Friday, July 19, 2013

Buying appliances for your rental property

Making the right decision to maximise your investment returns
Replacing appliances in a rental property is often a huge headache for owners, but it’s all part of your investment business. Making sure you make a decision that is right from an investment perspective is more important than your personal preference.
You need to balance quality, durability and price to provide your current residents and future renters the equipment to ensure they have working appliances.
Practicality and cost effectiveness is the key
Tenants don’t expect all the extras, but they do want a product that works consistently effectively and economically as they are paying the utility bills.
The more features an appliance offers means more things that can go wrong with that appliance. If your property is at the higher end then there is an expectation that a premium brand appliance will be used, but for most rentals go for practical and durable.
It doesn’t mean going for the cheapest however, you need to consider the warranty, availability of parts, costs to service the machine and access to contractors who fix those specific brand of appliances.
Save on energy
Looking at energy efficiency has obviously become a priority. Tenants are concerned like home owners of skyrocketing utility bills. The manufacturers are taking this into consideration and including energy star ratings on their products.
Go to to check out recommended brands.
Consider different model styles
Consider the more economical replacement types for refrigerators, dishwashers, ovens or washers/dryers. Buying an older-styled or refurbished model might save you hundreds of dollars, without sacrificing on quality. These savings can especially be found for refrigerators, where top-freezer models sell for hundreds of dollars less than the more stylish and larger side-by-side or bottom-freezer models.
Get the best price
There are a number of ways to find great prices on appliances. Start with an online search for the base price of a particular model. and Google’s product search are two smart places to check. Once you have a sense of the going price range for a certain appliance, you can begin shopping in earnest.
Look for reduced-price floor models or scratch and dent savings or run out models.
Be proactive
Replacing appliances is a necessary part of being a landlord or property manager. Shopping around early rather than waiting for the call from the tenant to say the appliance is not working will save you time and money.

There is a limited time to get a fix for a tenant, so you want to make sure you are making an informed decision and not one on the run.

At Toop&Toop we have a list of preferred models that fit the criteria and suppliers who can install and service at our fingertips.

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