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Just for Property Managers

By Amber

Sooner or later, you’ll have to replace an appliance in your rental property. But what’s the best way to do it cost effectively? You’ll need to balance quality, longevity and price to provide your current residents and future renters the equipment they need to keep their lives running smoothly.

Do you need bells and whistles?
When it comes to buying appliances for your rental property, consider your residents’ expectations. Will they expect the kind of appliances with all the extras, or will they be satisfied with quality, well-running appliances that get the job done? Keep in mind that the more features an appliance offers can translate into more things that can go wrong with that appliance. You might decide to install high-level appliances, however, accompanied by a higher rental price. These decisions will depend on the way you choose to market your particular property.

Save on energy
EnergyStar appliances continue to offer energy savings, along with potential rebates in some states. The good news is that EnergyStar appliances are found in all price points, so even a basic appliance model can deliver energy savings. You may even discover that the savings in energy costs (if you’re paying resident utilities) will allow you to go up a bit in the price of your replacement appliances.

Consider different model styles
The appliance footprint you need to fill may not leave you with a lot of choice, but if you can, consider 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. Don’t forget about reduced-price floor models or scratch and dent savings. You can also consult Craigslist for gently-used appliances that might fit the bill.

Replacing appliances is a necessary part of being a landlord or property manager. You might start shopping around even before the need arises to find stores or sites with the best prices. You’ll have a handy head start when your resident calls to tell you that an appliance has given out!

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