Does it need to look good aesthetically or everything functional, sets it apart from others For Lease listing??
Thanks everyone for sharing their opinion
How Much Renovations Required for Renting out a Property
Liamhunter on 09/04/2018 - 01:46
Last edited 09/04/2018 - 20:15 by 1 other user
Last edited 09/04/2018 - 20:15 by 1 other user
Comments
Depends on location, how much money you want to make, what actually is functional or not functional, the type of people you want renting there etc etc etc.
How long is a piece of string
Twice as long as half its length.
As long as it’s functional. If you in a highly desired suburb it will get rented if the price is right regardless of it appearance (mostly). People will obviously pay a little more for the curb appeal and the modern ammenities, but will that little but extra actually be worth it what you spent? Most likely not… as a rental, things will break and need repairing etc. save yourself the headache and don’t do anything unnecessary that will cost a lot later on to keep it maintained when the next round of leasing is due.
Do the bare minimum before you can legally even advertise it (smoke alarm/water efficiency/tampering valve for hot water - differ from states to states) then whatever else the agent recommends/make their job easier?
There’s a few groups of people who rent
The people who are happy to be in a house somewhat falling apart
The people who are happy in a newly renovated house
The people who are happy in a house which hasn’t been renovated but isn’t falling apart
The people who only rent new/relatively recently built houses.
Totally depends on where it is. You can rent something that's full of holes with water leaking everywhere in inner Sydney, people are so desperate for somewhere. It also depends on the kind of tenant you want, nicer = more rent = wealthier tenants.
Also you probably want hard-wearing rather than pretty.
Vague question. What is the property type and location? What is the current condition?
Renting it out may not be the issue, but having a high turnover of tenants may be.
Desperate people rent anything available, but move out quickly as soon as there is a better option available. You wan to have your tenants comfortable enough to want to stay and long term. Longer term tenants tend to be the least hassle.
If you put one of these https://www.etodoors.com/quinque.html/ types of doors in, you can charge an extra $20-50 a week, or so I've noticed.
Really? Well that's interesting. If your observation holds true then it seems to be a pretty nifty investment!
If its inadequate for you to living in it, then same goes to the person who renting it.
Not an owner but I would suggest that if you do renovate that you would go with white walls and timber floors, as far as aesthetics go this is by far the most popular with tenants.
Thanks for those wise words, will look into it
depends on how much you want to charge for rent..
renovate once you have maximised deductions from your depreciation schedule accordingly.
too open ended