Granite, Quartz, or just plain stupid?!?!
So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?
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The most cost efficient option don't spend money on items that will not improve your homes value. You also have opitons like Market Place or Outlet centers to buy appliances at a fraction of the cost to add a new look to a kitchen or bathroom. Cut corners to increase cash flow and don't waste money on anything that takes away from your liquid reserves without adding equity.
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Either work, buyers care about that more than tenants.
Quote from @Brandon S. Pangman:
So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?
It depends on the quality of the home. My preference is quartz because it requires less maintenance and has a wider option of colors.
Seems like quartz is more popular these days. Should you do granite or quartz? Definately!
Quote from @Michael P.:
Seems like quartz is more popular these days. Should you do granite or quartz? Definately!
Thank you.. helpful. Affirming.
Quote from @Nathan Gesner:
Quote from @Brandon S. Pangman:
So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?
It depends on the quality of the home. My preference is quartz because it requires less maintenance and has a wider option of colors.
@Brandon S. Pangman you have to look at the cost of recovery. These are made up numbers. If you spend $1500 and get a $100 per month increase. it will take you 15 months to get back your investment. If you spend 40k to get back $400. It will take you $40000/$4800 will be 8.3 years before you get your investment back. Good luck.
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Quartz. And go find a pre-finished stone place. They have slabs with pre-edged finishes on the sides and front. All the installers need to do is cut out the sink and faucet holes. You can do an average kitchen for under $3000.
You have to decide if it is worth it on a rental.....?
Quote from @Eliott Elias:
Either work, buyers care about that more than tenants.
Thank you. You are probably right in saying that I am over thinking it!
Quote from @Bruce Woodruff:
Quartz. And go find a pre-finished stone place. They have slabs with pre-edged finishes on the sides and front. All the installers need to do is cut out the sink and faucet holes. You can do an average kitchen for under $3000.
You have to decide if it is worth it on a rental.....?
Appreciate the feed back! I think it is. I believe I can draw a high clientele.... which will lead to less problems... not that I have many problems now.
Quote from @Tim Herman:
@Brandon S. Pangman you have to look at the cost of recovery. These are made up numbers. If you spend $1500 and get a $100 per month increase. it will take you 15 months to get back your investment. If you spend 40k to get back $400. It will take you $40000/$4800 will be 8.3 years before you get your investment back. Good luck.
Thank you. I am hoping (fingers crossed) cost of recovery will be narrowed by keeping tenants longer and getting a better renter (less work in between) renters over the long haul. Thoughts?
Quote from @Michael P.:
Seems like quartz is more popular these days. Should you do granite or quartz? Definately!
I appreciate the emphatic response to doing it!
Quote from @Jason Wray:
The most cost efficient option don't spend money on items that will not improve your homes value. You also have opitons like Market Place or Outlet centers to buy appliances at a fraction of the cost to add a new look to a kitchen or bathroom. Cut corners to increase cash flow and don't waste money on anything that takes away from your liquid reserves without adding equity.
Lots here to process....
@Brandon S. Pangman The better tenants are usually looking to buy a property in the near future. Will your upgrades keep the tenants longer. I don't know. It does make it easier to rent.
Quote from @Brandon S. Pangman: Thank you. I am hoping (fingers crossed) cost of recovery will be narrowed by keeping tenants longer and getting a better renter (less work in between) renters over the long haul. Thoughts?Yes! This is something that too few landlords take into consideration. Nicer materials can result in faster rentals and less turnover which puts money in your pocket. One tenant told me he knew the place was for him when he saw I had installed an elongated toilet instead of the standard bowl.
BTW, I'd go with quartz. I'd also talk with the smaller cutters/installers and see if they have any pieces left. I have one that is a friend and he frequently has remnants large enough for a two sink vanity. And occasionally he will have full pieces where the customer changed their mind.
Quote from @Brandon S. Pangman:
So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?
I always improve my properties one grade above the area. That is, C areas get B finishes etc. Tenants do care, and it helps me stand tall against the competition and rent my homes faster.
Generally my B area renovations get granite countertops. A areas, quartz, unless I can find a particularly pretty slab that goes with my design. Either are way more durable then Formica, though granite requires periodic sealing.
Quartz is subject to discoloration if a hot pot is put on it. Granite can stain if you do not reseal regularly.
I put these in my places. I like Granite better and I make sure I reseal regularly.
Quartzite is a terrible choice, easy to scratch, I had someone write on it with a pencil can not get it off.. stay away from that.
