Dilemma: to renovate with or without a tenant??

[Angelique]

Hi all,

I have a dilema which I'm hoping some advice from anyone may help me make a clearer and more educated decision.

I live in Sydney, and have an investment property in Adelaide which I eventually would like to sell. The tenant looks after the place, but has a lot of clutter, which in my opinion, deters a lot of prospective purchasers and possible selling price.

The unit is also in desperate need of a 'makeover' as it's looking a llittle tired. i.e. general painting inside, cleaning, new garden, new awnings etc.

My question is:

If I'm looking for a speedy sale, would it be wise to vacate the premises and fix the unit myself and put it on the market with vacant possession (risking losing rent for the mortgage & bills etc) OR do I arrange for these renos to be done whilst the tenant still occupies the premises?

BTW - the tenant can be asked to leave at any time. They are not locked in for a term.

Any help/advice is appreciated!! :confused:

Cheers! :thumbs:

[jbocker]

hI Angelique
I would renovate without tenant.
What you miss out on with rent will probably be easily made up with extra dollars you could ask with improved appeal to the prospective buyer. Further to this people who see a shoddy place will likely ask for a discount to the selling price as they will see it either as a hassle to fix or an opportunity to fix and make money.

The hassle of having to work around a tenant to do the renos makes me shudder, not forgetting their rights to living in peace, without undue disturbance.

cheers

[Angelique]

Hi JBocker,

Makes a lot of sense to renovate without the tenant. That's the direction I am leaning towards, but others are advising me to keep the tenant and do the renos -hence my confusion. I wouldn't like being a tenant and having to live through renovations - I couldn't think of anything more irritating.

Thanks for the sound advice! :thumbs:

If there's anyone else out there who's been in the same postion, please let me know how you handled things. Would be great to hear from you.

A

[Peak Debt]

Probably be easier to renovate without the tenant..... BUT, if you need the rental income you could negotiate with them for a reduced rate during the reno -- that might keep everyone happy and give you a few extra dollars to spend on the reno itself.

[Dafnny De Dona]

much easier without a tenant .. :)