how much should i be spending to remodel a potential rental property
l live in the house right now, so l have been putting a little extra cash
into nicer materials and appliances. i will probably end up renting it out
in about 5 years. my problem is the thought of somebody having their kids
slamming pots and pans against granite countertops and things of that
nature. should l be splurging for natural stone and stainless appliances,
should l bargain shop for the bare necessities?
It depends on the caliber of tenant you expect, as well as the
caliber of the property itself. If this is an average 'run of the mill'
house, do not bother with such niceties. Provide good sturdy melamine
countertops, along with reasonable appliances which provide good service.
NO natural wood floors or anything similar. Use materials which appear
well, and are very resistant to damages.
banging pots & pans on the countertops is probably the least of
ur worries with renters. when my renters left i found a small animal carcas
inside under a bed, the windows nailed shut (cuz they broke the locks), the
storm window frames bent out (as if someone was hanging from them), burnt
window sills, a rotton sub floor in the bathroom, etc. oh yeah & multiple
bottles of lice shampoo, & something sticky covering the top of the fridge
that I can not get off no matter what cleaner i used. when you move out, definately take ur appliances with you, do not supply them for the tenant, & collect as much of a security deposit as you legally can. make sure you have a large maintenance fund set aside for emergency repairs & regular maintenance (cuz there will be plenty of that for you to take care of). i would say for you to put as much money in savings as you can for ur next home & only upgrade things that absolutely need to be upgraded for functionality, not cosmetic desire. expect ur tenants to treat ur property exactly the opposite of the way you would treat it. good luck
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