Should I Let with Appliances?
Category Advice
The answer to this question is most definitely not cut and dry. It comes down to your area, type of property, and target market. Adding or updating appliances in your rental property will attract quality, more lucrative tenants. But if the circumstances aren't fitting, you could end up spending money that you won't make back.
Here is the ultimate question you should consider when deciding whether to make the investment into adding appliances to your rental property or not:
Who Are You Targeting?
Is your property likely to attract young tenants, or family tenants?
Think about it: if you are letting a family home and targeting tenants who have been renting for a while, they are a lot more likely to already have their own appliances. In this case, it is actually less convenient for them to rent a property that comes with appliances.
On the other hand, if you are renting out an apartment or flat, you will largely be targeting first-time tenants who will find significant value in an equipped property ready with appliances.
Are you looking for short-term or long-term tenants?
Experience has shown that tenants who come with their own appliances tend to stay longer on the property, as they have fully settled in and the process of moving out with large, expensive appliances is often not worth the cause.
In contrast, when a tenant comes with little of their own belongings, it's much easier for them to pick up and go to the next best location, and we've seen this to often be the case.
What paying class are you targeting?
If your property is suited for students or young professionals - for example, a studio or small flatlet - you can often get away with including the basic, more affordable appliances.
If, however, your property meets the desires of a more sophisticated tenant, their expectations will be higher and you will need to spend more to impress your target. This is often not worth the investment that goes into the purchases.
This all boils down to ROI (return on investment). If you are offering appliances in a property where they don't add notable value, you won't be in the position to add that value to the rental price, and will ultimately lose money. If you've researched your target market and found that there is a need for appliances that you can fulfil, this can benefit your asking price by a worthy amount.
If you could use more guidance in getting the best value for money on your rental property, we've got you covered - get in touch!
Author: SApropety.com
