My spouse and I have been thinking about approaching our landlord (private owner of a mid-size building on the UWS) about doing some renovations on the bathroom in our rental. Since we are current tenants, we know that the landlord will not make these improvements of their own free will. And we do know that it is just a little bit crazy to even begin to consider investing our money into a property... [more]
My spouse and I have been thinking about approaching our landlord (private owner of a mid-size building on the UWS) about doing some renovations on the bathroom in our rental. Since we are current tenants, we know that the landlord will not make these improvements of their own free will. And we do know that it is just a little bit crazy to even begin to consider investing our money into a property we don’t own.
We really like our rental 2 bed/ 1 bath apartment, love our location, and are not yet in a position to buy an apartment that will meet our long-term needs. When we buy, we intend on staying for a long time, and therefore want a 3 bed/ 2 bath. Quite simply, we are not yet in a position to buy that size of apartment in our favored neighborhood and therefore have concluded that we will likely rent for at least another 3 years.
The bathroom in our rental is outrageously small and has not been updated in years (aside from the huge window). The space could easily be improved – both functionally and aesthetically. The rest of the apartment really meets our needs and is in very good shape. We would not attempt to renovate the space on our own and would hire a contractor. We have no intention of paying for top-of-the-line fixtures, but we wouldn’t be particularly cheap either.
Has anyone ever renovated some part of their rental apartment? If so, did you arrange some cost-sharing agreement with the owner – either through a rent trade or direct payment?
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