If you’re a landlord, you may be wondering how to choose the right appliances for your rental property. Choosing the right appliances for your rental can make all the difference in how profitable your rental is. You will want to furnish high-quality appliances that are reliable and stand up to wear. But, you’ll want to buy appliances that are within your budget. Here are just a few things to consider when making your choice.
Used or New?
You may be wondering if you can purchase used appliances for your rental. If the appliances are clean and in good working order, there’s no reason that you can’t buy them secondhand. You may want to consider getting a statement from the seller that the appliances have been recently serviced and have no known problems. You’ll want to make back your investment before they need to be repaired or replaced again. You can also check with appliance stores for appliances that have only minor cosmetic damage and negotiate a discount.
Consider what types of features your appliances need to have. This will often depend on who you’re renting the apartment or house to. A college student may be perfectly happy with an oven that has only the basic features. However, a renter in an upscale condo may expect an oven with a grill or a warming drawer. A small refrigerator will work well in a studio apartment. But, if you are renting a four-bedroom home, you will probably want a refrigerator with a spacious freezer that has enough space for a larger family.
Ease of Installation
How much time it takes to install the appliances in your rental property should also be something you consider when making your choice. The more complicated an installation is, the more it will cost. If there are modifications necessary, this will also be an added expense you’ll have to consider. For example, when considering your HVAC needs, mini split air conditioner systems are easier to install than other types of air conditioners, so they can be more cost-effective.
Whether you’re paying for the utilities or your renters are, having Energy Star appliances is a good idea to keep your utility costs down. Your renters will appreciate the savings if they’re paying the bill. And, you will be able to see a quicker return on your investment if you’re responsible for utility payments.
Consider the Model
When choosing an appliance for your rental property, consider the model you select. An apartment-sized washer and dryer set may make more sense than a full-sized one. A stacking washer and dryer or all-in-one washer dryer is another option depending on how much room you have. Rather than choosing a side-by-side refrigerator, a refrigerator with a freezer on the bottom will use less energy.
There are many things you’ll have to manage as a landlord, but keeping these five tips in mind will help you choose the best appliances for your rental property.
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