Los Angeles, CA · Member since 2009 · 717 posts · 50 votes
Hello, is a new washer and dryer unit required and a new air condition unit if we're doing a full rehab? I've seen on some houses the owners just leave the washer and dryer out of the picture. Thanks
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Here in CA, homes are not expected to come with washer/dryers or refrigerators. I have never put either in any of my full rehabs. I do of course put in all new stainless steel kitchen appliances (always). In Texas, where I have other properties, I have never had to put in washer/dryers there either.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
15y
While it's certainly not required, I always put in a new washer/dryer (along with all appliances) my rehabs, and if the AC condenser is more than 15-20 years old (or in bad shape), I'll replace it.
Investor · Lake Mary, FL · Member since 2009 · 63 posts · 20 votes
15y
I agree with Mike... It depends on the area and it depends on your target audience. Meaning if its a high end or low end rehab. When you are doing a low end rehab..we can get away with using used appliance and not having a washer/dryer...on the flipside...the higher value the rehab the closer the rehab needs to be to a "brand new condition"
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Here in CA, homes are not expected to come with washer/dryers or refrigerators. I have never put either in any of my full rehabs. I do of course put in all new stainless steel kitchen appliances (always). In Texas, where I have other properties, I have never had to put in washer/dryers there either.
Realtor · Gallatin, TN · Member since 2009 · 292 posts · 164 votes
15y
Washer/Dryer - We rip out the old ones (and sell or donate) but do not put new ones in our rentals. HVAC's get replaced if they need to, as do appliances.
We won't provide Fridge, Washer, or Dryer. Everything else (stove/microwave/dishwasher) we provide.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
15y
We replace all the kitchen appliances but we do not put in a new washer and dryer. So far this is working quite well for us, but I agree it all depends on the market and expectations.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
15y
Just for reference, refrigerator and washer/dryer aren't typical in my area and price point either (as others have mentioned).
But, for the $1200 it costs to put them in, it's a huge differentiating feature and upsell for our level of buyer who is probably purchasing their first home, and as such, don't already have these things. It's a much better selling point than granite, upgraded fixtures, etc for the types of buyers that are looking at our houses.
But, of course, every area is going to be different...
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
15y
Originally posted by J Scott:
Just for reference, refrigerator and washer/dryer aren't typical in my area and price point either (as others have mentioned).
But, for the $1200 it costs to put them in, it's a huge differentiating feature and upsell for our level of buyer who is probably purchasing their first home, and as such, don't already have these things. It's a much better selling point than granite, upgraded fixtures, etc for the types of buyers that are looking at our houses.
But, of course, every area is going to be different...
I definitely agree on the fridge...we buy the other kitchen appliances so throwing in a matching fridge finished off the kitchen as is relatively inexpensive. So far, the kitchen has been the biggest eye-catchers in our rehabs.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
Kitchens are also one of my biggest eye catchers for my buyers as are the bathrooms and the front curb appeal. I can see where jason's properties have an added bonus with those added items, but I have yet to try that out as some of the buyers I sell to are not always first time home buyers and I have yet to even hear a comment aboyt a fridge or washer/dryer. If I did start hearing about it from visitors to my homes for sale, I would strongly consider adding them.
@Jason - For the $1200 you spend on these items (by the way, that sound very cheap for 3 large ticjet items for my area)do you have any data to support that the money spent was at minimum recouped in your exit price?
Real Estate Investor · Member since 2011 · 4 posts · 1 vote
15y
If it was for a tenant I would want a working air conditioner, doesn't have to be new. And if there was a washer/dryer new all in one unit ($700-1000) although being as small as they are-it would give you the ability to add a couple 20s to the rent price point. Sometimes it does make a difference in some areas.
If its a rehab for sale, leave the washer/dryer out. Have the dishwasher in, redo HVAC if relatively old for best end buyer.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
15y
Originally posted by Will Barnard:
@Jason - For the $1200 you spend on these items (by the way, that sound very cheap for 3 large ticjet items for my area)do you have any data to support that the money spent was at minimum recouped in your exit price?
No hard data. But empirically, we get a lot of feedback from buyers and their agents that indicates buyers really like this. Just like the fact that many of our buyers love the idea of getting some of the staging furniture -- it often means a full-price or near full-price offer because the buyers are thrilled they can roll this stuff into their loan instead of having to pay cash after they purchase.
Btw, I just did the math, and on average, we sell our properties for 95.23% of the original list price with a first contract in an average of 15.4 days. Again, no hard data, but my gut tells me that we're getting close to full-price offers and low DOM in part due to these tactics.
Real Estate Investor · Virginia, DC &, MD · Member since 2008 · 261 posts · 71 votes
15y
We now always install a new washer and dryer. They are the cheapest I can find. It was always something the prospective buyer or real estate agent would point out when we didn't include them in our rehab. Most people who are buying a starter home do not have the $$ for the down payment let alone $$ to invest to improve the home.