Prior to purchasing a home, we inspect all major appliances thoroughly to estimate their remaining lifespans. Between renters, we conduct a re-inspection. If an appliance doesn’t have a lifespan that is longer than an upcoming lease, then it is typically replaced. Generally this goes a long way in reducing the odds that a major appliance breaks a few months after a renter moves in.
That being said, sometimes unexpected things happen. If a major appliance does require a replacement during your lease, you’ll share in the cost of that through your Up&Up Wallet just as you would share in all the revenues and expenses associated with the home.
Most of our renters have a sharing percentage of 4% to 10% at any given time, which means they participate in 4% to 10% of the total profits or losses on the home each month. That means that even if a shared expense does take place, your Wallet will only be decreased by the amount of the cost multiplied by your sharing percentage, and that will be offset by the revenues made on the home that month.