Hey everyone! We FINALLY got a signed acceptance on the apartments, and now we are hammering out the renovations bid. Man, this is a pain! We have to keep the total bid under $31,100 (for 4 apartments), and it's not happening, LOL! So, I am trying to figure the most appraisal / renter value, ie bang for my buck on these projects. How would you rate or prioritize the following items: (assume that apartments are currently in late 1970's condition, and everything is operational!)
1) new laminate countertops
2) new stainless steel double sinks
3) new bathroom counter /sink combo
4) new sink faucets
5) new shower/tub faucets
6) new baseboard heaters
7) new glass-top stoves (and new frig)
new washer /dryer (currently don't have w/d)
9) new bathroom oak mirrored medicine cabinets
10) new interior lighting fixtures
11) new interior doorknobs
For sure, we're replacing the carpet and vinyl, new 30-year roof, new paint inside and out (with new knock-down texture inside), new 6-panel interior doors with new trim, new entry doors, new bathtub surrounds.
Hubby says to nix adding in washers and dryers, and he's not sure if we should do the new faucets. I think the new w/d will bring us another $50-$75/mo on the monthly rents, and the new faucets will up the appraisal value a lot, not to mention be a nice factor for renters. I am thinking the baseboard heaters are ugly, but not high priorty, since they work. Maybe, at most, swap the thermostats for new ones since those are up on the walls and being looked at and fiddled with.
What's everyone's opinion on spending the extra cash to get stainless steel in the kitchen? It would just be a range and frig (no dishwasher). They won't be new - hopefully 3-5 years old I'm thinking?
Also, flooring guy says don't put laminate in a rental, that they will destroy it. It would look SO much nicer, but do you think it's worth the risk of renters messing it up? (I'm thinking kitchen only.)
We just are having a tough time figuring it out - there's no way we're keeping it under $31,100!!