A big concern all Smith Mountain Lake property owners face is which appliances should be provided for tenants. This choice is hard given that each situation is different. Even supposing that providing particular appliances can be the proper choice for other property owners, that is not absolutely the case for every rental property. In addition, feedback from tenants shows that there is a large demand for appliances in a lot of markets, and these household machines are even expected in some areas. You may need to provide appliances just to keep your rental competitive and justify your current (and future) rental rate. Although which ones? Let’s review what the experts recommend.
Appliances (Not) Included?
Notwithstanding that each rental market is different, tenants are very likely to rent a home that comes with at least a few appliances in quite a lot of places. Only a few tenants take delight in the expense and hassle of getting and then moving with large, heavy appliances. A rental home that furnishes them will be much more attractive. In many rentals, and especially in single-family rental properties, tenants disdain using laundromats to do their laundry. Doing so is both expensive and time-consuming and something most tenants would rather pay a higher rent to avoid.
Having said that, from a property owner’s perspective, there are the downsides of the cost of the appliances and repairs and the likelihood of tenants damaging the machines through wrong use. But, you should be able to save up both your costs and the chance of appliance damage to a minimum by being choosy in which appliances you do offer.
What Tenants Want
Coming from what tenants have to say, the high-cost items they look forward to in a rental property include the refrigerator, dishwasher, stove, and microwave. Many single-family rental property owners decide only to provide just the last three, leaving it up to the tenant to purchase their own fridge. It’s not difficult to grasp why: refrigerators are one of the most expensive appliances and need to be replaced often. Providing some but not all appliances may work in most circumstances, but sadly, it may turn potential applicants away from your property in other locales.
This is also the case of the washer and dryer. Taking into account the heavy use, these two appliances normally need more maintenance and repairs than all the others combined. Precisely why experts strongly advise doing research on your local market when deciding whether to include a washer and dryer in your rental home or not. If all of the rentals in your area have them, you may need to do the same. If not, you may have a harder time renting your property and may even be compelled to reduce your rental rate.
You may want to think also where to store appliances that renters do not require to use during their tenancy. Most tenants may have their own appliances; in these cases having a backup location to store appliances for the next renter may be best.
A final question that both property owners and tenants typically inquire about is whether the law requires landlords to provide appliances. If you advertise your rental as “unfurnished,” for the most part, the answer is no. Certainly, only a few, if any, local municipalities require landlords to provide appliances.
So the question isn’t a legal one but really it’s a matter of which course will help you maximize your monthly cash flows. Yet again, ascertaining your local market and what the other landlords do in your area is necessary. Nevertheless, it’s right to work within the constraints of your current budget. If offering appliances for your rental property would induce an undue hardship, it may be better to wait until you are in the best situation to achieve that. So really, opting for which appliances to include in your rental is a choice that only you can definitely make.
Would you like to have more ideas in regard to how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management Cairn can certainly help! Contact us online or call our office to speak with a Smith Mountain Lake property manager today.
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