If you had only $15k for improvements would you do an Oil to gas conversion with AC or new windows. They both need to be done, but the bank is only willing to give me $15k.
What makes more immediate sense for better rents or value added.
I can always improve other areas later in the year or after I close on the property.
Thanks in advance for your advice.
What does your area have for "normal"? In my areas people don't add in higher "costs". For example, we have two houses that are ultra efficient and have 30% lower utility bills get no more than our other houses. Actually they rent for less because of smaller backyard and closer together units make them less desirable. Even though the summer bills are $130 versus $300. So make sure you look at the local demographics and expectations to see what adds value.
It depends on how bad of shape each on is. If the furnace is broken, I would replace it over unattractive or old windows. If the windows have broken glass and the furnace is old but functional, I would replace both. If the furnace is broken and there are broken/missing windows, I would get estimates on repairing them instead of replacing them.
Great....no the furnace is in great shape and I do have broken windows.
A light bulb just went off. My motivation was to just take the 15k and do something with it. In fact, I dont need to go there.
I need to make sure I dont have a lead issue and fix the windows. I need to do whats required to stay in code and make major improvements later.
Its so easy to get emotional and focus on the wrong picture. Being a future landlord is a total different mindset then getting passionate about what would make me warm and fuzzy.
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