Remodeling a Unit to Optimize Rental Income
I am in the early stages of planning the remodeling a 4 unit brownstone in BedSuy’s historic district. 3 of the units will be rentals and I am trying to figure out the right balance between saving money and making the apts nice. My impression is that there is a sweet spot somewhere between viking/subzero…
I am in the early stages of planning the remodeling a 4 unit brownstone in BedSuy’s historic district. 3 of the units will be rentals and I am trying to figure out the right balance between saving money and making the apts nice. My impression is that there is a sweet spot somewhere between viking/subzero and the cheapest available. I think the location is great and would like to appeal to the high end of who would rent in BedStuy with an eye to the future. My impression also is that kitchens and bathrooms do a lot to rent apts. Any advice, thoughts, links are appreciated.
Kitchen,floors, and bathroom : these three adds the most value to your apartment/house whether you rent or sell. I could help you by providing you with exceptional service and very low prices (do not mistake it with cheap). I help you as much as I can with every question you have regarding :floors, cabinetry, millwork, woodwork, and interior renovations. If I do not know the answer I will try to find it for you. We are licensed insured and BBB acredited. Feel free to call me: 347-628-3965 (Tomasz) or tom@vanguardrenovation.com, http://www.facebook.com/pages/Eko-Flooring-Woodwork/174198642633509?sk=photos
Lots of great advice. Definitely appreciate thoughts on specific brands/stores to go to when looking for decent deals on fixtures etc… that will fit in with the period.
As for the clients I represent, They love my twist on Ikea reno’s with energy saving tips from Con-Edison to the Cable. Yes I said it your cable and so much more. I understand the need of saving on your common areas being a home owner and keeping your tenants happy with the same perks. vist our site @ http://www.capitalrealestatemarkets.com 917-829-8382 we’d love to give you a consultation.
Sorry, Rejuvination Lighting, not Restoration Hardware. The Carlton in shiny nickel, $200 including shades.
Mopar has the right idea. Appliances need to be good enough — standard GE with service contracts — but not fabulous. Ikea cabinets are better, cheaper, & more stylish than anything at HD or Lowe’s. Go slab or shaker — not a lot of machine-cut trim that makes it all look suburban. Simple tile backsplash, maybe white. If you want an expensive touch, go with composite or granite tops (but a simple, subdued pattern). Make sure there is a sane layout, a d/w and enough counterspace to be truly functional. Tenants don’t expect high end, but are relieved when they don’t see a kitchen with “landlord special” written all over it. And yes, w/d if you can fit it.
For the light fixtures in our rental, I did what I would like as a renter. We mixed up classic and vintage light fixtures, but we kept the costs low.
For the bedroom ceiling fixtures, we got two really cheap 1930s and 1940s fixtures off eBay. They cost $30 each. You can find more expensive ones, but just look for the “buy now” or the ones where no one is bidding. One bedroom already had a simple hanging pan light from the 1920s, so we kept that. In the hall and another room we used porcelain sockets with Edison bulbs. (Really cheap! $3?) For the kitchen and bath ceiling fixtures, we got those really simple, modern, classic drum shaped fixtures with the clear glass and the white opaque stripes from our corner hardware store. (They are vaguely 20th century.) I think they were $20 each. For the bathroom over the mirror and the sink, we went a little more high-end and got a reproduction early electric two-arm light sconce from Restoration Hardware. We have the same bath, kitchen, and hall lights in our own unit.
We also put in new kitchen and bath faucets in both the rental and our own house. They were about $150 each — two are for a farmhouse kitchen sink, and the others are reproductions of 1890s-1920s separate hot and cold taps from Strom Plumbing that match what was originally in the house. I don’t know if any renter cares, but I love the look of them.
Strangely enough, the hardest things to find were the bathroom mirrors. We looked all over the place for over a year for rectangular mirrors in a plain silver frame. Went to every imaginable retailer. Finally found them at a 99 cent store.
washer dryer being a big selling point – that I get. dishwasher is a must-have, that I didnt get the memo on
I put a stacked washer/dryer in our rental apt and it’s a huge selling point. Also included an 18″ dishwasher, which takes up less space in the kitchen and is fine for 1-2 people.
If you are replacing the appliances, I would go for moderately priced stainless steel models, they look higher end than they cost. Think GE or Kenmore rather than Viking, Subzero or (cringe) Hotpoint for appliances. In a kitchen most people want some counter space, a decent fridge (an ice maker is not required), a decent stove (it should have a window in the oven door, therefore not Hotpoint), a microwave and a dishwasher is nice and depending on the price point, essential. A dishwasher may reduce your water bills depending on how your tenants wash their dishes. Most modern dishwasher only use a few gallons of water for a cycle and most people run a dishwasher once a day. Compare that to a resident who hand washes their dishes under running water for 10 – 15 minutes a day. In a bathroom, vintage sinks, toilets and tubs in good condition are acceptable, but the medicine cabinet and lighting should be upgraded – no one wants to shave or apply makeup using a 3 x 5 inch mirror and 40 watt bulb. A washer/dryer hookup is great, but not essential yet. Prospective tenants will also be looking at the amount of closet space and other storage in the apartment.