Owners of multifamily properties have a really big job on their hands. In each building, they are responsible for paying the bills and making sure that the tenants are comfortable and safe. They must also look after everything that is on the property. In this blog, we will focus on the building’s appliances including kitchen ranges, dishwashers, refrigerators, washers and dryers, and why it’s critical to ensure they are working smoothly and fulfilling their purposes.
These items can often be overlooked by property owners, even though they play a significant role in residents' lives. An owner's bottom line can be negatively affected if he or she fails to upgrade aging appliances. This will make it difficult to attract new tenants and keep the existing ones.
At Lipkin Audette, we understand the ins and outs of multi-family property ownership, including how upgrades can improve your bottom line. Here are a few reasons why upgrading appliances in your properties can benefit you.
Upgraded Appliances Create a Good Impression
Prospective residents have many options to choose from when searching for a new home. Even if everything else is equal, upgraded appliances can be one thing that convinces a great tenant to select your property over their other options.
Energy-Efficient Appliances Can Help You Save Money
As you prepare to upgrade the appliances in your properties, one of your goals should be to upgrade to energy-efficient units. Appliances manufactured today are usually much more energy-efficient than those made years ago.
You can also find several options that come with the Energy Star label, which means they are designed with energy efficiency and durability in mind. The Energy Star program certifies dishwashers, refrigerators, and freezers, as well as clothes washers and dryers.
By using less energy, these appliances save you and your residents’ money on energy bills. Furthermore, they reduce your environmental impact. People today are concerned about the environment, and demonstrating that you care about energy use can paint a very positive picture of you as a property owner, and it’s the right thing to do!
Investing in New Appliances Can Help You Make More Money
Of course, upgrading any items in your properties comes with an initial investment. Making upgrades may not seem worth the money, but statistics show that they can actually improve your bottom line.
For instance, adding a washer and dryer to a unit that currently doesn't have these appliances can increase rental revenue by as much as 15%. Rent income can be increased by 16% when energy-efficient appliances are included in interior updates.
Looking to Invest In Properties in Burlington, Vermont?
Since 1998, we’ve helped thousands of local clients build wealth through real estate investing. The Lipkin Audette Team understands that a successful investment strategy needs to be designed to fit each individual’s unique set of needs and goals.
If you’d like to speak with our team about how to get started or what the current market value of your property/portfolio might be, please contact us today!