Washers pose a constant conundrum for real estate investors especially while deciding if your multi-family building should have washers. On one hand, washers make it easier to get Tennants or to sell off the building. On the other hand, it comes with its costs and risk. You have finished the development of your new multi-family building and you can’t make up your mind on the apartment amenities to install in them. Here are the 3 reasons why you should have washers installed in them;
1. A multi-family building with washers improves the marketability of your property
A washer installed in your multi-family building definitely makes your building more attractive to buyers and renters. It provides them with what they have been longing for in an apartment which is privacy and convenience. It also saves prospective buyer or renter’s money and time considering other options available to them. Washing in a laundromat or community laundry room generally costs more than having a laundry in your building.
2. You are sure of higher rents
A washer installed in your multi-family building will make the building command more rent price. Many renters nowadays are attracted to buildings that have washing machines installed in them because of the convenience, privacy, and time savings. According to a study by Trulia, the percentage increase in rent that comes from installing a washer can be as high as 20% per month. This means that if other apartment owners are charging $1000 per month for an apartment with no washing machine, your own apartment will give you an extra $200. In a year you will be having $2,400 extra per apartment.
3. A multi-family building with washers provides better resale value
A washer installed in your building might be a very smart idea if you ever plan on selling. According to a survey by the National Association of Home Builders in the United States, having a laundry room is one of the most in-demand apartment amenities for both first-time and second-time apartment buyers. Get a washer installed in your new multi-family building today and see your resale value skyrocket.