a rental home. When I was in college in upstate New York, it was completely normal to find a rental house with no washer or dryer. We would often find out where the nearest laundry mats were surrounding the home before making a decision on whether or not to live there. In Arizona, where homes are newer, it is more typical to find a rental house with a washer and dryer already installed. Do a little research and see what the competition is offering so you know what is normal for your area.
New Versus Used
Because providing appliances for your rental can attract tenants, it is important to focus on keeping the quality up and the cost down. Aside from the fact that high quality appliances can cost quite a lot of money, there is also maintenance and upkeep to keep in mind. Check out various stores to find the best deals. Consider purchasing a used appliance in good condition. Some can be found in consignment shops or thrift stores for a fraction of the cost. But if you decide to go the used route, make sure that you are very careful. Request proof that the appliances work and that they’ll last long enough to make the expense worth it. Make sure that the appliance is thoroughly cleaned and attractive looking.
That being said, a brand new refrigerator will often come with a warranty that you will be glad to have in your back pocket if something goes wrong. If you’re hoping to attract high quality tenants who are environmentally conscious, consider purchasing an Energy Star rated appliance that will help keep energy costs down!
If you have questions about the best route to take, give us a call. We’d be more than happy to help give you some advice on how to make your property as attractive to quality tenants as possible!