Essentials in the Home

[Jonathan Safa]

Hey everyone, 

About to list my parents ranch house. It's a pretty nice property that is renting 50%-75% higher than the average rent in the area. Given that it is a nicer property, should we have the following in the house? 

- washer, dryer 

- refrigerator 

- microwave

Currently, we don't have plans to have those in the home. Is this a terrible idea?

Jonathan 

[Christian Bors]

@Jonathan Safa  It all depends on the market.  However, here are some things to consider;

Mr. Landlord (Jeffery Taylor) recommends offering "packages" to tenants.  I think he calls them deluxe or premium.  The deluxe will include a refrigerator for an additional $50 per a month.  The premium would include the fridge plus washer dryer etc for additional $85.  This is an idea to increase monthly cash flow.  If the tenant declines and says they will bring their own, there are no hard feelings.  Consider that the standard package.

Many investors recommend not supplying any of those accommodations.  The main reason because of maintenance.  If you don't provide those items, you won't receive calls saying they are broken or not functioning correctly.  

For my single family homes, I try to provide very little. However with the apts, appliances are more expected. Many investors will buy used appliances at a substantial discount.  However, repairs are more likely needed.  I prefer less calls, so if I don't need to provide it I won't.  When I do provide appliances, I try to take advantage of Holiday sales and use a 10% coupon.  Having NEW appliances are great selling features but not necessary.  IMO I don't think it increases the tenant pool or the quality of the tenant.  Just headaches.