How much Reno on a rental? Help me decide!

sje · May 2006

I found a top floorthru apt in terrible shape for rent on Sterling. I mean pieces of paneling cut up and nailed to cover doorways, etc. It's really, really beat. Not even low end Home Depot. The rent is cheap, the rent will not rise, but the place needs new w/w carpeting, light fixtures, paint, etc. Would you spring for this much reno on a long term rental? I'm stuck. Thanks for all opinions!

carnivore · May 2006

Subject: Re: How much Reno on a rental? Help me decide!

sje wrote: I found a top floorthru apt in terrible shape for rent on Sterling. I mean pieces of paneling cut up and nailed to cover doorways, etc. It's really, really beat. Not even low end Home Depot. The rent is cheap, the rent will not rise, but the place needs new w/w carpeting, light fixtures, paint, etc. Would you spring for this much reno on a long term rental? I'm stuck. Thanks for all opinions!

I would not spend any significant amount on renovating a rental (anything above painting and maybe shelves) unless you have a long term lease.

stacey · May 2006

Definitely do the reno - can be done very inexpensively. I know you do a lot of work from home and I think having a relaxing and nice place to work will help keep your creative juices flowing.

There is a place called Weisman's on McDonald Ave which is just like Home Depot but they have close out items which are much cheaper. If the floors are level you can get really inexpensive linoleum instead of wall to wall. I know of a place who sells rugs that are left over from jobs they do in office buildings (low pile, heavy traffic type carpeting) and they sell it for very cheap (the guy will install it for you on his own time and charges - if I remember - a fee of $100). Most carpeting places have a "budget" type carpet which is extremely reasonable. As far as doorways you can always hang curtains up instead of doors. Lighting fixtures (from Home Depot, Lowes and Pinchek) are not that expensive.

sje · May 2006

I'm getting the usual 2 yr lease with no increase. It's a situation where if we are both happy after that time, the rent remains the same indefinitely. The owner is lovely, she just wants a comfortable, stable situation. It's a 2 family and she lives downstairs. I hesitate to ask for a longer lease because I may decide to leave at that or a later point. I estimate 1500 to 2 grand worth of reno is needed. This is crazy, right? Other people get to move into places without spending that, but their rent rises every year. Oh, what to do??? I'm going to look at it again tommorrow, then decide. Pricing industrial lowpile carpet today.

sje · May 2006

You rock, Stacey!!! THank you!

alafairnadia · May 2006

sje wrote: I'm getting the usual 2 yr lease with no increase. It's a situation where if we are both happy after that time, the rent remains the same indefinitely. The owner is lovely, she just wants a comfortable, stable situation. It's a 2 family and she lives downstairs. I hesitate to ask for a longer lease because I may decide to leave at that or a later point. I estimate 1500 to 2 grand worth of reno is needed. This is crazy, right? Other people get to move into places without spending that, but their rent rises every year. Oh, what to do??? I'm going to look at it again tommorrow, then decide. Pricing industrial lowpile carpet today.

well, the easy way to figure this out is to multiply out some numbers. if the rent is, say, $1,000/month, that's $24,000 for two years. if you also spend $2,000 on renovations, that's $26,000 for two years. if a fully renovated, nicer place is going to cost $1,200/month then over the course of two years that's $28,800. you're saving $2,800 just by doing the renovations yourself.

obviously, I'm guessing at the rent numbers, but just do the math. if it's as cheap as you're implying, I'd go for it but be firm with yourself on how much $$ you're putting into it.

sje · May 2006

Perhaps I should be more discreet about this, but the rent is $1250. Over time, the 2 grand is not much, but right now, with first, last, security and fee, it's a heavy, heavy load.

carnivore · May 2006

sje wrote: Perhaps I should be more discreet about this, but the rent is $1250. Over time, the 2 grand is not much, but right now, with first, last, security and fee, it's a heavy, heavy load.

