Comestic Renos on a Rental?
We just moved from CG to the Heights. After 8 years in a floor thru that was way too big and way too run down, we found a perfect place, about 250-sq-ft smaller but with 600 square feet of patio and backyard. We’re totally IN LOVE with the whole space (including the amazing block) except…
We just moved from CG to the Heights. After 8 years in a floor thru that was way too big and way too run down, we found a perfect place, about 250-sq-ft smaller but with 600 square feet of patio and backyard. We’re totally IN LOVE with the whole space (including the amazing block) except the kitchen. It’s functional, but not optimized. I’d like to upgrade the stove and fridge. I’d also like to add a backsplash and nice countertops. I want to change the cabinet hardware and maybe reface them.
The previous tennant was there for 10 years and I’m planning on being in this space for 5-7. Would it be worth it to drop a little bit of money into a rental, just to make it more comfortable for us? Since the kitchen is functional, I don’t think the landlord is going to want to split costs. But my husband is a former contractor and I did the interiors of our place upstate to prepare it for sale. This isn’t DOB permit territory, but I’ve never upgraded a rental before. The only return on investment would probably be our own increased comfort if I can’t get any reimbusement from the landlord. Like I’ve said I’ve done work like this before and I can do it very cost effectively. I don’t really worry about the money but is this something any other renters out there would consider doing for their own comfort?or is it just plain dumb?
Thanks 🙂
Good luck, Honeysuckle. As a landlord with a really, really ugly rental kitchen, I’d be thrilled. Think it through and make a proposal that will make sense to both of you. You might want to ask for a five-year lease, though, to make sure some of the unpleasant scenarios above don’t happen to you.
Consider offering a longer lease, 2-3 years or so, if you do improvements. In this declining rental market, that’s leverage.
***Bid half off peak comps***
Thank you everyone for very helpful responses! Great forum here 🙂 I know that this is a contentious issue. I guess the best way to proceed would probably get through to the end of this lease, which isn’t that far away. I’ll probably talk with the landlord then and see if I could make these changes and make sure he won’t raise the rent. Every interaction we’ve had so far has been good and just about every tenant in the building is long term and has done somethings like painting etc. I actually have a nice fridge still boxed sitting in storage upstate I got off a contractor who couldn’t use or return it and its not like its appreciating in value as an antique. If the landlord agrees I’d rather just enjoy the thing and give it away in a few years. Otherwise its just going to sit there until I find the motivation to sell it on Craigslist.
I don’t think the apartment is under market because of the kitchen exclusively. I would guess that the real lack of natural light is what makes people say “its not quite what we’re looking for.” We’ve had our blinds closed for 8 years though on the parlor floor, never really was a consideration for me. Plus the layout is fairly strange, its like a modern lofty boxy space attached like a parasite to a classic townhouse room. We saw it and thought ‘look, ooh, now we can BOTH be happy!’ But its probably not what another couple would jump on. Like I said, the kitchen is not really bad. Its just inefficient and I enjoy cooking maybe a touch more than the average person. The rest of the changes could be made with a couple hundred dollars, which is what I feel like I’m spending wrinkling my nose and saying “let’s get takeout.”
But no, of course I would never even think of doing things without a landlord conference. The lease says that and its just common sense. I once lent my brother-in-law my car and he put on fancy rims as a “surprise.” I was livid. That’s an obvious one.
The thing is we probably will never buy in the city. We’re many years into our respective careers but I’m slowly working on a doctorate to teach. IF I do get offered an academic position somewhere and we do leave the city, we don’t want to be tied to property. That’s in the 5-7 year master plan and there’s no way if we bought would we accumulate the equity for it to be worth all the associated costs nor is there any guarantee that the ROI would be as good as what the portfolio will look like by retirement. Particularly now we’d have to take a loss to buy and then cross our fingers. That’s not to say I take any side in the buy vs. rent issue. Its just that buying isn’t for us.
I bought new appliances for my rental kitchen and the landlord “bought” them back from me when I moved out 4 years later for about half the price. I’ve also installed custom closet systems and upgraded the lighting fixtures. I did save the old ones for him. To me it was worth it because for those years this was my home.
You HAVE to ask them first. Most will be congenial so long as the work is done competently and professionally.
We purchased bluestone and re-laid the entire patio of the rundown backyard of our rental. It wasn’t expensive except in sweat equity. 2 months later we were told they wanted their apartment back and were not going to renew our lease. Not only did they not thank us for the improvements, but they tried to push us out before the lease was up and then billed us for damage that occurred in the 8 years they rented it before we moved in. All this while we had a newborn and a 4 year old. Make sure your landlord isn’t as nasty as these people were. Still makes me mad years later.
Wait a little bit until you see if your landlord is a reasonable person and the other tenants are considerate. Then sure, why not. The only thing is don’t get too invested. Maybe don’t spend more than $300 or so a year.
I spent about $300 to build a small counter and make other small improvements. I never regretted it.
I do know one long-term renter who did put in new cabinets and was very upset when the building was sold and she had to move. Another renter I know created a kitchen and two baths as well as partitioned rooms in a work-only loft and daily fears discovery or rezoning.
“Would it be worth it to drop a little bit of money into a rental, just to make it more comfortable for us?”
If your rent is low enough below market, absolutely. If not, it probably wouldn’t be worth it financially. Persevere for a year and exploit the massive rental inventory (growing daily) or go ahead if you love the apartment that much.
“I don’t really worry about the money but is this something any other renters out there would consider doing for their own comfort?or is it just plain dumb?”
I did it years ago because the rent was ridiculously low. Only RE shills will tell you it’s dumb. Break out the spreadsheet and compare buying vs renting (plus slight improvement costs). You’re more than likely to come out ahead (assuming you’re below market due to the kitchen condition). Most dummies are recent buyers (no disrespect to those offended, just crudely making a point – not saying all recent buyers are dummies).
***Bid half off peak comps***
I am a landlord and would be THRILLED if my tenant were to make improvements. I rented for 8 years in CG and actually probably put thousands over that time into the apt – in the garden, opening up a wall, putting in french doors etc. I think it’s SO worth it, especially since a little apt therapy can revitalize your love for the place and help you resist the temptation to move or buy. However, I do know people who made major improvements to their apartment and the landlord jacked up their rent to the level that the apt is now worth thanks to the improvements they made all on their own dime! Asshole! So I would make sure your landlord will NOT do that as a result of your energies.
We did a couple of improvements in our last rental. It was rent stabilized and we staying there for 12 yrs. In retrospect, if we had known we would stay there so long, I would have done more things.
For the things we did do, we shared the idea with the landlord before proceeding and made sure he agreed. We offered to allow him to select or interview contractors (which he chose not to). And for the largest item we agreed that in exchange for us paying for the improvement he would not increase the rent at the next lease renewal.
Good luck.