Washer/dryer install

Asked by bea, 60025 Mon Aug 20, 2012

Selling 2/2 condo in Gold Coast. Bldg allows washer/dryer install. How willing are buyers to undertake this 10k project if 5k closing credit offered to offset costs? (Brand new built from studs out custom kitchen already installed). Washer/dryer install entails complete re-do of master bath; buyer needs to select own finishes. Is this a project a buyer is willing to undertake today? Thanks!

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Daniel Mirea, Agent, Chicago, IL
Sun Oct 6, 2013
If they love the place they will take even without the washer and dryer. The kitchen and bathrooms are most important !
0 votes
Seth Captain, Agent, Chicago, IL
Mon Sep 17, 2012
The listing agent (or you if are willing to take on the challenge) needs to see what price condos sold for that have in-unit laundry and those that don't. First looking within your building and then 'competitor buildings'. Next you would have to consider market time and condition of comparable units. This isn't as complicated as it seems, and I think experienced listing agents are well versed on which decision, to install or not, is most beneficial to their seller.

An alternative is to make large cardboard cutouts, like the movie Home Alone, but replace the bad guys with high end LG steam washer and dryer. Have another set of cardboard cutouts resembling the typical buyer in your building. Maybe throw some real dirty laundry in there to step up the realism.
0 votes
Sarah Ziehr, Agent, Chicago, IL
Sun Sep 16, 2012
I think most buyers are not willing to do this unless the property is priced very competively. Most buyers I work with want to be able to move in and not do much more than a few aesthetic changes.

I am extremely creative and I always try to point out the positives and give my buyer clients ideas for what they could do, but 99% of the time they tell me its too overwhelming for them.

For this same reason it is really important that your home shows well. It is hard for people to see past different decorating styles than their own and to fix any minor eye sores, no matter how little they seem to be to you.
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Bill J Delig…, Agent, Naperville, IL
Mon Aug 20, 2012
Work with a Realtor who can assist you with the comps. How much of a difference is it in your building/neighborhood for units with and w/out a w/d. Unless the condo is deeply discounted, most buyers do not want to take on extensive rehab projects.
0 votes
Ivan Sagel, Agent, Chicago, IL
Mon Aug 20, 2012

Most buyers don't want to do work on a new place, they just want to buy and move in. Every buyer has different priorities, wants and needs. If in unit washer/dryer is important, they will not be looking at your condo. Most buyers don't even want to do easy things like new carpet or counter tops.

Best of luck,
Ivan Sagel
0 votes
Joe Schiller, Agent, Chicago, IL
Mon Aug 20, 2012
the bottom line is the buyer will want 25% extra to do the work you should be doing. you can complete the work or offer to pay for it. I recomend you get an agent like me who does this for a living or plan on making mistakes that will cost you..please email me for an apointment
0 votes
Alan May, Agent, Evanston, IL
Mon Aug 20, 2012
While I agree with Matt, that a buyer would rather have an updated kitchen or bath than in-unit laundry... what you're telling us is that in order to install the washer/dryer option, it would require a completely custom redo of the master-bath anyway.

If you're going to try to tout that the building allows in-unit washer/dryer, I've found that buyers just don't have enough imagination, nor do they have the desire to take on a project like that. In my opinion, it would be a better selling point if you already had the washer/dryer installed.

Now... that being said... will you get your money back?? No, probably not ... but it will make your unit more attractive, and possibly easier to sell.

Good luck.
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Matt Laricy, Agent, Chicago, IL
Mon Aug 20, 2012
In this market, I would rather have a updated kitchen and bath then a washer and dryer. Buyers are willing to sacrifice laundry for upgrades. The credit you offer will just work against you in negotiating as well.
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Philip Sencer, Agent, Chicago, IL
Mon Aug 20, 2012
For the price point of a 2/2 in the GC buyers will be willing to do it particularly if the bath is older and needs updating also. I do not see a problem although it would be a bit easier if the owrk was already done for them.
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