Back to your kitchen that needs some lipstick and rouge.  Look at your budget and available cash.  Don’t charge a major kitchen remodel if you have no way to pay for it.  Look for a few basic things that will give the kitchen a spark and get you by for now.

• a new sink and faucet may be all you need to give it some dazzle

• How about new cabinet hardware… you may not even need hinges… just knobs or pulls to make a noticeable difference

• Paint is the Landlord’s best friend.  Try a new trendy color or maybe just an accent wall with a new color.

• Unless you have really nice rentals, you are probably fine with laminate countertops (better known as Formica) and it isn’t expensive.  Choose a neutral color with a pattern: Just because it is a rental doesn’t mean it has to be white. 

• Sometimes just updating a light fixture is enough.  I found an amazing chandelier on the clearance rack at Lowe’s… marked down from over $200 to $30.  My tenants love it!

• Check out my recent blog on purchasing new appliances

GE’s website offers a kitchen design feature that is fun.  The current GE  Cafe Do-It-Yourself Remodel takes you to an ’80s kitchen that is crying for remodel.  Click for updates and it reappears as a stunning kitchen… they changed: hardware on cabinets, backsplash from wallpaper to tile, flooring and appliances.  No floor plan or cabinet changes. 

Putting some cheer into a drab and dated rental kitchen will pay off.

• Evaluate needs

• Bargain shop

• Use your imagination… but leave room for the tenant to bring in their own touches, colors and personality.

Please send your questions on rental remodeling.  We have a TON of experience in this area and would love to help you.

Thanks,

B

We have had a lot of positive feedback on our blog “Who Pays the Water Bill”, so water bill issues must be a hot topic.  Here is another one that will help you realize that no matter how long you own rental property your tenants will still find ways to help you learn new lessons.

A year ago I bought a bank owned house for a real good price.  The remodel to get it up to speed for a good rental was about $20,000, but at fair market rent it would still cash flow.  It is in an area where light rail transit is being built, so long term appreciation will be significant.  I was pleased with myself for the good investment.

A prospective tenant told me they would sign for a long term (3+ years) lease if I would pay the water bill the first year.  It seemed like a good trade off, so I agreed.  Yesterday I learned a lesson from this tenant.  I should have written into the lease some guidelines for the water use… like you can’t fill a giant swimming pool!

The last month of the one year lease brought a huge water bill.  I called the tenant to check for water leaks and running toilets and scheduled time for our plumber to do the same.  Now I find that the tenant (just before the end of the one year lease) put a 16’ x 3 ½’ swimming pool in the backyard!  It seems I paid for the water.

You will soon find a new clause in the lease on Landlordlifeline.com… something about no swimming pools bigger than a children’s wading pool.  Stay tuned for more.

Thanks,

B