I have just bought my first apartment! and i am quite excited, it was built in the late 70's and could definitely go for a more modern face lift, which i planned to do.
My dilemma comes in because i wont be able to move in straight away due to my current living arrangements so i am looking at renting it out for at least the first year until i am ready to get in.
Should i do some touch ups ( rejuvenate) to get it rental ready and renovate once i am ready OR renovate it and increase its rental value more.
my friends and family have mixed perspectives some of them being:
- tenants wont care for the new aspects like i would and i wouldn't get to enjoy the new appliances look etc
- its a bit of a waste of money to do it up and then redo it again in about a year
- if you increase the rental value you can make a good dent into the mortgage before you get in
Thanks for any input!