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Just to throw another opinion into the mix.....
Although I understand and generally agree with what everyone else has said so far,it does ultimately depend on your particular situation,building, neighborhood,landlord,etc.It boils down to you analyzing all the factors and figuring out what the chances are that you will be able to happily live there for a long time without being punished for your investment.
I know it is a gamble but I do personally know a number of people who have done major work on their rental apartments more than once and they are still living in stabilized apartments on the UWS that they rented in the 1970's .They have redone kitchens and bathrooms more than once,built in walls of bookcases,etc
Of course I also know people who bought apartments on the UWS back then for $50,000 that are now worth over a million.
This is too tricky so I won't recommend one way or the other.Only you can put all the pieces together to get the right picture. I am just saying that I know people who took the chance and are happy that they did.
Just to throw another opinion into the mix.....
Although I understand and generally agree with what everyone else has said so far,it does ultimately depend on your particular situation,building, neighborhood,landlord,etc.It boils down to you analyzing all the factors and figuring out what the chances are that you will be able to happily live there for a long time without being punished for your investment.
I know it is a gamble but I do personally know a number of people who have done major work on their rental apartments more than once and they are still living in stabilized apartments on the UWS that they rented in the 1970's .They have redone kitchens and bathrooms more than once,built in walls of bookcases,etc
Of course I also know people who bought apartments on the UWS back then for $50,000 that are now worth over a million.
This is too tricky so I won't recommend one way or the other.Only you can put all the pieces together to get the right picture. I am just saying that I know people who took the chance and are happy that they did.
I agree with this. Personally I'd never sink my money into a rental place. Also have you thought about how much rent could possibly go up in 5-10 years? Is the place rent-controlled?
I think the majority of people would get more satisfaction living in a place they own rather than in a rental unit. But ultimately everyone is different. You did deal with your kitchen for 10 yrs...why not another couple years before buying a place?
Thank you everyone for your reply. My husband can't agree with you all more! I really am going to consider moving. I hate to, with the rent price so cheap. My son is getting older, and eventually will need his own room. I may just have to sacrifice space and money. I guess I will keep looking and just live it out.
Personally I'd never sink my money into a rental place. Also have you thought about how much rent could possibly go up in 5-10 years? Is the place rent-controlled?
I think the majority of people would get more satisfaction living in a place they own rather than in a rental unit. But ultimately everyone is different. You did deal with your kitchen for 10 yrs...why not another couple years before buying a place?
Good luck
Same view here.
You'd be giving a gift to the landlord, and that money would be better spent by moving/buying elsewhere ... especially since remodeling costs inevitably will be higher than anticipated, and things can change: building sold, maintenance goes to hell, disputes with landlord, rent issues.
And be aware of lease terms and tenant obligations -- because as ViralMD said earlier: When you move out, the landlord can insist that you return the place to its original state. No matter how well you "improved" things, he can claim that it's detrimental, since it was tailored to your subjective wants and interferes with his own plans. He also can insist that you leave new fixtures or appliances that you'd rather take with you.
Even if you're still living there ... if a problem pops up, he can claim that it was caused or complicated by your remodeling and/or the people who did it.
Anecdotal FYI:
-- Friends of mine were longtime renters; loved their apartment; spent a bundle to remodel and expand closets; and had to move within 18 months, due to new-owner/maintenance issues.
-- Another friend had floors and cabinets beautifully redone at his own expense ... but when he moved, the landlord withheld the deposit and claimed additional damages: The re-do didn't "work" for the LL, and the LL said it complicated his own renovation plans. (I know one guy who was similarly penalized for creating one exposed-brick wall and refacing some cabinets, and another who had to return his improved-kitchen-with-island to its original state.)
And don't even _think_ about major structural alterations, like wall-removal.
It would be different if the landlord were redoing the place anyway, and you just kicked in a relatively few bucks for better tile, paint, or kitchen floor, installed by the LL's own hirees.
But in any other case -- since it's not your property, don't spend (or act) as if it is.
I feel you! The super did say I was due for a paint job. I finally got my tub re-glazed due to a few 311 calls. Again, I want to move, but just saw a place last week. The building was horrific. Purchase price was 175K and mainatence was $810 (what kind of mess is that!!!) Not to mention how tiny it was, like 850 sq ft. My 1 bedroom is over 1000 sq ft. Its like im stuck here! I really just might to some practical things. And just stay and wait for the MegaMillions!
I wouldn't do it especially being that your renting the apt. When I was growing up I had a neighbor who did the same exact thing, she replaced all the doors in her apt and retiled the floors herself etc. put a new stove in etc etc. The thing about it was, this was in the projects and when one of her kids had moved out, housing immediately moved her to another apartment! They converted the apt back to its original form and all, just dismantling all that work she did. I think that if you really want to put some work in on an apt, let it be something that you own. I can understand that you want to fix it up, but that shouldn't come out of your pocket. I agree with what some of the other posters said and have a discussion with your super/landlord about it.
