Remodeling Advice on a Rental Property

[Evina Nonato]

Hi,

I have just bought my first rental duplex.  My goal is to live on one side and rent the other side.  Any suggestions about how to remodel in a smart way that would attract tenants and increase home value but not overspend?  My current budget for renovation is $15,000 - but would prefer to spend less if possible.  For example, I was thinking of doing 3 renovations:

1) Change out the old 1958 original glass windows to newer plain vinyl energy efficient windows.  Is this a good idea?  I think this will definitely save the renter and myself a lot of money in the long run as far as our bills go.  

2) There is a very large return grill on the floor in the living room leading to the hallway to the bedrooms.  I understand this is common in old homes.  The house was updated prior to me purchasing it and this return grill is obsolete and is non-functioning.  I worry about tenants (children or animals) putting something down there or getting injured.  The surrounding floor is original hardwood.  What would be the most efficient cost-effective way to fix this problem?  Do I have to redo all the floors?  Can it just be patched and then maybe restain the floors so the color will match?

3) The outside has a very dated look due to the awning - any ideas about updating the look, or should I just leave it?  Just a side note, there are 2 different entrances facing different streets, that's why there are 2 pictures.  

[Nathan Gesner]

You "think" replacing windows would save a lot of money? You should research and find out. Maybe the utilities are already reasonable and replacement windows would take ten years to pay for themselves. Just because something is old doesn't mean it is non-functional or obsolete.

I would certainly consider replacing the grate. A good flooring person can get pretty close to matching so it's safe and would be less visually obvious than the current grate.

I would also do what I could to ensure the renters had their own space so it feels like a home. Private back yard for their kid or dog, designated parking, clear boundaries for landscape responsibilities, etc. Maybe a small patio for a grill and furniture?