Market Conditions in Chicago>Question Details

Jennifer Blo…, Home Buyer in Chicago, IL

Effect of NOT having in-unit laundry on condo price and sale

Asked by Jennifer Bloom, Chicago, IL Mon Sep 2, 2013

What effect does not having in-unit laundry have on condo sale price, likelihood of sale, and/or renting potential? (preferably relating to loop or south loop)

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Every client I have wants in unit W/D. Tell me more about your building and unit. email me the address so I can research and give you accurate numbers.
lower sale price is obvious in general. The south loop is mostly newer construction so a W/D in unit is pretty standard amenity wise.
lower rental price too. less traffic in general for either sale or rent.
Now, if your unit has something that makes it awesome, you can offset the lack of in unit WD a bit.
How big is your unit? Is there laundry in the building at least?
Can one be installed in the unit? I need more to work with to give you a better answer.
1 vote Thank Flag Link Mon Sep 2, 2013
email me at jmichaels@remax.net and I can assist with in unit laundry units
1 vote Thank Flag Link Mon Sep 2, 2013
In unit w/d is a plus and tends to help sell and rent, but there are other issues that also affect the selling/renting so hard to know without knowing more about the unit.
1 vote Thank Flag Link Mon Sep 2, 2013
I could say about 25% of people looking for a condo wont look at your place without a washer and dryer in the unit.
1 vote Thank Flag Link Mon Sep 2, 2013
Jennifer: It depends on whether it is a high rise or walk-up building. If it is a high rise where many other unit owners do not have in-unit w/d or the rules prevent it, it is not a big deal. In all other cases, I think it will have a significant impact on likelihood of sale and some impact on the ability to rent. There are many potential buyers out there that will not even consider purchasing a condo that does not have it (or at least the ability and room to add it). Feel free to contact me with any follow-up questions or concerns. I am happy to help.
1 vote Thank Flag Link Mon Sep 2, 2013
It takes $5,000-$8,000 to put in a washer/dryer hookup and add the machines. So back that out of the price. Also no W/D for tenants is really an issues. If the building had washer/dryers but the unit does not take $150-$200/ month off the rent. If the building does not have units it would be really hard to rent.
1 vote Thank Flag Link Mon Sep 2, 2013
If there are condos in the area with washer/dryer in unit then it will be tough to rent out. However, some areas like Streeterville and Gold Coast have very few with w/d in unit and renters prefer to pay a little less per month anyway.

W/D in unit typically will bring an extra $200 - $300/mo in rent.

Same with resale values, if there are new buildings going up all around you with w/d in unit, you may be in trouble when you go to sell. If not, you should be fine.

If you would like some help, just give me a call at 847-533-7115.

Thanks,
John Meyers, Meyers Realty
c: 847-533-7115
e: JohnMeyers@MeyersRealty1.com
0 votes Thank Flag Link Fri Nov 29, 2013
It will depend on the market that is what you are competing with at the time you list it. It will depend on if the unit has the functional ability to add a washer dryer hookup. If not potential for adding one later then it could be a significant difference in price to your detriment. However each buyer is different and this may not matter to them if other building & community amenities are well marketed, provided that the laundry facility is clean and kept well.
0 votes Thank Flag Link Wed Sep 25, 2013
Hi Jennifer,

Not having in unit washer and dryer will negatively affect the value and appeal of your condo. Is it possible to add them before you list the property? I would be happy to talk to you in detail and preview your home.

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes Thank Flag Link Tue Sep 3, 2013
Having an In Unit hookup is a definite benefit. If the building, unit condition, and area amenities are above average then people may overlook this defect of your unit.
0 votes Thank Flag Link Tue Sep 3, 2013
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