If it's going to make you happy and bring you peace of mind I think you should SERIOUSLY weigh that. I hate to be the "life is short" person but seriously LIFE IS SHORT and we are not promised tomorrow so don't be foolish today but don't suffer either. YOU know your situation, what you can afford, what is out there for you to buy, and how often you look at that kitchen and want to cry. You seem to love your rental and are willing to live there longer and there are several other things no one else has put out there for you to consider. 1. If you live there for 5-10 more years yes you would have invested $5,000 but how much more would you have been able to SAVE while being HAPPY instead of miserable to eventually put down on your your own place. 2. To eliminate the issue of "moment of insanity...put it back to crappy condition" disclose to the landlord or owner what you want to do and see if they will approve it in writing if you pay for it all. Also, if there is some possibility of you losing your lease make sure to renew it for longer or whatever you have to do to secure your position BEFORE you make those changes. 3. You already said that your husband can do some of the work and in this economy if you can get some out of work construction workers or specialists to pitch in too for a reasonable fee (assuming your husband can map out the blueprint or plans himself or at least follow them) you could save a lot of money and what man would not be PROUD to put work into making his wife truly HAPPY with his own hands. That's a take charge man if I've ever seen one 4. I believe (once again maybe it's my free California Girl thinking) that once you settle into your newly fixed apartment, you take the pressure off from looking for apartment, you get rid of the sadness that comes from feeling like you are STUCK in a place you hate, and you just breathe and smile because your living environment matches the dream in your head you will be living your best life and that is worth $5,000 (especially when you have $15,000 more in the bank...lol). If you can be smart about the changes and make sure that all of those worst cases about you having to put it back or getting kicked out to rest I think that it COULD be the best move for you. Sometimes when things are not working out the way we want there is a reason. Maybe it's not time for you to buy. Maybe if you did and there was a job loss or illness or something else down the line you would regret it. God (the Universe or whatever you call him/it) sometimes will close doors to protect us from ourselves. Look at all of those people that jumped into mortgages and thought they could "flip" properties or they were enticed by big promises living beyond their means and not only did the mortgages go up but a lot of them lost their jobs and I think if they took that money and fixed up what they had to make it nicer they would be in a much better place right now. Lastly, you could always write HGTV and tell them your story, give them the link to this thread and really spell out your situation. They have shows that help people out if it's helping you to find a new place you like, or fixing up a new place to make that space FEEL bigger OR maybe working out something with your landlord to fix up the place you have. Have a little faith and go with your gut instinct. I don't think you came here to have everyone stomp on your dream I think you wanted validation, support and a reasonable approach to your situation and for SOME reason when I was supposed to be putting together my ROOM MOM letter for our first graders Halloween party I Googled "should I fix up my rental" and came here....lol (I guess I'm also speaking from the point of view of a person in a similar...but no so similar...situation). Hope it all works out. I'd be interested to know what you did. Always with faith and love, NicoletteRead more: [url]http://www.city-data.com/forum/new-york-city/696895-should-i-remodel-my-rental-apt-3.html#ixzz0VFTkFjLg[/url]
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Might be stuck in my ugly home!
Not to mention how tiny it was, like 850 sq ft. My 1 bedroom is over 1000 sq ft. Its like im stuck here! I really just might to some practical things. And just stay and wait for the MegaMillions!
4. I believe (once again maybe it's my free California Girl thinking) that once you settle into your newly fixed apartment, you take the pressure off from looking for apartment, you get rid of the sadness that comes from feeling like you are STUCK in a place you hate, and you just breathe and smile because your living environment matches the dream in your head you will be living your best life and that is worth $5,000 (especially when you have $15,000 more in the bank...lol). If you can be smart about the changes and make sure that all of those worst cases about you having to put it back or getting kicked out to rest I think that it COULD be the best move for you. Sometimes when things are not working out the way we want there is a reason. Maybe it's not time for you to buy. Maybe if you did and there was a job loss or illness or something else down the line you would regret it. God (the Universe or whatever you call him/it) sometimes will close doors to protect us from ourselves. Look at all of those people that jumped into mortgages and thought they could "flip" properties or they were enticed by big promises living beyond their means and not only did the mortgages go up but a lot of them lost their jobs and I think if they took that money and fixed up what they had to make it nicer they would be in a much better place right now. Lastly, you could always write HGTV and tell them your story, give them the link to this thread and really spell out your situation. They have shows that help people out if it's helping you to find a new place you like, or fixing up a new place to make that space FEEL bigger OR maybe working out something with your landlord to fix up the place you have. Have a little faith and go with your gut instinct. I don't think you came here to have everyone stomp on your dream I think you wanted validation, support and a reasonable approach to your situation and for SOME reason when I was supposed to be putting together my ROOM MOM letter for our first graders Halloween party I Googled "should I fix up my rental" and came here....lol (I guess I'm also speaking from the point of view of a person in a similar...but no so similar...situation). Hope it all works out. I'd be interested to know what you did. Always with faith and love, NicoletteRead more: [url]http://www.city-data.com/forum/new-york-city/696895-should-i-remodel-my-rental-apt-3.html#ixzz0VFTkFjLg[/url]
