I am in the process of fixing up my rental property and figured I would get a quote on painting the exterior of the house. I asked two buy and hold investors that I know about what they thought about painting the exterior of the property. Investor A told me they wouldn't paint the outside of the property since in that area it will not attract better quality tenants (Investor A owns a lot of rental properties in the area). Investor B told me it would be worth it to paint the exterior of the property since it would attract better quality tenants (Investor B does not own any rentals in this area). Each of them has given me great advice in the past, Whose advice would you listen to?
i would go with A he knows the market and ivests in the area.If the property needs painting as far as upkeep you should paint it to save costs down the road,or you plan to sell it
If the goal is to protect the siding and extend the life of the building because of peeling paint and sun damage, I would paint. If the paint is fine, but the color scheme is just ugly or unattractive, it's a very different question @Alex Maclagan !
The outside does matter. You may or may not be able to get $50 more in rent because it looks good, but the quality tenants will tend to apply, not just drive by!
Exterior painting can be incredibly costly. I'm inclined to trust A's advise ... since he has the first-hand knowledge. Painting is a great way to get more money when you sell a house ... it's not as a return on monthly rent.
It seems like investor A's advice is the way to go. Thanks for all the replies
Once I make a decision I bounce it off my board member, my spouse, once the board approves then I take action.
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