Maintenance will always be a part of owning a rental property. Appliances break down, which then brings up the question of repair or replacement. Replacing appliances can easily become a big expense but repairing old, outdated ones isn’t always the most cost-effective solution either. So what should you consider before making your decision?
How Old is the Appliance?
Age of an appliance is a big factor to take into account when choosing to repair or replace it. If the fridge is old and outdated, replacing it with a newer model may be the best solution. If the range is only a few years old, repair may be the best route, especially if it’s still under warranty. Each appliance also has a useful life expectancy to take into consideration. If the broken appliance has passed or is closer to the end of its useful life, it may be time for an upgrade instead.
Energy Efficiency
Everyone loves to save money on monthly expenses, especially tenants. Upgrading to more energy efficient appliances is a great way to save money in the long run on utility bills, something your tenants will thank you for. If your older appliances have low energy efficiency and your budget allows, consider replacing instead of repairing.
Keeping Up With Style
Nothing looks more seamless and modern than matching appliances. If part of your goal is to maintain a certain style or look, replacing appliances around the same time is recommended.
When deciding whether to repair or replace a broken appliance, it’s best to consider the long-term. Is the repair just a band aid fix? Will you need to replace the appliance soon anyways? Can you afford to replace it or is repairing it the more cost-effective solution? Make sure you weigh all of your options and proceed accordingly!
