Back in April I showed off one of my dad’s rental properties that was in dire need of a face lift.
Renovating an income property takes a much different approach than renovating your own residence.
The bottom line question is “Will the money I invest give me a monetary return in rent and value in the long run”?
For sure, the benefit of renovating is that you can increase your rent and you attract a higher caliber renter. But you can over do it. There’s a fine line to walk between investing too much in to your reno vs. not doing enough or doing it right.
We just finished the renovation so only time will tell how we did.
Here’s how we started…
The kitchen was fully contained in it’s own room.
Down came the walls.
Located Sugarhouse, UT.
Built in 1960’s, 950 sq ft, 2 bedrooms, 1 bath.
Great location! Walking distance to Westminster College and bus lines.
$1100. / month.
No smoking, no pets (firm).
If you know someone who is looking to rent in Salt Lake City, have them contact me (serious inquiries only).
Resources and review tomorrow on finishes used tomorrow.