One of the challenges of being a landlord and managing properties is keeping everything running properly. The average home has several different appliances to worry about, and each of these items wears out over time. If you're managing properties there will come a time when you have to replace some appliances. The question is when that time comes should you purchase used appliances or spring for all-new products every time? That's a question that many landlords struggle with today and one that we're going to try and answer below.
One of the best reasons to purchase new appliances for your rental is because it's more convenient to do so. When you purchase a used stove you need to look for deals, talk with the seller, pick up the unit and then hope that it works properly for you. New appliances for apartments can be hand-picked in minutes and delivered by the company. Big companies like Lowes or Home Depot also remove old appliances from your unit when installing the new ones if you like, taking care of an additional step that you would otherwise have to deal with. It's faster and easier to buy new appliances almost every single time, and most investors are always looking for more time to get things done.
It should go without saying that new appliances are a better investment if reliability is important to you. Not only are these products unused and equipped with brand-new components that haven't suffered any wear, but they also come with a warranty that you can rely on to help cover the costs of repairs of any are necessary. As a property investor it's helpful to avoid as many unexpected expenses as you can, and purchasing new appliances allows you to do that for at least the first year of ownership. Sure, you'll spend a bit more than you would for a used item, but most of the time you'll enjoy several years of added performance for the cost.
Some appliance models work better than others for landlords. For instance, many landlords prefer refrigerators with wire-style shelves rather than glass shelves because they hold up better over time. When equipping the apartment with amenities it's easier to pick out a specific model type than when buying used. If you find a model that works very well for your rentals, you can continue to buy that exact model or another one just like it with ease. This isn't an option when shopping for used products. It's also easier to match a specific style or design scheme when purchasing new.
As a landlord renting out apartments or single family homes you're likely always looking for ways to save money, especially when remodeling a property to get it ready to rent it out. Buying used appliances is a good way to reduce your investment. Get yourself a used washer, a used dryer or other used appliances as needed and enjoy the discount that you get off of every single purchase. You can often get used appliances at half their original price when they're used, which is a pretty compelling reason to purchase something used. You won't get the same guarantee that you do with a new appliance, but you'll save money in the short term.
Some landlords purchase both new and used appliances and this isn't a bad investment either. It makes sense to purchase new appliances for primary use in properties, but to hold a few used appliances as a backup for emergency situations. There's nothing worse than having an upset tenant that is without a stove, refrigerator or washer. By investing in some decent used appliances you can pull one of them out of storage and use them as a temporary solution until the original appliance can be fixed under warranty.
For most landlords today it just makes sense to opt for new appliances for apartments or other property types. Used appliances are more work to acquire, test and install, and they normally don't last as long as well. Either way managing properties is a lot of work, and not something most landlords want to do forever. If you would like to continue investing in properties, but you're tired of managing them all yourself, consider working with a company like Blueground to ease the burden.
Blueground handles getting in new tenants, maintaining properties, replacing appliances and keeping your investments running smoothly, but you still get to be the property owner and enjoy the profits of running a rental business.
Blueground’s Furniture Pack, exclusively available to landlords who sign up with the property management company, offers the opportunity to increase rental income. The program allows property owners to finance the furniture and appliances used in their apartment. Across our nine cities, we offer high-end furniture and appliances priced 30% lower than market value. The end result is property owners receiving a 10% annual return on their capital and their investment back at the end of our partnership.
Contact one of our representatives today and find out how you can simplify your real estate investments.