30 years old range not working - fix or buy a new one?

[Nir]

Hi All,

Would you try to fix a 30 years old range or do you see it as an "opportunity" to buy a new range for the tenant without even trying to fix the very old one?

It might cost around $40 to fix it if all it needs is a new element. If it does not work I am considering buying a new range for the tenant for around $400.

Here is my dilemma:

On one hand, buying a new range can be seen as a WIN-WIN situation as you are not only making the tenant happy but might also save on hydro by replacing an old range with a higher energy efficient range. (not much savings expected though, based on my estimate)

On the other hand buying a new range is still a higher expense compared to fixing an old one ($400 vs. $40). Also, not sure if buying a new appliance (as a new landlord) might "raise the bar" and create higher expectations by other tenants in the building (in the case of a multi-plex)?

THANKS,
Neil

{ps. I asked a question about a broken range in the past but did not elaborate on this dilemma}

 

[RebeccaBryan]

If it`s an old and ugly range, I would replace it. If your tenant is an equity building tenant, I would replace it. We buy our appliances from Fort Road Appliances here in Edmonton and you can replace the range for a lot less than $400 if you get a refurbished one. I would say $250 maybe. And I would also suggest getting a self-cleaning one. We replace all of ours with a self-cleaning because we know we are the ones that may end up with the job.

 

[selewis]

The price of stove is so low now that a new one is certainly affordable. At $400, why not spend the extra $150 (instead of the $250 for a refurbished one). (I just saw a stove in last weeks flyer at Future Shop for under $300!!) The refurbished ones we have bought have not been nearly as long-lasting as a new one. We have a Habiatat for Humanity Re-Store here in Sarnia where you can get used stoves for $60 or so. Sometimes they are just as good a deal as a refurbished $250 stove. But $300 for a new 4.65 cubic ft. stove isn`t likely a bad move either.

 

[matt]

Buy new if its that old. Continuous calls to fix old appliances are time waisters. Try The Brick dented & returned section to get a perfectly good product at a reduced rate. Also I`ve never got a sevice call for less than $125 inluding parts so in my opinion new is the way to go.

 

[Thomas Beyer]

2 approaches exist in rentals

a) slum lord technique: keep costs low, spend little, fix old appliances, keep rents low, low turnover

the result: a lower tenant profile and lower rents, and thus: lower value !

or

b) the "Prestigious Properties" or "value-add" approach: spend some decent $s (say on new laminate flooring, new stove, new lights, new baseboards, ..) and keep a higher rent and tenant profile

BOTH approaches work .. pick one that suits your style and long-term approach best !

You make FAR more money with the 2nd approach .. but it costs more and it takes a bit more work/ ingenuity/ effort !!