Remodeling for Rent!?

Do you want to save on rent? We do.

We moved from our 1000 sqft apartment to a 1500 sqft house and saved $345/month in rent! How did we do it? We have an agreement to upgrade the house by renovating and landscaping while living here. Many of the things are simple such as repainting, wallpapering, redoing flooring, and improving the general curb appeal. So far my out of pocket expenses have been about $50 for some flowers ($45) and wallpaper ($5 at Goodwill). Not too shabby considering how much we're saving.

Many of the things we need to replace or install the owner's have previously purchased but don't have the time to install. The flooring had been previously purchased and sat at the owner's home for over a year until I picked it up. One of them even showed me how to install it! The tiles in the bathroom are only loose and I just need to reset some of them (no water damage or rot just loose grout.)

Depending on the owner I could have found myself paying biiiig bucks for the remodel of this place. You should always sit down and talk about how the costs are going to work out. Who will pay for what. If something breaks (anything from shingles being replaced or a hole in the roof to the AC unit breaking down) who fixes it? You do not want to get stuck replacing the AC unit on a place you are never going to own. It almost like you're a live-in part-time handyman compared to a live-in flipper. Make sure the majority of things purchased (especially big ticket items) will fall on the owner's expense.

DO expect to have to pay for all your utilities. They're expecting you to help remodel a house; they do not want to pay your cable or electric. Of course you can save on electric by line drying or cut back on water by switching shower heads.

DO expect to shell out some money on repairs. You'll discuss this with the owner when you sign your rent agreement.

DO ask what the owner wants done from big to small projects and list them in priority according to the owner. That hole in the wall may be a big deal to you but the owner may want the front lawn taken care of first.

DO ask the owner what supplies they have on hand that you could use or look through. Sometimes that last can of paint left from repainting their own living room will have just enough left in it to repaint the kitchen.

DO stay in touch with the owner and consult them at each step. Before you buy that wallpaper consider it's general appeal to a potential renter or buyer and how much the owner will like it. The wallpaper I bought to put in the kitchen is from the same manufacturer and is in the same collection as the current wallpaper; I was lucky enough to find this at Goodwill.

DO shop at Goodwill, Habitat for Humanity Re-Store, and places that offer leftover items from remodels, new builds, and mass builds.

DO try to schedule shopping trips with the owners. You will both appreciate it in the end. It will also help you learn what they like.

DO NOT agree to anything that sounds fishy. Use you best judgement on this one.

DO check how much other houses rent for in the area. You are going to want a discount on that rent!

DO let them know what you can and cannot do! If you know how to tile a bathroom and repair or shingle a roof tell them! Also, let them know if you have never done this before! They will work with you or move on to the next possible helper. Do not get in over your head!

DO write yourself a schedule for your repairs and keep track of everything done. Keep the owner updated on your progress. This can be done easily in the form of a simple and sweet monthly letter. Make it fun or business like your choice. Include pictures of your progress; I prefer to do before and after shots.

Hopefully if you do a good job they will let you continue living there with or without discount. They may ask you to start on a different house they own or refer you to a friend that needs the same work done. That about sums it up. Most of the repairs are pretty easy and There is no project I cannot finish in a day or two. Go check your newspaper for listings! Have fun and happy remodeling!

Stay green,
Yasha