Real estate can be a lucrative business filled with enjoyable experiences while meeting a lot of people along the way. Whether you’re just starting out or on your way to becoming the next David Lindahl, successful author and real estate mentor, many factors can aid your success.
First and foremost, let’s tackle a common question among real estate professionals: “Should I repair or replace appliances in my real estate properties?” In this article, we’ll look at how you should approach this question and the best practices regarding appliances for real estate properties.
Evaluate the situation.
The first thing you need to do is evaluate the situation. Why are you looking into repairs or replacements? How old is everything? These are the questions you need to be asking yourself.
Check the age of the appliance in question. All quality appliances have a recommended life span for when you should replace them. However, the typical range for considering replacement is between 10 and 15 years. Therefore, if it’s more than 15 years old, consider replacing it.
Can you benefit from a more energy-efficient model?
If the appliance hasn’t passed its recommended age, examine its energy efficiency. Quality appliances should come with an energy guide label somewhere on them that’s colored black and yellow. You can check this label to determine how energy-efficient it is. If it has low energy efficiency, you may want to consider replacing it to save money on your energy bill. Not to mention, your tenants will thank you if they’re the ones paying the utility bill.
You can also check if the appliance has an Energy Star label. Home appliances with this label are certified to be energy-efficient models, using roughly 20 percent less energy than their standard model counterparts. If it’s Energy Star-certified, you may want to consider repairing it instead.
Do your tenants like it?
Consider a third factor once you’ve determined the appliance’s age and energy efficiency. Do you and your tenants even like it? Many real estate managers don’t consider this a factor worth investigating. However, taking your tenants’ preferences into consideration can go a long way in this business.
Whether it’s the style or ease of use, every tenant has their opinion. If your tenant is dissatisfied with the appliance, consider replacing it with something that suits their needs.
Find the right appliance repair technician.
If you’ve decided to have your appliance repaired, you’ll need a reliable repair technician to help. A reputable technician will have experience working with most major appliance brands, including Maytag, Frigidaire, GE, and Whirlpool appliance repair.
When choosing the right professional for your needs, you’ll need to find the best person for the job. Some factors to look into include the technician’s years of experience, service areas, licensing, and warranty. A reputable technician will have several years of experience, be licensed, and typically offer a warranty on their repairs. You should also look into their service area to determine if you can call them in the future for repairs at your other properties.
Should you buy new or used when replacing appliances?
If you’ve decided to replace your home appliances, you have another question to answer: “Should I buy a new or used appliance?”
There are advantages and disadvantages to both options. When buying used, you can generally save money on the initial purchase. However, used appliances may have unseen problems, leading to another replacement sooner than expected. In addition, if your tenant is in a challenging situation due to an appliance breaking, such as a broken fridge filled with perishable foods, you’ll need a replacement quickly. As a result, you may not have time to shop for a used appliance. When buying new, you’ll pay more initially, but your tenant will have an appliance that lasts longer and meets their needs.