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I've been having a hard time wrapping my mind around the logistics of taking care of some renovations on my house that I currently live in and want to convert to a rental. I need to:
-replace carpet with some new flooring in the entire house
-have ceilings scraped
-have new counter tops and cabinets put into the master bath and possibly guest bath
-paint entire interior
-misc items like broken window locks, outlets that don't work, etc.
I also am planning on moving out of state. I'm wondering how to manage this from a logistical perspective. Approximately how long (days, weeks, etc) do the above projects take to complete? Can these things be done while I'm still living in the house? If not, would I be better off moving to a temporary place nearby so I can oversee things? In that case, what happens with all my stuff; should I move it into temporary local storage, or perhaps move it to storage in my new city out of state, come back and oversee renovations?
Also, would there be tax implications for having the work done while I'm living here vs once I've "moved out" (even if staying some place local temporarily to make sure things are done properly)?
Wow, lots of questions. I am sure there are many ways to go about this. When I moved from one state to another this is how I did it in order to minimize stress and life disruption.
I am a single parent with three kids and several pets so I wanted to make the move as easy as possible on me, kids, and pets.
First, I found the home I wanted to purchase in the city where I planned to move. Made an offer, obtained mortgage, closed on house.
Next, I sold or donated the furniture and things that I didn't want to move.
Then I rented a pod and packed it with everything we wanted to move.
Moved into new house.
Now that the old house was empty I bid the remodeling jobs out. Got the work done.
Cleaned the newly remodeled old house and listed with an agent. Got an offer in a few weeks and closed 6 weeks later.
That is my plan for accomplishing an out of state move in the easiest possible manner.
As far as tax implications, I can't answer that except the state that I moved to offered a generous tax credit toward relocation. This paid for my pod, mileage, and various other expenses.
Wow, lots of questions. I am sure there are many ways to go about this. When I moved from one state to another this is how I did it in order to minimize stress and life disruption.
I am a single parent with three kids and several pets so I wanted to make the move as easy as possible on me, kids, and pets.
First, I found the home I wanted to purchase in the city where I planned to move. Made an offer, obtained mortgage, closed on house.
Next, I sold or donated the furniture and things that I didn't want to move.
Then I rented a pod and packed it with everything we wanted to move.
Moved into new house.
Now that the old house was empty I bid the remodeling jobs out. Got the work done.
Cleaned the newly remodeled old house and listed with an agent. Got an offer in a few weeks and closed 6 weeks later.
That is my plan for accomplishing an out of state move in the easiest possible manner.
As far as tax implications, I can't answer that except the state that I moved to offered a generous tax credit toward relocation. This paid for my pod, mileage, and various other expenses.
Thanks for sharing your experience. I'm a single woman with some chronic pain conditions so this whole thing is so stressful to me.
How did you manage to buy a house out of state -- did you make frequent trips to your new city looking for suitable homes?
I was thinking that ideally I'd rent first, so that perhaps I should first rent an apartment in my new city, move my stuff to it, and then do the renovations on my old city. But then I wonder about how I would oversee the renovations at the old house - how did you manage it?
I'll definitely be hiring a PM, but I think I should be around to make sure the work on the house goes smoothly.
One doesn't have anything to do with the other- I asked the question because some people think being a landlord is relatively easy- it isn't; especially if you're out of state.
So, since you're going to have the property managed by a third party- tackle the things that absolutely need to be fixed or repaired- REPEAT; "fixed or repaired". Leave cosmetic issues alone. Find a management company you feel comfortable with, meet them at the house, and do a walk-thru. The questions you need to ask are based on the cosmetic issues- should they be changed? If so, how does this affect an appropriate monthly payment? And how does it affect the maintenance by the management co? People tend to put more personal interest into these things- having a neutral party assess your "ideas" may help with cost- near future, and down the road.
Whatever you decide to do or not do, there is a "critical path" to accomplishing the tasks.
Thanks for sharing your experience. I'm a single woman with some chronic pain conditions so this whole thing is so stressful to me.
How did you manage to buy a house out of state -- did you make frequent trips to your new city looking for suitable homes?
I was thinking that ideally I'd rent first, so that perhaps I should first rent an apartment in my new city, move my stuff to it, and then do the renovations on my old city. But then I wonder about how I would oversee the renovations at the old house - how did you manage it?
It helped that I knew exactly what I was looking for in a house and neighborhood, and I knew the area where I wanted to live. I was able to be very specific with my real estate agent so he could narrow down available properties and we didn't waste time looking at houses that didn't meet the criteria.
I spent three or four long days, over a couple of weekends, looking at houses and found the one I wanted. All the paperwork was faxed or overnighted back and forth so I didn't have to make extra trips.
Renting first is a good idea. I considered it but with several pets and three kids it just would have been too much hassle. My main goal was making the move as stress-free as possible.
Definitely rent PODs or ABF Upack and put absolutely everything you can live without into storage. They will transport it to your new place on the date you specify.
None of your projects should take very long, but coordination will be tricky. Tear out the carpet, scrape the ceilings, paint the walls, then have the floors installed, then cabinets/counters/repairs. In that order. Do you have a general contractor who can over see this? I think a month is reasonable if you time everything properly.
I think living there would be tricky since it sounds like every room in the house will be involved. I'd rent a camper or buy one cheap and park it in the driveway.
Definitely rent PODs or ABF Upack and put absolutely everything you can live without into storage. They will transport it to your new place on the date you specify.
None of your projects should take very long, but coordination will be tricky. Tear out the carpet, scrape the ceilings, paint the walls, then have the floors installed, then cabinets/counters/repairs. In that order. Do you have a general contractor who can over see this? I think a month is reasonable if you time everything properly.
I think living there would be tricky since it sounds like every room in the house will be involved. I'd rent a camper or buy one cheap and park it in the driveway.
POD or ABF is a great idea. And the camper idea is brilliant! Thanks also for letting me know the correct order of things. I am not sure whether to use a general contractor or not, to be honest.
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