If you’re thinking of buying a laundromat, it’s best to research what to expect in the buying process, management duties, and to add up the potential expenses, costs and bills along the way.
We’ve created this checklist of 6 items to cover in detail when buying a laundromat.
If you are buying an existing space, the costs can range anywhere from $200,000 to $500,000.
Not to be overlooked when calculating overall expenses is possible renovation, which could mean the difference between a rapidly successful store and a business that sees only passersby.
The lease for a laundromat’s actual storefront will be the highest monthly expense, and buyers in the market today should look for a lease term that is suited to industry standards.
If possible, try to find a longer lease term that is amenable to your budget.
If the laundromat you’re looking at has a good marketing strategy, they may even have an agency create web-based ads for the store.
The more prominent a store’s presence in Google, Bing and Yahoo search engines and the higher its reviews on forums like Yelp! Laundromats have few costly recurring expenses, but potential buyers—whether they are searching to buy an existing laundromat or even to build a new store— should be aware of each of these expenses.
In many cases, however—if the current proprietor of the laundromat doesn’t own the location—they have a contract with a leasing company.
This would mean that the lease would transfer over to you after you sign the contract.