Would really like to reno one of my properties and get a refi after, however there is one little problem: there is 9 months left on lease with a great tenant who i would love to stay on!!!
Anyone conducted a reno with tenant living there? Did you give any types of incentive (ie. reduced/waived rent, putting them up in hotel etc). Do you think it is fair?
Just to clarify I was only planning on doing pretty unobtrusive things during the day whilst she is at work, including:
* Plaster bare besser brick internal wall in the hall entrance
* Knock out internal bathroom wall enclosing toilet
* Light reconditioning of bathroom tiles fittings, new vanity
* paint of kitchen, bathroom, hallway walls...
* New down lights in hallway, kitchen, bathroom
* new gutters, and maybe roof (based on feedback from other owner in block)
* Maybe, based on potential disruption: Polishing of floors in hallway (would need to be left without walking over night etc)...
Any thoughts/feedback would be great!!!
Anyone conducted a reno with tenant living there? Did you give any types of incentive (ie. reduced/waived rent, putting them up in hotel etc). Do you think it is fair?
Just to clarify I was only planning on doing pretty unobtrusive things during the day whilst she is at work, including:
* Plaster bare besser brick internal wall in the hall entrance
* Knock out internal bathroom wall enclosing toilet
* Light reconditioning of bathroom tiles fittings, new vanity
* paint of kitchen, bathroom, hallway walls...
* New down lights in hallway, kitchen, bathroom
* new gutters, and maybe roof (based on feedback from other owner in block)
* Maybe, based on potential disruption: Polishing of floors in hallway (would need to be left without walking over night etc)...
Any thoughts/feedback would be great!!!