These can all influence whether adding in-unit laundry facilities is the right move for you. Though in-unit laundry facilities can certainly offer some benefits for landlords and real estate investors, they aren't right for everyone. Before you opt to add one to your property, make sure you have a good handle on your budget, your bandwidth for upkeep and maintenance, and the state of comparable homes in the area.
And unless you're flipping the property, don't feel like you need to make the decision immediately. There's always the opportunity to add an in-unit facility down the line, either between tenants or during your next renovation.
If you're not sure it's the right move now, make it a point to reevaluate six months from now or when your tenant's lease is up. Your budget, as well as the market around you, could change significantly by then. Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here.
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View Memberships. Search For. Millionacres Real Estate Investing Rental Properties Pros and Cons of In-Unit Laundry An in-unit laundry setup can be a great way to make your investment property more marketable, but is it worth the hassle? Why include in-unit laundry? Higher rents Because in-unit laundry facilities are such a draw for renters, they often mean you can charge a premium on rent, too. Better resale value While you probably wouldn't include a full washer or dryer if you were just flipping a property, adding a spacious laundry room might be a smart move.
In short? They could add a nice premium to your eventual sales price. To keep up with the Joneses Generally, if you want your property to command a decent rent and attract local tenants and buyers, you'll want it to fall in line with other homes in the area -- in size, in style, and definitely in amenities. Drawbacks of in-unit laundry Of course, in-unit laundry facilities aren't without fault.
Here's a deeper look at some of the drawbacks of an in-unit washer and dryer: Cost For one, there's the cost to consider. More work In-unit laundry facilities are going to require additional hands-on effort on your end or, at the very least, from the property manager you've hired.
Potential for damage Washers and dryers come with an inherent layer of risk. Global Connections strives to find condos with this convenient amenity for our members. In the rare instances it is not available, a laundry mat is usually found nearby. Resort Amenities are on the grounds, Unit Amenities are inside your unit.
Stacey is a writer with an eye for design. Her passion for the written word is equal only to that of rescuing dogs and playing volleyball. I try to pack light, so I need to wash and re-wear my clothes. When in a warm climate, one often changes clothes more frequently, therefore, causing more laundry.
Hi Sharon, it looks like nothing is currently available Hi Naomi, at this time there's nothing we're doing I enjoy your comments and wished I would have been able to Hi Carlene, we're sorry about that.
The portable washing machine. Washers and dryers are not only heavy machines that are difficult to move without the help of a professional, but also challenging to install and hook up. You can probably extend the existing dryer outlet by converting the existing receptacle into a junction with blank faceplate but of course it depends on what you are doing with that space after.
Do your research, and you might find that if you bought them separately, it might end up being the same price as the combo deal. No law says you need a washer and dryer from the same manufacturer. Mixing them up is fine. One of the main reasons for stacking a washer and dryer is space — or a lack of it. Stacking a dryer on top of a front-loading machine rather than a top loader saves about 1 foot of vertical space.
With a side-by-side set, you can have a counter over top or simply use the top of a machine for folding laundry.
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