Oct 16, 2017 - 02:45 PM
Obviously this question ignore convenience, which is hard to price on. After all, even if it costs more in the long run to do laundry at home, the convenience more than makes up for it.
But let's assume you're very budget conscious... which makes the most financial sense in the long run?
Let's crunch some numbers.
First, how many loads of laundry does a family of four do each week?
While this will vary, the average family of four (kids at home) will do 8 to 12 loads per week. Let's call it 10. This is according to Unclutterer.com. While being an estimate, as a dad in a family of four we definitely do 8 to 12 loads per week.
Would you save money doing laundry at home with your own washer/dryer or going to a laundromat?
Obviously, it's more convenient doing laundry at home, but if you're on a very tight budget, this is a realistic question.
Fortunately TheSimpleDollar.com did an in-depth analysis.
They concluded that the break-even point is 600 loads. What this means is that you are better off doing laundry at home (i.e. investing in a washer and dryer) at the 600 load point.
Putting it all together:
You will be ahead investing in a washer and dryer at roughly the 1.25 year point. Given that a washer and dryer will last years, it's definitely worth investing in a washer and dryer.
The next question is how much should you invest in a laundry room?
This is where you can spend a little or a lot.
I hate to be the bearer of bad news, but laundry rooms, especially those with cabinetry, can be very expensive. Not quite as expensive as a kitchen, but close given 2 costly appliances, the need for durable flooring, large space and often plenty of cabinetry.
That said, I think given it's an out-of-the-way room unlike a kitchen you certainly don't need to go high-end. After all it's not exactly the home's centerpiece that kitchens have become.
Providing a specific cost is impossible. It really boils down to size, cabinetry options and the appliances you go with. Obviously, the most minimalist laundry room such as a closet will be as inexpensive as you can get... costing you the appliances only.
However, once you add cabinetry, the cost escalates anywhere from $1,000 to $20,000 plus.