If you have such a good relationship with the landlord, maybe you can get her to split the cost of the renovations with you (since you will be increasing the value of the apartment).

sje · May 2006

I just met her, and I would be replacing brand new, formaldehyde smelling, high pile brown carpet she just installed. It's appalling and I can't live with it, but I don't feel I can ask her to kick in for some more.

carnivore · May 2006

sje wrote: I just met her, and I would be replacing brand new, formaldehyde smelling, high pile brown carpet she just installed. It's appalling and I can't live with it, but I don't feel I can ask her to kick in for some more.

Maybe for the doors, though...

sje · May 2006

It's an interesting layout, I may not even need doors. The apt includes the stoop and the front door which is a private entrance, so it also includes the entryway and stairs leading up to the top floor rooms. The doorways to the parlor level apt {owners} have been sealed {really poorly}, but it's purely private. I'm going to look at it again tommorrow before deciding, and hope a good coat of paint will somehow meld all differing materials into a visually palatable whole. Or not. :roll: Thanks so much for the feedback, guys.

alafairnadia · May 2006

also, what about having the carpeting steam cleaned? that might remove the stench, at least.

sje · May 2006

I think it's call "offgassing" Really unhealthy, and a hallmark of cheap, crappy carpeting. It gives off gasses for years, cleaning has no effect, besides it's just installed.

Here's info:
http://www.sierraclub.org/sierra/199703/hearth.asp

alafairnadia · May 2006

sje wrote: I think it's call "offgassing" Really unhealthy, and a hallmark of cheap, crappy carpeting. It gives off gasses for years, cleaning has no effect, besides it's just installed.

Here's info:
http://www.sierraclub.org/sierra/199703/hearth.asp

yuck! replace it!

pitu · May 2006

stacey wrote: Definitely do the reno - can be done very inexpensively. I know you do a lot of work from home and I think having a relaxing and nice place to work will help keep your creative juices flowing.

There is a place called Weisman's on McDonald Ave . . . .

Stacey, you are soooo my soul sister.
I got a birch veneer "kitchen starter set" at Weisman's 10 years ago. Soooooo cheap. It was the only place I could find something plain enough for me. They also have good simple bathroom stuff (like a beveled mirror medicine cabinet. simple, not cheesey and cheap looking. But CHEAP. It's an over-runs place.)

There's also Build It Green in Queens where you can get all kinds of salvage and donated overruns from jobs.
Or Ikea, but that actually gets to be more expensive.

I would totally put $$ into a place in your situation. It's less than a broker's fee. Better to sink a couple thousand and love the place you live -- I learned that from an Italian lady I used to work with, who would tear a place apart even if she was going to be there for only a couple months. She always had great accomadations.

Did you ask landlady about the carpet? She might require one for noise.
Me, I love a painted floor (also very cheap to do. Paints By George on MacDonald Ave, or Build It Green) . . . you can promise to take your shoes off always in the house.
For once I disagree with Carnivore, about asking her to chip in. If you pay for the reno, you get to decide how it looks. We're not talking about new plumbing or something really expensive - it's superficial but important to you changes, and cheap longterm rent.
Congratulations!

lots of resource info at
www.apartmenttherapy.com
scan the archives . . .

sje · May 2006

Th final decision: I met with my new landlady tonight, and she agreed to do most of the work, I will replace the carpet, and it's going to cost less than I thought, so I took the apartment! I will be a resident of Crown Heights in a month. Thanks to all who weighed in and gave me encouragement to renovate, it's going to be great. And Pitu, I love AT, read it almost every day!

sterling2000 · May 2006

Just by way of protection, most boilerplate leases have languages saying you have to "undo" anything you "do" to a rental upon the expiration of the lease. This can go for things as minor as painting, but can get ever stickier if the improvements are more involved.

As with all things, don't go on verbal, a handshake and good vibes -- get something in writing. A simple note stating what you will be doing and the cost with the landlord/owner's approval should suffice. Two years down the road, the two of you may be hating each other for some unforeseen reason. A little protection for you would be a good idea.

How much Reno on a rental? Help me decide!

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