Rental Upgrades and New Appliances
Earlier this week, I overheard a broker stating that the homeowner needed to remodel the kitchen and bathroom to attract tenants. How much do upgrades affect satisfaction and home value?
Realtor Magazine found new roofing had the largest recovery at resale. Check out their 2015 report, which contains:
- Expected cost of 20 remodeling and replacement projects
- Appeal of each project to buyers upon resale
- Expected recovery upon sale
Note: Their Joy Score does not factor in renters’ satisfaction.
Purchase new appliances
It’s fairly difficult to estimate when an appliance will require replacement. If you perform your research (we did), then you’ll notice that every website will tell you a different average lifespan. You will want to check directly with your manufacturer, based on the make and model of the appliance.
- Holiday weekends: Retailers advertise discounts fairly consistently
- September, October, January, May: Manufacturers unveil new models (old models are discounted)
- End of the month: Salespersons are trying to reach their quotas, and you may be able to negotiate the price
- Weekdays: You’ll receive more attention from the salesperson
- Offseason: Purchase an item that is not in high demand for that season