I am in the process of finishing the attic space in my two family. I am debating between vinyl planking and carpet. We got a quote and the vinyl planking would be more than double the cost of the carpet (3,000$ more). What are your thoughts? I was at first thinking that having carpet in a rental property is not a good idea. There will be a bedroom in the attic space and just some extra living space.
Please, give me some input!
You may want to obtain some additional quotes or find materials that are more comparable in quality. I haven't run into a scenario where the cost of one is more than double the other. You'll find plenty of posts on BP discussing the vinyl plank options at HD and Lowe's that are reasonable priced and very easy to install. You may also have a handy friend or family member that could help with installation to defray some costs.
I do prefer the vinyl plank flooring as it will hold up much longer than carpet. That being said the carpet would provide some noise dampening and added insulation for the attic space, so I might make an exception. I would have a strong deposit so that if carpet was damaged it could be replaced from the deposit money.
If you must go forward, my 60 year old wife put down vinyl plank from Home Depot by herself. It's really simple and cheap. Carpet in an attic...how often would you have it vacuumed to get the dust and spider droppings out? Now that said, you do realize that any improvements to any investment property have to be capitalized and depreciated, they can't be expensed. The IRS is funny about that.