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 Double Cabin
Joined: 11/29/2004
Msg: 44
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Would you spend money to upgrade a home you don't own?Page 3 of 3    (1, 2, 3)
"I keep my rentals up very well. If a renter wants to paint as room, or do some upgrades, I will meet with them, and if I see that they don't wnat something too strange, I will pay for materials, and they supply the labor. I never make that deal unless I have at least a one year lease. Sometimes we have to re-write the lease in order to get it to over 1 year."

Well said. Talk with your landlord. Flooring can be quite reasonably priced, or it can be a big time investment. What you want to do?
Joined: 4/26/2010
Msg: 45
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Would you spend money to upgrade a home you don't own?
Posted: 4/6/2012 10:39:28 PM
i think you should do it. home should feel like home. i am on the fence about ever buying again. want to be mobile just in case.
i would however negotiate a longer lease to enjoy the benefits as long as possible.

Joined: 7/15/2011
Msg: 48
Would you spend money to upgrade a home you don't own?
Posted: 4/7/2012 9:13:38 AM
I think some people miss the point entirely, or simply have a view, that may no longer be applicable.

"I am on the fence about ever buying again."

An excellent point!! Interestingly enough, I will share a little story by way of a friend. They are dealing with their parents house, 2 years ago the father began issues with alzheimers. The mother now is dealing with cancer and some issues of memory as well. Since they are in their early 80's, no work has been done on the house for over 15 years.

Now the friend is stuck for 4 or 5 months, moving one into a nursing home, the other into a care facility and dealing with first what furniture to get rid of, then house repairs, then trying to sell it in a terrible market.

Many of us bought houses, when we were younger, married, raised our kids in them. The kids are gone now to live their own lives. Why do we need 3 to 6,000 square feet of house when 1500 will do, for either singles or couples?

Perhaps you wish to travel? No lawn to cut or worry about. No furnaces, or AC to maintain. Electric and gas bills cut by as much as 2/3's.

If you decide you want to move to a warmer climate, you simply pack your belongings and go.

No this kind of living is not for all of us. I think though many would be wise to consider this renting thing, instead of staying lockstep with the thoughts we had when we were younger.

The RE market has and will continue to change. The boomers retiring, the glut of homes on the resale market, the vast number of people under water in their mortgages. Gone at least for the forseeable future are the steady returns of 4 to 5% a year on the purchase of a home. I'm sure in some selective markets this will revert back, in others however, it may never return, at least for the next 10 years or so.

So why not? If you think you want to stay someplace for a number of years(2 or more), then why not rent? Why not make it like you want it?

Joined: 3/13/2008
Msg: 51
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Would you spend money to upgrade a home you don't own?
Posted: 4/9/2012 6:38:33 PM
I'm a landlord and I've also been a renter.

First of all, check your lease. Your lease may forbid you to make any changes. I once had a tenant who decided - without letting me know - to make some "improvements" in her apartment. She cut a hole in a door to put in a cat door - something I really did not appreciate - and she putted up some linoleum tile to expose the wood floor underneath and decided to sand it. She did an awful job and I was left with a real mess.

Don't do anything without talking to your landlord first. It's quite possible that if the landlord knows you're going to be around for a few years they'll not only allow you to do these things but might pay for the materials, as long as they know you're going to do a decent job.

And you might want to ask for a longer term lease. After all, what if you paint your apartment and then in a year the landlord decides not to renew your lease? Or sells the building and the new owner doesn't renew the lease?
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