Home Remodel for Future Rental

[Max Kulishov]

Hello,

I'm considering remodeling my current home and eventually renting it out when we purchase a new place for our selves. What are your thoughts on doing home remodels for your personal property without having a specific "move out" date?

Max

[Bruce Woodruff]

No General Contractor wants to do a remodel with the residents still living there....they will charge you more (they probably will not show it, but the prices will be higher because of the huge PITA factor and increased liability)

I would wait until you have completely moved out and then just give them the house empty and ready to roll.....

But you can get a Scope Of Work going and start getting bids...even plans and permits if you're going that far...

[Kevin Ivey]

You would want to wait on or expect to redo cosmetics, paint, carpet, etc.

Keep in mind doing remodel work that it's like doing a flip your not doing it for your tastes but a large group of people.  If you want to enjoy it for awhile before renting be sure it won't be a "knock out" factor for potential renters.

Look for ways to "harden" the property from wear and tear.  towel bar bracing, door stoppers, easier to access and adjust plumbing, will all make long term rentals easier.

Best of Luck!

[Ben Trageser]

Make sure you keep records of the expenses as it will most likely add to the cost basis of your property when you go to rent it, increasing depreciation and lessening income.

[Rick Albert]

From my experience, tenants respond well when they know a place has been remodeled and never lived in. 

Keep in mind if you remodel now, you are adding wear and tear. If you wait, then you prolong future repairs.

If you are good with what you have, enjoy living there and do it after.

[Jonathan Klemm]

Hey @Max Kulishov - I have done the live-in-flip model and it worked, but it's not fun.

If your situation allows, go for it! I waited until I was going to move to do the major renovations to conserve cash. The other option would be to do it early to enjoy—it's up to you!

What exactly is the scope of work for the remodel?

[Max Kulishov]

Hello @Jonathan Klemm, we were thinking of installing LVP flooring, counter tops in kitchen and bathrooms, and maybe new paint. As far as exterior, either redo all the siding or just the pieces that need to be redone.

[Kevin Ivey]

LVP is a great way to harden and still keep the ease of replacement and repair.  It should outlast a tenant turn or two unlike carpet but no where near as hard to remove as tile.

  Please remember to buy an extra box or two of the LVP so that you can do spot repairs if needed!!

[Jonathan Klemm]

Those renovations make sense to me @Max Kulishov!  

I've learned the hard way several times (here in Chicago) not to over-renovate properties.  I would just double-check the finishes of sold comps to make sure they are in line with your property.

What is your budget for all that work?

[Eudith Vacio]

Hey @Max Kulishov, it's not a bad idea - I've done remodels on almost every place I've lived in, and the cool thing is you get to enjoy the renovations, you might have to do some minor repairs prior to moving out but nothing like doing a huge remodel + you can slowly renovate at your own pace rather than having to invest large amounts of money at once.