Several tough decisions line the path to being a successful real estate investor. At the beginning of your journey, common questions you might ask yourself include, where should I buy? Should I go for a long-term or short-term rental? Is it better to invest in furnished or unfurnished apartments?
Today’s article focuses primarily on choosing the best kitchen appliances for your rental property. Professional Property Management of Northern Virginia suggests choosing quality appliances without too many bells and whistles that still maximize your home’s value. Since the kitchen is one of the easiest places to improve your ROI, sit tight while we explore tips for choosing rental appliances.
Home decor experts agree that appliances are one of the most crucial parts of the kitchen to renovate. More often than not, tenants spend a lot of time in this part of the house preparing meals and socializing with friends and family. Refrigerators by far make the biggest style statement of any appliance. That said, most prospective renters want a kitchen with lots of fancy gadgets.
However, for landlords, blending function with durability is key. Thus, focusing on a quality brand with essential features and an attractive finish such as stainless steel is key.
Another essential item every rental must have is a stove. It’s one of the kitchen upgrades that add value to your rental property. Although the type of stove will be dependent on the power source, gas stoves are the most desirable. Whether the stove is gas or electric, both come with pros and cons. Regardless of power source, look for a stove that is efficient in a durable finish.
In most homes, a dishwasher is a necessity and a desirable bonus feature for tenants. Nowadays, modern dishwashers are water and energy-efficient, plus they serve as a huge selling point for applicants.
Most dishwashers have an average lifespan of twelve years, making them a pretty great investment. However, it’s essential to prioritize performance over style.
Everyone will need to wash clothes at some point. Therefore, another great appliance to install in a rental is a washing machine and dryer. If you own a multi-family property, consider an onsite laundry room or coin-operated machines. These offer added income but also an appreciated convenience for tenants. Many tenants would happily pay for an in-unit/building machine rather than cart their clothes to the nearest laundromat.
A microwave is another time-saving appliance you can install to make your tenant’s life a lot more convenient. This equipment heats food quickly to make life easier for busy occupants. If your target tenants are working professionals or college students, it could be a precious and attractive investment. However, a microwave is undoubtedly an appliance everyone would appreciate.
As we mentioned, including energy-efficient appliances increases your rental home’s value. In addition, stylish yet durable appliances present a well-maintained image to prospective tenants. Thus, helping to attract quality applicants.
Undoubtedly, upgrades and convenience increase the home’s value, but it also means higher rental value. For example, renters are likely willing to pay for a unit with a washer and dryer or a dishwasher than one without these appliances. With the right appliances, careful tenant selection, and a home warranty, owners can experience a great return on investment.
No law makes installing appliances compulsory. However, tenants will expect to have some basic appliances in their rental property. That said, it is up to the landlord to choose durable options that hold up to the wear and tear in a rental.
If you decide to choose kitchen appliances for your rental property, you need to consider a few things. Firstly, stick to the basics and secure larger vital devices such as a refrigerator, stove, and washer/dryer. Secondly, carefully weigh the upfront price and energy cost against its efficiency. Finally, don’t forget to evaluate its lifespan. In addition, partnering with a property manager can help you make the best choice to get the most from your investment.