no laundry = no tenant?

[RyanTopley]

Hello. Has anyone experienced renting out a home with no laundry facilities? I have a client wanting to purchase a home that is super small( 600sq ft approximately) and there is no laundry facilities in it; nor is there a proper place for laundry to be installed. She is wondering how rentable a place like this is? Obviously this isnt a uncommon situation with apartment style living, and some condo`s. Has anyone dealt with this in a single family home?

any thoughts/ opinions are appreciated.

Cheers,
Ryan Topley

 

[BMironov]

QUOTE (RyanTopley @ Nov 22 2007, 11:08 AM) Hello. Has anyone experienced renting out a home with no laundry facilities? I have a client wanting to purchase a home that is super small( 600sq ft approximately) and there is no laundry facilities in it; nor is there a proper place for laundry to be installed. She is wondering how rentable a place like this is? Obviously this isnt a uncommon situation with apartment style living, and some condo`s. Has anyone dealt with this in a single family home?

any thoughts/ opinions are appreciated.

Cheers,
Ryan Topley

Hi Ryan,

I think you have an option of providing combo laundry unit or "all-in-one" unit. Check with major appliance sellers what they can offer in your area. Or even with appliance resellers.

I think this expense will be a good option if you want to sell your property.

 

[RyanTopley]

QUOTE (BMironov @ Nov 22 2007, 09:17 AM) Hi Ryan,

I think you have an option of providing combo laundry unit or "all-in-one" unit. Check with major appliance sellers what they can offer in your area. Or even with appliance resellers.

I think this expense will be a good option if you want to sell your property.


Thanks Boris. She and I had a similar chat about re-salability and she IS looking into installing a "combo unit".

 

[ToddStokowski]

Check with a broker regarding the size of the house to see if it`s too small to qualify for quality financing. If it`s a house, it my understanding that you want to have something over 700 sq. ft. or there could be trouble in the future with financing.

Brokers, is this correct or is my memory failing me?

 

[Peter]

QUOTE (ToddStokowski @ Nov 22 2007, 11:12 AM) Check with a broker regarding the size of the house to see if it`s too small to qualify for quality financing. If it`s a house, it my understanding that you want to have something over 700 sq. ft. or there could be trouble in the future with financing.

Brokers, is this correct or is my memory failing me?

Many lenders do have minimum square footage requirements - if they do have to foreclose, they want to ensure that the property would considered marketable. That being said, exceptions to square footages are often made depening on the type of property, condition, location and the strength of the borrowers application.

If the lender is unable to approve the square footage exception for whatever reason, you can always ask your bank to try to get the mortgage insured. Insurers routinely approve these smaller properties, so If CMHC/Genworth will insure the property, the lender will generally fund the mortgage. You would however be responsible for the high ratio premium and would have to qualify under high ratio guidelines.

Thanks

 

[Kimberly]

Ryan:

I have read about a unit that is a washer and dryer in one appliance - that might work. Can`t remember the manufacturer - most likely Europeon, but something to consider. There are also washing machines that are `portable` and hook up to the sink when needed. if you put a wooden block counter top piece on top of it, it may be versitile enough to use as a small kitchen work space. As for the dryer...

Kimberly