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Shared laundry for investment property

Discussion in 'General Property Chat' started by giraffez, 4th Dec, 2015.

  1. giraffez

    giraffez Member

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    I have my eye set on an investment property however this apartment has a shared laundry. What are people's thoughts on shared laundry in an investment property
     
  2. Chilliblue

    Chilliblue Well-Known Member

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    Majority tenants prefer own laundry. Is there an ability to install one in the property.
     
  3. moyjos

    moyjos Well-Known Member

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    I looked at a unit which had a shared laundry and decided against it after chatting to the insurance company.

    There was a public liability issue that the insurer really didn't like. I can't remember all the details now, it was maybe 8-10 years ago.
     
  4. larrylarry

    larrylarry Well-Known Member

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    No for me. Is it a really old building?
     
  5. Handyandy

    Handyandy Well-Known Member

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    Have a number of units with shared laundries.

    Avoid at all cost. It will inhibit capital growth and also limit rental returns.
     
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  6. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    My building in inner Sydney has a shared coin operated laundry.
     
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  7. monalisa

    monalisa Well-Known Member Premium Member

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    I would steer clear. As Handyandy said - this will inhibit capital growth.

    When you come to sell it, you will find potential buyers turned off by this.
     
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  8. larrylarry

    larrylarry Well-Known Member

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    Is this your PPOR? Did anything interesting happen in the shared laundry area? I suppose it's like a watercooler...a meeting point for all residents.
     
  9. S.T

    S.T Well-Known Member

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    Somewhere to chat and compare skidmarks?
     
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  10. sash

    sash Well-Known Member

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    In inner Sydney...no one cares a toss...have a unit in 1 brm in Dulwich Hill......bought for 95k....now well over 450k!

    The laundry has room for a machine for each owner.

    If your bathroom has space you can put a washing machine in for little cost.
     
  11. VB King

    VB King Well-Known Member

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    It's a no-no for me. Put yourself in the shoes of your tenant, would you want to share a laundry with your neighbor? How many tenants use the laundry to store crap?

    Having said that, depends on the area. Some areas / build time, it was the norm ... If you're not competing against other properties that have their own laundry then no issue.
     
  12. peastman

    peastman Well-Known Member

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    Your own laundry is best, then a shared laundry, worst of all would be no laundry. But there is a market for each scenario.
    Another option for a laundry would be a front loading washer/dryer in the kitchen (UK style). Maybe in a dishwasher space if available.
     
  13. Azazel

    Azazel Well-Known Member

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    I've lived in a place with a shared laundry, wasn't a big deal at the time, but there were only 4 units.
    I wouldn't want a place without a laundry now.
    The insurance issue might be lessened if the laundry room is on the ground floor, but then it's a hassle to get to and from.
     
  14. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Yes ... Sometimes you can be hours in there chatting away.. But there is table and chairs in there :). Its a large laundry .. Im going to suggest to the Strata to put small private rooms in there too
    You can always add a machine in your kitchen cupboards or in your bathroom .
     
  15. PMQ

    PMQ Member

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    I rent in a place that was built with a shared laundry on each floor (4 small units/floor). But my apartment has had a washing machine put in under the sink in the bathroom. It's super tight but it works. I assume most of the other flats have the same thing because I've never seen anyone using the shared laundries. Also it costs $2 which is better than a laundromat but still annoying for a tenant.
     
  16. Investing101

    Investing101 Well-Known Member

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  17. Esel

    Esel Well-Known Member

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    In the UK, washing machines are often in the kitchen. Combined washer dryers are popular for this reason.

    Im always surprised how many laundromats there are around. What a pain. Who uses them?
     
  18. giraffez

    giraffez Member

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    Thank you all.
     
  19. datto

    datto Well-Known Member

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    There are always ways around not having a laundry as mentioned eg put a washer in the kitchen... You can buy adaptors from Bunnings - done that.

    Be careful not to flood the kitchen - done that.
     
  20. The Y-man

    The Y-man Moderator Staff Member

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    Quite a few of our apartments have/have had shared laundries. Some were BYO machines (with an allocated power point), others were coin operated.

    The advantage for the tenant in the latter case was obviously no need to buy a machine (especially in the case of a 1BR they are likely by themselves).

    The Y-man