*Not* the used machines I bought…but close enough
Photo credit: Denver Craigslist
One of the things I’ve often prided myself on is saving money. I LOVE a deal! I’m drawn to the clearance racks. I have been known to visit the occasional garage sale. And if you know me, you know I have moved WAY too many times in search of the perfect house at the perfect price. The downside, though, is this desire to save money often bites me in the butt. Fortunately, my husband is not the kind of guy to say “I told you so,” but he preaches that “The cheap guy always pays twice.” Recently, I found this to be the case…at least in terms of appliances.
I bought a rental property last year. After shelling out all of that money, I didn’t want to buy a *new* washer and dryer, so I went with used units. After delivery and tax (and a 90 day warranty…whoopty!), it cost $500. “Not bad,” I thought…until last week, when the washer started overfilling and flooded into the unit of the neighbor downstairs L.
So now I had to pay $400 to fix the drywall in that unit *plus* a $60 service fee. In other words, I had to lay out nearly as much in repairs as I did to buy the machine in the first place.
So, guess what? I ended up buying a new unit from Costco (delivery, installation, and a 2-year warranty included). Which, when you think about it, means this “cheap guy (gal)” actually ended up paying THREE times!
The lesson? If you own property — especially rental property — it’s better to just go with the most reliable thing: new appliances vs. used, hiring professionals to do plumbing/electrical vs. DIY, etc., and just know that stuff happens, so be prepared!
If you’ve been thinking about getting into the rental market, let me know. I’ve owned several different types all over town and am always happy to share my experiences (good and bad).