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It’s a standing joke amongst my husband and I that his Town House was his wedding gift to me. He gave me the keys and the landlord responsibilities the minute he found the opportunity. We’ve been renting this 2 bedroom, 1 bath end unit with a double garage for a few years now and recently come to terms with it’s value and we are ready to rip the band-aid off and move on.
It was a quick decision and with spring apon us and the tax credit nearing it’s end I wanted to get it on the market before the following weekend with a budget of $2000. It’s amazing how much you can do with $2000 when getting your home ready for the market.
It’s always difficult as a home owner to know if they will see that investment back, it’s important to consider why you would make the changes. In my case this unit will sit empty on the market until I find a buyer so I want my unit to be the most attractive unit. I want it to be the next unit sold in the complex, not the 8th.
The unit was built in the nineties and my husband, bachelor at the time had zero interest in making updates?!?! Since this wasn’t my first rodeo I new exactly where to spend my dollars to get the most bang.
Budget and Before and Afters as follows:
$200: 8 gallons of paint (entire unit)
$340: New light fixtures out with the gold in with the silver
$1300 New Carpet through out.
$120 Misc. Home Depot/Supplies
I wanted my budget to have room to do something “special” or something that would make our unit stand out from the others. With $300 I was able to install a beautiful modern back splash in the kitchen tying everything together.
These changes have made our unit much more appealing to the market and turn key for the first time home buyer.
Total Cost: $1970
It’s CRP time again I’m ahead of the game this year as I start to prepare to have these ready for mail the first week of January. So you have about 6 weeks because Minnesota residential rental property owners and managers have until January 31, 2010) to complete Certificate of Rent Paid (CRP) for each of their tenants. That includes any tenant that paid rent in the last year, even if it was for one month only.
So, get out the books, or whatever system you have and devote a few hours to sorting through the dates of occupancy and amount of rent paid by each tenant. Hopefully you have the current address of past tenants… if you don’t you’ll learn your lesson. I’ve learned through trial and error to have my tenants fill out a exit form making my life easier each time this season comes around. If of course, you don’t have the address or the address is incorrect when it comes back, hold on to the thing until you get a call and then forward it to the correct address of the tenant. It’s bad enough sorting through the dates of occupancy if you’ve had a high turn over, but having to sort through which tenants had adult roommates and divide the CRP’s between the roommates (even if THEY didn’t pay), etc., is tiresome at best. It must be done or the landlord can incur a fine for each incident.
The State of Minnesota has made the small landlord’s job a tad bit easier, though, by giving us the forms online with the ability to fill them out ONLINE. That thrills me because I can type faster than print and I only have to change the tenant specific information on each form I print. Regrettably, the form cannot be filed online, but they can be completed and printed for distribution to the respective parties. The form and instructions for filling it out can be found here.
