If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.