When setting up a rental property, one of the key decisions landlords face is whether to include whiteware like fridges, washing machines, or dryers. While providing a fridge can make your property more appealing to tenants, it also comes with additional responsibilities. In this guide, we’ll explore the pros and cons of including a fridge in your rental property and provide insights into what’s common in the New Zealand rental market.
The Pros of Including a Fridge
1. Attract More Tenants
In New Zealand, properties that include essential appliances like fridges tend to appeal to a broader range of tenants, especially those looking for convenience. This is particularly true for:
- First-time renters who may not own whiteware.
- Short-term tenants or young professionals who prioritize furnished properties.
Tip: Highlight the inclusion of a fridge in your rental listing to attract tenants who value this convenience.
2. Higher Rental Appeal
A property with a fridge is often seen as more “move-in ready,” which can help justify a slightly higher rental price. This can be an advantage in competitive markets where tenants compare similar properties.
3. Streamlined Turnovers
Including a fridge ensures continuity during tenant turnovers, as new tenants won’t need to move large appliances in and out of the property. This reduces potential wear and tear on walls and doorframes.
The Cons of Including a Fridge
1. Maintenance Responsibility
As the landlord, you’ll be responsible for maintaining and repairing the fridge if it breaks down due to normal use. This can lead to unexpected expenses.
Example:
A faulty refrigerator compressor could cost several hundred dollars to repair or replace.
2. Liability for Damage
If the fridge causes property damage (e.g., water leaks), you could be liable for repairs. Regular inspections and prompt maintenance are essential to minimize risks.
3. Increased Initial Costs
Purchasing a quality fridge for your rental property adds to your setup costs. While this is a one-time expense, you’ll need to factor it into your overall investment budget.
What’s Common in the New Zealand Rental Market?
In New Zealand, rental properties vary in what they provide, but the inclusion of whiteware often depends on the target tenant demographic and property type:
- Furnished Apartments: Commonly include a fridge, washing machine, and sometimes a dryer or dishwasher.
- Unfurnished Houses: May or may not include whiteware. Many tenants expect to supply their own appliances.
- Short-Term Rentals: Always include a fridge, as these properties cater to tenants who expect fully equipped accommodations.
Pro Tip: Research comparable properties in your area to determine what’s standard and expected for your rental type.
Tips for Landlords Considering Including a Fridge
1. Choose a Durable Model
Invest in a reliable, energy-efficient fridge with a good warranty. Look for brands known for durability, as these will reduce long-term maintenance costs.
2. Include the Fridge in the Tenancy Agreement
Clearly outline who is responsible for repairs and maintenance of the fridge. Specify whether it will be replaced if it becomes unusable.
3. Consider Appliance Insurance
Adding appliance coverage to your landlord insurance policy can provide peace of mind and protect you from unexpected repair costs.
4. Offer Flexibility
If you’re undecided, you can offer the fridge as an optional inclusion, allowing tenants to decide whether they want to use it. This is particularly useful for long-term tenants who may prefer to bring their own appliances.
How NG Property Management Helps Landlords Navigate These Decisions
At NG Property Management, we assist landlords in making informed decisions about property inclusions. Here’s how we help:
- Market Insights: We analyze tenant expectations in your area to determine whether including a fridge will enhance your property’s appeal.
- Maintenance Coordination: If you choose to include appliances, we handle maintenance and repairs, ensuring minimal hassle for you.
- Clear Agreements: We help draft tenancy agreements that clearly define appliance responsibilities, protecting both you and your tenants.
Key Takeaways
- Including a fridge can increase your property’s appeal and attract more tenants, but it comes with added responsibilities for maintenance.
- Consider your target tenant demographic and what’s common in your local market to decide whether a fridge is a worthwhile investment.
- NG Property Management can guide you through these decisions, ensuring your rental is competitive and hassle-free.
Whether you include a fridge or not, setting clear expectations in your tenancy agreement is key to a successful landlord-tenant relationship. Contact NG Property Management today to learn more about how we can optimize your rental property.
Disclaimer: This blog provides general information and should not be considered legal or financial advice. Please consult a professional for specific guidance.
