When Renovating Your Apartment Is Actually a Good Idea
If you’ve reached a point in your life where buying a home seems like a logical next step, you’ve probably noticed that home prices have skyrocketed and mortgage rates have jumped significantly compared to just a few years ago . The end result of these economic trends is that people need to earn six figures to even consider buying a home—almost double what you needed to do just a few years ago.
If this means you’re stuck renting for the foreseeable future, you’re not alone, but unless you really want to live in a white box devoid of personality , you’re not alone either. Basic apartments with old fixtures and standard styling can be sad places, so you should ignore conventional wisdom and consider renovating your rental apartment.
Benefits of renovating your rental property
At first glance, this may seem like a bad idea: you don’t own the premises, so any money or capital you invest will be a complete loss. But this is not true, because your efforts will benefit you in several ways:
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Mental health. Renovating your home gives you a sense of control over your environment and the ability to make it serve your needs. Instead of white walls and an awkward layout, you can make this place a home. This can be especially effective if you are feeling frustrated about being deprived of home ownership.
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Lifestyle improvements. If your apartment has older amenities, such as worn-out kitchen appliances, replacing them with newer models will greatly improve your enjoyment of your stay. And changing the layout of the space to modernize it—for example, adding closets to old antebellum bedrooms—can make your stay much more enjoyable.
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Finance. Renovating a property you don’t own doesn’t have to be a total loss. If your proposed changes improve the property and make it more valuable, your landlord may be willing to pay for materials and perhaps even offer lower rent in exchange for your labor. If you negotiate carefully, you might even win.
Even if your landlord isn’t willing to give you rent relief, as rental renovator Imani Keel recently told the Washington Post , people typically spend thousands of dollars on temporary experiences like vacations, so spend similar amounts on renovations you could potentially to spend. enjoying the years is not such a bad idea.
What to consider before renovating your rental property
Of course, you shouldn’t immediately start major renovations in your rental apartment without thinking about the project. A few things to consider:
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Endorsements Start by carefully reading the lease, paying attention to specific language about changes and alterations to the apartment. While you’re unlikely to get kicked out of your home because of paint, larger changes without prior approval can be problematic.
Contact your landlord about the planned renovations and be prepared to make your case. It’s important to point out the benefits they’ll get from your changes: if you leave the place significantly improved, they’ll likely be able to raise the rent for future tenants, making it a win-win.
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Possession. If your renovation plan includes things like new appliances or other infrastructure, you’ll need to clarify ownership—will you leave these things behind when you move out, or will you take them with you? If your landlord offers a rent break in exchange for your work, they may assume that everything you add is theirs, so it pays to be as clear and clear as possible, and have a digital paper trail that lays it all out.
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Custom details. If you buy appliances, furniture or other decor that is sized to fit the space or is custom-made, it may not work in your next home, even if you retain ownership. If you buy a high-quality compact dishwasher for the tiny kitchen in your apartment, you may not need it if you move to a place with a larger kitchen. This won’t be a problem if you leave it behind, but if you want to take it with you when you move, it’s worth thinking ahead.