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Updated about 3 years ago on . Most recent reply
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Renovate before renting out?
Hello, all.
A quick question to which I'd appreciate feedback and guidance: I am considering making my primary a rental. That's a whole different discussion as to whether I should sell or rent it.... But putting that question on the back burner for now, here's the scenario I'm considering:
If I do choose to rent it out, I have some work I'd like to do on it, including a bathroom renovation and tiling in the kitchen. Other than that, a few little things. I have a contractor all ready to go, and he works fast, so that's not a problem. But I'm not sure how this works as far as tax implications. If I do all this work now while living in the home, I'm assuming I will not get the tax benefits, right? So then I have to wonder if there's a better way to do this, but the only approaches I can think of are to find a tenant who's comfortable with having this done while they live there, OR I could move out and have the work done while it's on the market?
What I think I'm really asking is whether there are other good options I've failed to consider....
Thanks so much, everyone, for any guidance you can provide!