We’ve 100% officially decided to put our house on the market this month to be rented out. Making us a) automatic investment property owners – woo! and B) Scarrrrrrred out of our mind with all the work we now have to do to get it in tip top shape, haha… But we’ve gotta start somewhere! So all last week we’ve been lining up our ducks to figure out what needs to be done, and when.
It makes me want to poke my eyes out :)
But if we don’t do it now we’ll just end up rotting away and continue dreaming of “what may be” and we’ve done that for two years already – it’s time to take action! My business and baby and everything else will just have to fit in somehow. That’s life, right?
Here’s everything we need to do that we’ve come up with so far:
- All carpet needs to go (it’s really dirty)
- All new carpet/laminate/hardwood? needs to be installed
- We need a new dishwasher that’s not rusted out
- All walls need to be patched up from my bad picture hangings
- All walls need to be repainted “normal” colors (no more bright blues and reds!)
- All our stuff must get organized into either “trash,” “donate,” “sell,” or “take with us” piles
- Then it all must get OUT OF HERE!
- 20+ other little handyman things also need to be fixed around the house
- Then we lock in a property manager to put the place on the market and find us a suitable renter
- And take a deep breath…
And that’s just half the equation – albeit the hardest part. Not only do we need to get our house ready to be rented out (we can’t sell it due to the market and how much we’re underwater, so by default we’ll be turning it into an investment property), but THEN we need to find a new place to GO TO! A new state, a new home, a new everything! Yikes! We don’t even know where we’re going yet, but this will force us to choose faster! :)
Which then means:
- Changing out all addresses on bills/etc to the new one
- Figuring out new health insurance (it wouldn’t extend no matter where we move)
- Getting a new pediatrician, doctor, dentist, blah blah blah…
- Throwing a welcoming party for ourselves!
- And finally living a happier, newer, more carefree/minimalist life :)
Nice and easy, right? Our plan is to be out of here and in a new home – with everything rented and secured – by the end of June. So we have less than two months to make it happen. I think it’s do-able. It has to be, especially if we get our place rented faster than expected – we’ll be homeless! Haha… but I do love me some excitement.
As for money with all this? I shudder to even think about it… Replacing the carpet alone – regardless of what we put in exchange – will run a few thousand off the bat. And since we’re leaning towards a nice wooden laminate feel (so we don’t have to keep replacing carpet in between renters and it’ll have better re-sell eventually) I imagine it’ll at least double. Then we’ve got the painting and fixing up and hiring the property manager/etc, and now we’re down another few thousand to boot – all depending on how much we actually *do ourselves*. (TBD)
On the plus side, we just spent a couple thousand prettying up the exterior of our place this year so that’s one less thing to worry about! And if you recall from the early baby days we also have our nice little garden out front courtesy of my mom pitching in :) So we’re not totally helpless.
My rough guesstimate says we’ll probably spend $10,000 when all is said and done. After all cleaning, upgrading, moving, property management costs, etc. Or at least that’s what my cap is :) I have no idea if that’s even in the ballpark, but once we start getting in estimates for stuff we’ll know more. And I’m sure it’ll sway us one way or the other on *WHO* exactly will be doing all the work, haha… I value my time as much as the next person, but if getting down and dirty for a handful of hours saves us thousands of dollars, you better believe I’ll man up! I can only do so much though, especially if I want to keep my businesses alive and functioning throughout – not to mention this blog.
Sooo….. lots to think about and do still, but the process has officially started. We’ll see how fast our wallet drains in the meantime! Lots and lots of exciting stuff. I’ll keep y’all posted…
Photo by blmurch
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!