Tile is so old looking, Formica is worse..
Try and Find someone that will epoxy over the old ones for cheap if that's an option. IMO it looks good, its cheap and your not going to mad when you have to replace them.
@Brandon S. Pangman how much profit will you make if you get the top end rent? I would suggest that you anchor your renovation spend to your projected profit for a year on the unit. A cash out refinance is an option as well, but interest rates will bite into your profits. We completed two cash out refis this year, one in March with a 4.75 rate and a second in May with a 6.25 rate; the 6.25 rate is reasonable but obviously eats into our cash flow.
If you plan on a cash out refi, go with low end granite & I would redo your flooring in the kitchen and the living with a mid level plank vinyl. An appraiser will give you max value for these updates, you can pay for the renovations this way and likely pay yourself with a portion of the refi proceeds.
Low end granite, mid grade vinyl = max appraised value & high end tenants.
Quote from @Olivia Grabka:
@Brandon S. Pangman how much profit will you make if you get the top end rent? I would suggest that you anchor your renovation spend to your projected profit for a year on the unit. A cash out refinance is an option as well, but interest rates will bite into your profits. We completed two cash out refis this year, one in March with a 4.75 rate and a second in May with a 6.25 rate; the 6.25 rate is reasonable but obviously eats into our cash flow.
If you plan on a cash out refi, go with low end granite & I would redo your flooring in the kitchen and the living with a mid level plank vinyl. An appraiser will give you max value for these updates, you can pay for the renovations this way and likely pay yourself with a portion of the refi proceeds.
Low end granite, mid grade vinyl = max appraised value & high end tenants.
Quote from @Brandon S. Pangman:
I think top end is $1600. However, I was just going to pay for it. I don’t want to refi because I have a 30 year fix on this 4 plex… but maybe I should. I am currently clearing $500 cash flow on each unit ($2000 on the whole building).
Quote from @Olivia Grabka:
@Brandon S. Pangman how much profit will you make if you get the top end rent? I would suggest that you anchor your renovation spend to your projected profit for a year on the unit. A cash out refinance is an option as well, but interest rates will bite into your profits. We completed two cash out refis this year, one in March with a 4.75 rate and a second in May with a 6.25 rate; the 6.25 rate is reasonable but obviously eats into our cash flow.
If you plan on a cash out refi, go with low end granite & I would redo your flooring in the kitchen and the living with a mid level plank vinyl. An appraiser will give you max value for these updates, you can pay for the renovations this way and likely pay yourself with a portion of the refi proceeds.
Low end granite, mid grade vinyl = max appraised value & high end tenants.
this is so helpful! I was looking for some practical advise as well as financial! And you brought it! Thank you.
Quote from @Jack I.:
Quartz is subject to discoloration if a hot pot is put on it. Granite can stain if you do not reseal regularly.
I put these in my places. I like Granite better and I make sure I reseal regularly.
Quartzite is a terrible choice, easy to scratch, I had someone write on it with a pencil can not get it off.. stay away from that.
Tile is so old looking, Formica is worse..
legit advice and very helpful.
Quote from @Gary L Wallman:
Quote from @Brandon S. Pangman:
So I am going to be doing a major renovation on a unit. Current rent is $1150 but I believe I can get $1500/1600 if I ball out on the renovation. My question is what type of hard surface countertop would you use? Granite, Quartz.. or am I being stupid?
I always improve my properties one grade above the area. That is, C areas get B finishes etc. Tenants do care, and it helps me stand tall against the competition and rent my homes faster.
Generally my B area renovations get granite countertops. A areas, quartz, unless I can find a particularly pretty slab that goes with my design. Either are way more durable then Formica, though granite requires periodic sealing.
again! Very helpful! Thank you!
Quote from @Greg M.:
Quote from @Brandon S. Pangman: Thank you. I am hoping (fingers crossed) cost of recovery will be narrowed by keeping tenants longer and getting a better renter (less work in between) renters over the long haul. Thoughts?Yes! This is something that too few landlords take into consideration. Nicer materials can result in faster rentals and less turnover which puts money in your pocket. One tenant told me he knew the place was for him when he saw I had installed an elongated toilet instead of the standard bowl.
BTW, I'd go with quartz. I'd also talk with the smaller cutters/installers and see if they have any pieces left. I have one that is a friend and he frequently has remnants large enough for a two sink vanity. And occasionally he will have full pieces where the customer changed their mind.