My wife and I are looking to convert our current house into a rental. We are looking into replacing the carpet in the living areas with a laminate flooring and updating the master bathroom. The kitchen appliances could probably use updating as well. Any suggestions?
What rental price range?
How is the carpet? If it's OK, you might keep it accept pets for extra rent.
Is the carpet shabby? If not, wait until the tenant wears it out to do the laminate. Ditto with the appliances. If they are on their last legs, consider replacing. Otherwise I can't see the upgrades being worth the cost to you. Unless maybe you are renting it as a high-end luxury home.
Thank you for your reply. The price range is $1,300-$1,500.
We have two dogs so the carpet is a bit worn, on a scale from 1-10 probably a 5.
Really good thread here: http://beta.biggerpockets.com/forums/52/topics/680...
May not be exactly what you're looking for, but there are some great ideas in it. I've followed many of them.
Without knowing your specific market, it is hard to say what is reasonable to do. I am often guilty of wanting to over-improve. It is easy to do.
I would suggest evaluating your house as a rental first. My wife and I did this last year, we had rentals and we figured why not! The problem is our rentals are designed as rentals and the house was designed as our house. There are features that you would put in your house that you wouldn't even dream of having in a rental. Because of this our house makes a horrible rental. It takes more money to keep the landscaping up, fencing, shed, hepa filter, etc. Renters are not going to give a hoot about the property and it needs to be nearly maintenance free. If I would have known what I know now I would have just cut my losses and took the proceeds to buy a rental. In the long run I would have been better off.
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