With the latest real estate downturn in the market, many real estate investors are choosing to rent their investment properties rather than try to sell them. When you have a rental home, you’ll need to get it ready for potential tenants, which means providing necessary appliances. Of course, you don’t want those items to break your bank, so you’ll want to save money on appliances for your rental home.
The trick here is that you want to purchase appliances for your rental home that will stand up to plenty of use, since tenants are notorious for being hard on things in the home. You don’t want to replace them after any tenant, so you’ll need to find the fine line between cheap and inexpensive.
Get Rid of the Extras
You might enjoy your side-by-side Sub Zero refrigerator with built-in ice maker, but your tenants don’t require those types of amenities. You can save money on appliances for your rental home by purchasing quality items that aren’t the latest in technological refinement. For example, purchasing a refrigerator with ice cube trays and an ice bucket can save up to $1,000 over a fridge with an ice-maker.
The same goes for other appliances in your rental home, such as a microwave. You can find quality microwave ovens at Wal-Mart for under $50, but you’ll pay far more at a specialty kitchen store. Take the time to price appliances for your rental home before purchasing, and don’t be afraid to get the lower-grade models that don’t have as many gadgets and extras.
Check Out the Internet
Web sites like Craigslist.org can yield plenty of options for appliances. You don’t have to furnish a rental home with all-new appliances, so consider purchasing lightly used items from people in your community. Obviously, you’ll want to make sure the appliances work before purchasing, but many people remodel their kitchens on a yearly basis and get rid of everything.
Consider Smaller Appliances
You don’t have to purchase enormous appliances for your rental home. Save money by looking for smaller high-quality models that serve the same purpose. If your tenants want to upgrade on their own dollar, they can. For example, top-freezer refrigerator models are generally hundreds of dollars less expensive than side-by-side models, but they are perfectly serviceable.
You can also purchase small alternative appliances that might be used more often, such as a toaster oven to replace the conventional oven. If the smaller appliances are used more frequently by your tenants, you won’t have to replace the larger ones as quickly.
Shop at Big-Box Stores
Stores like Target, Wal-Mart, Best Buy and Circuit City will have cheaper prices than specialty appliance stores. You might also be able to save money by shopping in the stores, then purchasing online. A rental home doesn’t require designed-brand appliances, so use your head when comparing prices, and look at the larger department stores.
If you want to save money on appliances for your rental home, your best bet is to shop around. Keep searching until you find the best prices on Whirlpool. Frigidaire or whatever brand you prefer.