Lease or own appliances: Which should your condo association choose?
Know what you’re getting into after you purchase washers and dryers
Paying for major appliances can be as much of a headache as paying for a new laptop or smartphone. When it’s shiny and new, it seems like the best purchase. You have all the bells and whistles, and it’s efficient enough to do the job. But a year later, there’s a bigger, better and badder version of the same product. It’s one of many reasons why condo associations choose to lease appliances instead of buying their own.
Leasing appliances from companies like Coinmach (under CSC ServiceWorks) will help your building get high-quality equipment with free service and maintenance for the entirety of the lease. For a specified monthly rate, the products can be delivered the next day and be available for use. However, if you’ve ever leased anything, you’re aware that the amount of money spent on leasing appliances could’ve paid them off altogether. For example, let’s say you pay $30 per month for a washer and dryer set. That’s $360 for a year. Meanwhile that’s almost half the price of a low-priced washer-dryer set from Best Buy or Sears. Is it worth it? Or, would you rather own it outright?
Recommended Read: “The most underrated danger in your home: Lint ~ The fire hazard your home insurance company should warn you about”
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No one can answer that question but your building owners and board members. However, there are some factors board members specifically should consider before purchasing appliances permanently.
Who is going to handle coin management? Whether you have a group who does it or assign a designated person, someone has to be held responsible for issuing refunds and counting coins on a scheduled basis.