The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: PawPrint53 on August 16, 2015, 12:35:37 PM
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While the vinyl plank sounds like a better choice in our rental, the quote we got for materials and labor (includes new carpet in bedrooms) was almost $7k. We don't feel capable of DIY and physical issues preclude it. New carpet would be cheaper, but wouldn't wear as well. However, I don't know how long I want to hold onto the place. We bought it to help our daughter out because she had no job after graduating and couldn't find a place. We didn't pay for college and wanted to help her out without losing too much money. She and a roommate do pay rent, although we charge about $100 below market. The place has appreciated, according to the comps.
I'm pretty sure we can cut the cost down to under $5k for vinyl plank, but I'm just not sure if it's a good investment given that if/when she moves out we may sell. Any thoughts?
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Unless the flooring is a safety issue, I wouldn't replace at this time. You are giving your daughter a discount in order to "help her". That is fine. However, I would save the replacements until she moves on (newer flooring for the new tenants/owners).
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Depending on how long tenants stay, if it is 3-4-5+ years, you will have to replace carpet between tenants. So I would say vinyl plank is worth it.
But I agree, if your daughter is moving out soon, and you are selling, just put in new carpet right before putting it on the market.
OTOH, how nice is the house? We just sold our house, and we did put in new wood flooring, because it was expected in our neighborhood. Carpet (in the dining room! argh!) would have hurt resale value.
OTOOH, if you are doing this as a gift to your daughter, you can decide to make her happy (is that what is driving the flooring replacement?) as a gift, and not do the thing that makes the most financial sense. But if she is pushing for new flooring, would she rather have new flooring or the 2K difference between putting vinyl plank down now vs. waiting and putting carpet down when you sell?
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Good points. We are replacing the flooring because she needs to get a new roommate. The old carpet is white and pretty awful. New flooring would make it more attractive to a new roommate, and I'm going to charge the new roommate more money. Also, I allow dogs. She has one, current roommate has one. It's a dog friendly town, and I'm a dog friendly landlord.
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That sounds really expensive. Why dont you just buy the vinyl plank somewhere cheap like lumber liquidators and find a handy man on craigslist (wift referrals) that will install it for you for much cheaper then what the stores charge. That is what I did on my last rehab. It worked out great and I saved a ton of money.
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Yes, that is one thing we were thinking of. Just didn't know if it really was worth it to get vinyl if we may sell it. A lot of variables in this decision.
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In St. Louis, Home Depot/Lowes has most vinyl plank for $1.99-$2.99/sqft. Menard's has a nice one on sale about 4-5 times a year for $1.69/sqft and twice a year for $1.29. Most bids I found to install were in the $1.00-$1.25 sqft range. I found somebody to do it for $0.90. I think that is a bit rich for the actual job-each piece is 1.5 sqft that you click together-but I needed to get the job done and people need to eat. I called flooring layers and handymen off of Craigslist.
I have been replacing all of my carpet with vinyl plank for several years now. Wears better, cleans up better (I had a painter leave his handywork all over and it cleaned up/blended in with the plank) and I was able to cut out a few pieces and replace them. I highly recommend it.
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Carpets require a lot of maintenance. It is not wise to choose carpet flooring for homes with pets. You should go for vinyl plank, just make sure they are of good quality.
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Good points. We are replacing the flooring because she needs to get a new roommate. The old carpet is white and pretty awful. New flooring would make it more attractive to a new roommate, and I'm going to charge the new roommate more money. Also, I allow dogs. She has one, current roommate has one. It's a dog friendly town, and I'm a dog friendly landlord.
If you are dog friendly that is even more reason to do laminant.
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Traffic Master Allure vinyl planks are super easy to install and run about 1.79/sqft at home depot. I would buy the flooring and then have your daughter install it. Give her a month or two of free rent. I installed about 800sqft of the stuff in a couple evenings with no help.
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Save the fix up for when you are going to sell.
As already mentioned that was an outrageous quote, buy the cheap stuff at Lowes, hire a handyman.