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Learn where your property sits relative to your market. Price accordingly.
An updated property gets you faster turnover and pick of the litter for tenants...
but it won't get you appreciably higher rent than the market as a whole will allow.
If you're in an $800/mo neighborhood you won't be attracting $1000 or $1200/mo tenants...
Focus instead on getting the best $800/mo tenant out there.
Quote:
...but the kitchen is "ewww".
I'm thinking after the current tenants move out, I'll spend $100 and install a ceramic tile countertop.
Think that would help rent it out quicker?
Nope. That kitchen needs a 70% to 100% remodel.
You can re-use the appliances (it looks like) but replace the cabs and tops.
If industrial grade DIY composition tile floors aren't par for the area... do them too.
While you're at it... lighting and paint.
Last edited by MrRational; 01-14-2013 at 07:34 PM..
Need your opinions..... both renters and landlords.
My bathrooms have new cabinets and granite countertops, but the kitchen is "ewww".
As a renter, do you get turned off by kitchens you see? Is it a make or break deal?
As landlords, are you able to command higher rent by doing small upgrades in the kitchen?
See, the kitchen has a new stove, and as a whole, the kitchen is very usable.
But it has 1960's laminate countertops.
I'm thinking after the current tenants move out, I'll spend $100 and install a ceramic tile countertop.
Think that would help rent it out quicker?
How high end is the rental? I think a solid kitchen is pretty important(because for the rest of the apartment you can make it look however you want pretty much because your furniture defines it so much more, the kitchen pretty much is what it is, and for bathrooms less people see them). I wouldn't upgrade too far past the level of the apt. If it's already $1500/month 1 bedroom(unless it's in a place like nyc where this isn't top end) I'd say it's a must if you are middle to low end it's debatabe(but overall I would say upgrade). Especially if it's a 1 bedroom mostly for young people(stereotyping a little but not too far off). For $100 though I'd say go for it, even if you only get $7 a month extra you are ahead. IMO the appliances are ok though.
I'm a renter.
The counters are a BIG turn off, but so are the cabinets and floors. You could replace the floor cheaply if you did it yourself and used an inexpensive laminate, and as for the cabinets, maybe just paint or stain and upgrade the hardware?
In buying and renting, a bad kitchen is a major deal breaker. I would NOT replace the countertop with ceramic tile. It's hard to keep clean. A more modern looking laminate would be much better, IMO. And I agree that floor is bad news, too.
I just rented a place with a much worse kitchen. It was clean (as clean as 50 year old linoleum and whatever-mystery-material countertops could be), but it was hideous. However, the combination of other elements made it worthwhile. It was a single-family house rather than a twin or apartment, it had a nice yard for my dog, and it was in a lovely town close to work.
So if it's clean and the appliances themselves aren't scary (and they look fine in the picture), there could be a good tenant out there for you without the need for an upgrade. I mean, I wouldn't want to buy a place with a kitchen like that, but it really isn't all that bad for a rental. Unless you're dealing with people looking for every modern upgrade (which people looking to rent houses aren't necessarily expecting or looking for), I think you'll be okay.
Edit: as further clarification, no, a kitchen like yours would not be a make-or-break for me. I've seen some nasty, grungy, and downright filthy kitchens in my hunts for rentals over the years, and those were deal-breakers. This would not be for me, and I love to cook. Is your place a house or an apartment?
Tile is not user friendly but would be 1000% nicer than what's in there. And the floor is another area that should be changed if you can do it on the cheap, although as a renter I'd buy some washable rugs to cover it if that was the only serious flaw.
I don't need new appliances, countertops or floors. Everything just has to work. I have to have a full size stove though, I like to cook and bake, and can't stand those apartment size stoves.
What is the current rent ... In comparison to similar rentals in your area? I only ask because if your rental is say, $500 less a month than very similar rentals, the people looking at it are going to expect old.
We looked at a rental above our budget, and we would have paid it, but ...
The kitchen was fabulous ... Remodeled to the nines ... Black granite counters, black slate floors, etc.
But,
The two bathrooms in the house were not only old (think 70's if that) ... but also tiny and disgusting .... And ... The wallpaper in the master bedroom was peeling off!
That (like a bad kitchen would be) was a deal breaker for me!
The guy probably (guessing) spent $40K on the kitchen, where he could have spent $20K on the kitchen, and $10K on each bath (as well as updating the master) ... and we might have spent the additional per month.
Now that I look at the photo again, your ewwww comment is spot on! And, installing tile counter is not going to help you!
Lay new large tile flooring, do it yourself, for a few bucks!
Hire someone that knows how to paint cabinets to come in and paint them a soft white. Only hire someone that give the cabinets a strong finish that will last!
Next, head out and spend a couple hundred bucks on new sleek hardware for all of the cabinets and drawers.
Then pick a nice solid surface for the countertops ... And not granite! Pick something like Silestone that can handle moisture, heat, etc. and it will last!
Lastly, if the appliances are old, dented, dirty ... replace them with mid range white or stainless!
Now that your bathrooms are new, and the kitchen has had a mid level upgrade, you will never want for a renter ... Unless the outside of the home is lacking as bad as the kitchen!
HUGz and good luck! Julez
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