Upgrading Rental - Landlord Forum thread 356841

Upgrading Rental by Tim (GA) on April 15, 2018 @08:38

Am in hot upscale market but most home rentals have stainless steel appliances, hardwoods though a few are now starting to do LVP and granite.
Still have rolled vinyl floors in kitchen and bathroom and laminate on countertops
and carpet.
Have not done any upgrades but rent is also $300 below market.
What upgrades would you do?
What's the most economical way to do upgrades?

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Re: Upgrading Rental by Katiekate (New York) on April 15, 2018 @09:15	[ Reply ]

I have put in pergo flooring, And corian counter tops. Tile bath and kitchen All this you can do for fairly cheap. The tile work is hard..but simple. The benefit is that when one breaks..you just replace the broken one in the future (be sure to keep lots of extras..the color will change between lots) The pergo flooring is simple to lay. Again, you can just replace indictable planks when needed. The corian is the only thing you have to pay a professional to do...but, it comes with lifetime warranty against chipping and staining. Worth the cost in the long run. All this will make your place competitive with the rest of the local market, but still provide you with some easier maint in the future

Re: Upgrading Rental

Re: Upgrading Rental by Garry (Iowa) on April 15, 2018 @11:37	[ Reply ]

I agree with KatieKate. But add one more thing to the mix-----your cost. How much do you estimate it will cost to do everything you proposed? And do you have that amount in cash right now to put out, or will you have to borrow most or all of it thru a 2nd mortgage, personal loan, or HELOC ? If needing to borrow, that monthly amount will cut into your estimated raise of the $300 that you will get when you raise your rent to market value. If borrowing, you could figure $200 of the $300 would go to pay back the loan, and last for 5 years. If paying out cash-on-hand, you would lose your principle, and the interest very little it was earning, and then start replenishing that amount with the $300/mo of the increased rents you are now getting. By the way, if you are a DIYer, you should always figure your time is worth "something", unless all you were going to do with that "time" was watch TV. I'm just sayin.

Re: Upgrading Rental