I just bought a distressed single family lakefront property in a nice neighborhood for about $300k. The normal selling price is about $450k now. The house will need some repairs — mainly floor, paint, and repairs due to some water damage from a broken copper pipe in the basement. My plan is to rent it out for 2-4 years and then move into it. I will probably live there for 10 years and then sell it. I can't move into it now.
The house is about 30 years old, so some updating of the bathrooms and kitchens would be nice. It is a ranch house with two bathrooms. When would you suggest updating the bathrooms and kitchen:
- Now – this might be cheaper as there is already work taking place now.
- Before I move into it (2 to 4 years) – this would allow me to get brand new items to enjoy.
- Before I sell it (12 to 14 years) – this would allow the house to have the latest trends at the time of sale.
- Never – the current bathrooms and kitchen are functional, though look heavily used and dated. This is the cheapest option. A deep cleaning will probably restore it.
My contractor suggested I update the bathrooms now and the kitchen before I move in. He also said the current bathrooms are fully functional and could be used after a deep cleaning. I do plan to replace the commodes though.
Distressed property bathroom and kitchen updates — will first rent it, then live in it, and finally will sell it
byu/LowChallenge9904 inRealEstate
Posted by LowChallenge9904
2 Comments
If you don’t do it now, you won’t.
If your changing out the toilets already I would also change out the vanity and lights and possibly the mirrors. We just did that and materials for each bathroom were like 400 bucks plus labor to install. It’s not a huge investment but that plus paint will make the house look nicer. If there’s a tub you may consider re-glazing or if it’s a stand up shower kit those aren’t expensive to swap out either (but the labor may be)
Kitchens are important. I would probably update appliances now. For the right price it may make sense to do the full rehab now but if the cabinets are in good condition then you could leave it until you move it. Counter tops if they look good I would definitely wait. You can always do a glaze or similar on those for the time being.
I wouldn’t do anything crazy expensive before renting only because renters are unpredictable. They may be fantastic or they may destroy the home. But the nicer it looks the easier it is to rent