Buying a duplex as a house hack in February. Both units are vacant 2 bed 1 bath. Wanting to update before listing and renting in June.
Based on previous articles I found a lot of what are good things to update.
Current expected updates come February will be: new flooring in all living and bed rooms rooms (currently all carpet), painting all walls, electronic keypad deadbolt locks, new sink faucets, new shower heads, new kitchen faucets, and replacing all bulbs with leds.
All electrical and plumbing was redone in 90s and heaters are forced air 2010, and water heaters are both gas 2012.
Is there anything else that should be updated that is worth the investment big or small?
Congrats on taking your first step.
I would caution you that reading articles is OK for ideas but not a good way to decide what to implement.
What you need to do is understand what is going on in your neighborhood. Go check on other similar rental properties and compare finishes vs rent asked.
You may find that your plan is over-improving the property. In that case you are making improvements the tenants may like but cannot pay for.
You may find that your plan is under-improving the property. In that case, it may take longer to rent your unit or you will have to accept undesirable tenants because all the good ones can go get a nicer property next door.
Pretend you are a tenant seeking a place to live and compare your property to the others. Then look at the costs needed to optimize rent and minimize vacancy. That is the only way to know the right level of improvements you need to make.
Thanks for the help Greg! As is current owner had rents for 550 and similar properties rent for 650 to 700 with laminate floors and minimal paint, the only difference is they have washer/dryer. Do you think I should spend the extra on plumbing the washer and hooking up a dryer since the property has no hookups right now? Also besides cost for the washer dryer themselves how much should I budget for the installation?
You will want to make sure there are washer and dryer hookups at a minumim.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing