Doing renovations PRIOR to renting out property?

i've just purchased an investment property in Brisbane, that i plan to live in one day (in the not too distant future).

I've recently given it to a REA to manage & find tenants for, however they've pointed out several renovations which are NEEDED such as new carpet/ blinds/ cook top - which is working, but looks unappealing/ rusty.

My question is, because i plan to live there & intend on doing PROPER renovations that will suit my family, IS IT WORTH me doing these 'halfasssed' renovations that are costly now? eg carpet replaced now - even tho i plan on tiling in the future etc etc?

Or should i insist on renting it out now, as it is?
 
Carpet and blinds I wouldn't consider renovations, as they need replacing every 10-15 years anyway.

For the cooktop, if that's the only kitchen renovation it shouldn't cost too much.

However if they are talking about a whole kitchen then that's a different story.

I'm in a similar position where prospective tenants are all saying that the kitchen is "dated".

Therefore I have to renovate it or drop the rent.
I'm up for $7k-$10k.

However I don't see it as a big issue since it's an improvement that will feed into most valuations when I get equity out.
 
i've just purchased an investment property in Brisbane, that i plan to live in one day (in the not too distant future).

I've recently given it to a REA to manage & find tenants for, however they've pointed out several renovations which are NEEDED such as new carpet/ blinds/ cook top - which is working, but looks unappealing/ rusty.

My question is, because i plan to live there & intend on doing PROPER renovations that will suit my family, IS IT WORTH me doing these 'halfasssed' renovations that are costly now? eg carpet replaced now - even tho i plan on tiling in the future etc etc?

Or should i insist on renting it out now, as it is?

It depends on how long is the not too distant future. Are we talking 6 months, a year or longer? If 6 months then drop the rent and rent the property as is. If 12 months then do the essential stuff only eg cook top which is not expensive. If greater than 12 months then do some work eg blinds, carpet, cook top which are off the shelf - in other words don't go getting custom blinds made and purchasing the plushest luxury carpet. The small investment could make the difference between the type of tenant that you will attract plus you never know how your own personal circumstances can change.

vtt
:D
 
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