Granite or Formica Laminate?
This is a 180k 1975 Brick Style Duplex in Virginia.
The maximum I plan to rent out (after renovations) is $950 each side.
I would like to get Formica Laminate in granite style. Which would cost me under $500 for both units. But my friend recommends just getting granite.
- Will granite have any affect on what I can price the rent at and would it even be worth the extra $2,000-3,000?
- Will granite raise the value of the home enough to pay-for-itself in equity?
Not sure what your friend does for a living, but unless your unit is in luxury complex with most other units having granite, laminate should be fine. The ROI on granite vs laminate in a rental usually isn't enough to justify the cost of granite unless you are working with a high-end unit in a high-end area where such upgrades are the norm.
Granite counter tops can be a nice selling point to renters, however it's usually not a make-or-break item, and you will not get a higher rental amount from using granite instead of laminate in a rental unless it's brand new, in which case granite can be more of a highlight.
Your granite used in small kitchen duplex will not exceed $350 on granite each. Skip the back splashes and find someone or DIY for labor put on the existing counter. Replace the sink put a nice faucet. You get tenants right away,
In our area tenants want quartz now. No sealing, tougher. Tiled floors. If they see a modern kitchen they are opt to sign a lease otherwise they walk away. We can sell a home with real old kitchen in 1 week. Older kitchen units are hard to lease out.
B class rental property...definatly laminate.
Landlords that install high end products in B class rentals are only doin it to please themselves.
I'm a big fan of granite. Not necessarily because of the ROI in terms of increased rent (it can be a nice selling point, but most tenants don't care that much).
Rather, I like it because of it's durability. Where laminate countertops might cost you $500 and last five years if you're lucky and they never see a water leak or a hot saucepan, a similar-sized granite installation might cost you $750, but will literally outlast the rest of the house.
So that extra $250 now actually saves you several more $500 installations down the road - the lifetime cost of ownership is exponentially lower.
If you find a good granite guy who buys slabs in bulk, has a lot of remnant pieces, and works with a lot of investors, you may be surprised at the minimal difference in cost.