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Updated about 9 years ago,
Laminated or carpet for best Equity
Hi fellow BPs!
Firstly I apologize in advance for my newbie question but as a first time RE investor, i am in need of some experienced advice- if installing new carpets over laminated flooring will directly impact the value of a property when reassessing it for future equity.
I recently just bought a small property at much lower market price and plan to spend time and money to refurb it then rent it out. I am quietly confident that by the next 6mths the work is done, the property revalue price will be 37% higher (of the original purchase+refurb cost) base on recent comps.
The plan is then pull out what i original invested from this first property and reinvest it all on the 2nd (ultimate plan is 4 properties (min) in 5yrs).
I personally want to have a (good quality) laminated wood flooring over carpet but have heard horror stories of tenants flooding the home (mine is a slab) and super expensive to then replace the floors/baseboards. So carpets is better option for rental in a slab type home.
If I install carpets instead of laminated wood,would a appraiser inspector "marked down" a property resulting in lower revalue property? This ultimately mean less equity for me.
Pete