Time to work on the renovations!!
So, the house wasn’t pretty. That was obvious. We certainly want to address the visual appeal before we seek out tenants. Of course – and we will. At the outset, we know we want to replace appliances if we need to, change all the flooring to something way more modern, paint the entire house — things like that. So we have allotted some budget towards that.
Flooring – we talked it over and wanted basically one type of floor for the whole house. We thought about hardwood, we thought about tiles, we thought about laminate and we thought about vinyl planks. In the end, we chose vinyl plank flooring. It’s a little more expensive than laminate flooring – and it’s not fully used in residential applications for the masses – but it’s the winner for us. It’s durable as hell, it doesn’t get water-damaged, it’s thin and easy to install, and it doesn’t need any underlayment. So we factored everything in and made the call to buy a ton of these vinyl planks. We’re in for just over $5,000 for the materials on that. Plus we’ll pay for installation, because I don’t plan on doing any of that 🙂
Painting the whole place – we want one solid type of white for everything. That’s our style, it’s modern – it works. Painting the entire house will cost about $6,000-7,000 all in. We’ll replace appliances we find aren’t up to par, and we’ll swap out some cupboard cabinets to freshen up a kitchen. In the upstairs we had WAY too much kitchen for that small a space. So we’re splitting it in half and we’re bringing one of the halves into the basement.
Besides being way prettier inside – one of our competitive advantages is going to be the fact that we are introducing separate washer/dryer units for the larger 2 units. The tenants will NOT have to go to a laundromat. Those of us with laundry units understand how important this feature is. The washer/dryer combos we scored were $1100 each. Well worth it, in my opinion.
These interior upgrades (and some other ones) are important – sure. But, we’re doing WAY more than this to make this a long-term turn key investment. For that, we’re looking at ways to improve the longevity of some of the bigger ticket items: foundation & plumbing.