Renovations for tenant property.

I just purchased a property, a 20-year-old very traditional style house. I only have a $5,000 budget for renovations at the moment. Should I invest the money to improve the kitchen cabinets, replace the laminate counter top, and remove fluorescent lights to have better long lasting tenures?
Unfortunately, my budget is super tight at the moment. I am very concern if I leave the house as is, I wouldn't get the higher quality tenants.

Your professional advice is much needed!
Thank You so much!

Comments for Renovations for tenant property.

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Jun 09, 2016

by: Tom

Thanks for your question!

Without knowing all the details of the area, competition from other rentals etc. it's a tough one to answer.

With a limited budget sometimes you get the most return by replacing/cleaning flooring and a new paint job. However, if your budget can update the kitchen that would be great.

We find that updates to kitchens and bathrooms always get us the most return for our investment and efforts.

So if you're super tight on cash then clean the floors and put up some new paint. But if you can afford a kitchen refresh go for it. Again, without seeing this ourselves we're only guessing here, please know that!

Tom

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