This month I’ve been thinking about washers and dryers. What are they worth in a property? What is the discount if they aren’t allowed? This is such a NYC video. Almost everyone outside of New York City has laundry in their homes, but here, having a washer/dryer inside your apartment is subject to building rules- and often not permitted, or only permitted in a specific location.
Those rules are a growing source of buyer frustration. having a washer/ dryer in an apartment has become more and more important to buyers. It’s no longer a luxury item, but a necessity as prices climb. Think about it. You’re spending $3-4mm on a home and you’re NOT ALLOWED to have a washer/dryer in your apartment? Perhaps you’re not allowed to have a VENTING dryer in your apartment. The time to do laundry, not to mention the cost of each load (since all non-venting dryers are electric)- everything goes up.
If the real estate market softens, buyers begin to look at every reason not to make a purchase, but in this case, this a trend line that is independent of the market. If prices are in this range, buyers will continue to push back. And, let’s hope, co-op boards will follow suit. Surely, with proper precaution, washers can be made not to flood.
What of dishwashers? You never hear about issues with them and how they affect the strain on old pipes in a building. This really is an antiquated thought process. Washers and dryers should be allowed. Surely, with precautionary measures.
Without going too deeply into building-by-building rules, not having a washer/dryer can negatively affect the value of an apartment. In the context of a competitive market for scarce buyers, can a building afford not to allow them to be installed? It may mean a difference in a larger apartment’s value of perhaps hundreds of thousands of dollars?
We have some gorgeous listings that allow them, and some properties that don’t have them- the washer/dryer issue alone can mean the difference between having a buyer pool, and not.
Thinking about what adds value to your home is what Visionary brokerage is all about.