How Do I Decide When To Make Updates?

[Benjamin Beyer]

Hi BP Nation,

I've been a landlord for a couple years now and one thing that I've always struggled with is deciding when to update stuff in my property. 

An example of this is my one unit's electric range. It works fine but its about 15-20 years old and looks outdated. How do I decide where the line is between being conservative with my cashflow and spending a couple hundred bucks to make my property more desirable?

Thanks in advance for your insight.

-Ben

[Nathan Gesner]

Personal preference. The current stove could function for another ten years but once it breaks it's not worth repairing. If you wait, it may happen at a very inconvenient time for you and your budget.

If you are patient, you can find a like-new stove for $100 - $200. This will make your property more attractive and should prevent you from dealing with any maintenance/replacement problems for the next 5-10 years. I would start looking now and make the upgrade on your timeline.