Wednesday, July 25, 2007

Fireplace in a Rental Property: Asset or Liability?

Do a quick comparison and check competing rental listings. You’ll find that a fireplace in a rental property is a definite bonus, one that landlords are eager to point out. But an unattractive fireplace might feel like a liability—just one more thing you have to deal with before you can rent the place. This is especially true if you are upgrading your rental property.

Upscale rental properties require some initial investment of time and capital, but they pay off in higher rent. Of course, you have to think about ROI (Return On Investment) for an remodeling project for a rental property. Tearing out the existing brick and building an entire fireplace from scratch would certainly be an improvement, but at what cost?

There are more affordable options to remodel an ugly fireplace and give it a modern, upscale look. For example:

  • Try a fireplace paint kit to preserve that “real brick” look that matches your upgraded décor—all for $200.
  • Consider a new mantle you can install and finish yourself. A hand-hewn rustic mantle could be that special touch that makes your rental stand out

When you’re considering your options for remodeling a rental property, remember that a modest investment can transform an ugly fireplace from a liability to an asset—and one that keeps on paying off.

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